Uncertainty before and during COVID‐19: A survey
E Castelnuovo - Journal of Economic Surveys, 2023 - Wiley Online Library
This survey features three parts. The first one reviews the most recent literature on the
relationship between domestic (ie, country‐specific) uncertainty and the business cycle, and …
relationship between domestic (ie, country‐specific) uncertainty and the business cycle, and …
Innocent Bystanders? Monetary policy and inequality
We study the effects of monetary policy shocks on—and their historical contribution to—
consumption and income inequality in the United States since 1980 as measured by the …
consumption and income inequality in the United States since 1980 as measured by the …
Monetary policy, real activity, and credit spreads: Evidence from Bayesian proxy SVARs
D Caldara, E Herbst - American Economic Journal: Macroeconomics, 2019 - aeaweb.org
In this paper, we develop a Bayesian framework to estimate a proxy structural vector
autoregression to identify monetary policy shocks. We find that during the Great Moderation …
autoregression to identify monetary policy shocks. We find that during the Great Moderation …
Stock returns over the FOMC cycle
We document that since 1994, the equity premium is earned entirely in weeks 0, 2, 4, and 6
in Federal Open Market Committee (FOMC) cycle time, that is, even weeks starting from the …
in Federal Open Market Committee (FOMC) cycle time, that is, even weeks starting from the …
Are sticky prices costly? Evidence from the stock market
Y Gorodnichenko, M Weber - American Economic Review, 2016 - aeaweb.org
We show that after monetary policy announcements, the conditional volatility of stock market
returns rises more for firms with stickier prices than for firms with more flexible prices. This …
returns rises more for firms with stickier prices than for firms with more flexible prices. This …
The economics of the Fed put
A Cieslak, A Vissing-Jorgensen - The Review of Financial …, 2021 - academic.oup.com
Since the mid-1990s, negative stock returns comove with downgrades to the Fed's growth
expectations and predict policy accommodations. Textual analysis of FOMC documents …
expectations and predict policy accommodations. Textual analysis of FOMC documents …
The making of hawks and doves
U Malmendier, S Nagel, Z Yan - Journal of Monetary Economics, 2021 - Elsevier
Personal experiences of inflation strongly influence the hawkish or dovish leanings of
central bankers. For all members of the Federal Open Market Committee (FOMC) since …
central bankers. For all members of the Federal Open Market Committee (FOMC) since …
Signalling effects of monetary policy
L Melosi - The Review of Economic Studies, 2017 - academic.oup.com
We develop a dynamic general equilibrium model in which the policy rate signals the central
bank's view about macroeconomic developments to price setters. The model is estimated …
bank's view about macroeconomic developments to price setters. The model is estimated …
The analytics of SVARs: a unified framework to measure fiscal multipliers
D Caldara, C Kamps - The Review of Economic Studies, 2017 - academic.oup.com
Do tax cuts and spending increases stimulate output? Studies that identify fiscal shocks
using structural vector autoregressions (SVAR) have reached different conclusions. In this …
using structural vector autoregressions (SVAR) have reached different conclusions. In this …
The propagation of monetary policy shocks in a heterogeneous production economy
Realistic heterogeneity in price rigidity interacts with heterogeneity in sectoral size and input-
output linkages in the transmission of monetary policy shocks. Quantitatively, heterogeneity …
output linkages in the transmission of monetary policy shocks. Quantitatively, heterogeneity …