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3 edition of Technology shocks and monetary policy found in the catalog.

Technology shocks and monetary policy

Jordi GalГ­

Technology shocks and monetary policy

assessing the Fed"s performance

by Jordi GalГ­

  • 381 Want to read
  • 13 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Board of Governors of the Federal Reserve System (U.S.) -- Rules and practice,
  • Monetary policy -- United States,
  • Technological innovations -- Economic aspects -- United States,
  • Labor productivity -- United States -- Effect of technological innovations on,
  • Business cycles -- United States

  • Edition Notes

    StatementJordi Galí, J. David López-Salido and Javier Vallés.
    SeriesNBER working paper series -- no. 8768, Working paper series (National Bureau of Economic Research) -- working paper no. 8768.
    ContributionsLópez-Salido, J. David., Vallés, Javier., National Bureau of Economic Research.
    The Physical Object
    Pagination18, [8] p. :
    Number of Pages18
    ID Numbers
    Open LibraryOL22431275M

    News. May 8, Review of the Benchmark Ratio Used to Calculate the Macro Add-on Balance in Current Account Balances at the Bank of Japan [PDF KB]; May 1, Minutes of the Monetary Policy Meeting on Ma [PDF KB]; Apr. 28, Outlook for Economic Activity and Prices (April , full text) [PDF 2,KB]. 2 D. Caldara, M. Iacoviello and P. Molligo et al. / Journal of Monetary Economics xxx (xxxx) xxx ARTICLE IN PRESS JID: MONEC [m3Gsc;Novem ;] For decades prior to these trade developments, there was limited volatility in trade policy, and thus limited study of the.

      Economist Michael D. Bordo argues in a new Hoover Institution Press book for the importance of monetary stability and monetary rules, offering theoretical, empirical, and historical perspectives to support his case. In The Historical Performance of the Federal Reserve, Bordo, a Hoover distinguished visiting fellow, shows how the pursuit of stable monetary policy guided .   Prepared for the Carnegie-Rochester Conference on Public Policy, NYU, April [featured in WSJ Blog, Ma )] [featured in La Repubblica, Septem (in italian)] WORKING PAPERS. Technology Shocks: Novel Implications for International Business Cycles Also available as IFDP , Board of Governors.

    7. Monetary Policy and the Open Economy where j ∈[0, 1] denotes the good variety.1 C F,t is an index of imported goods given by € γ 1 γ −1 γ −1 C F,t ≡ (C i,t) γ di 0 where C i,t is, in turn, an index of the quantity of goods imported from country i and consumed by domestic households. It is given by an analogous CES functionFile Size: 2MB. etary policy shocks. The banking sector now can be special in two relevant ways: in addition to creating money, it makes loans, which (unlike buying bonds) the household sector cannot do. In this three-asset world, monetary policy can work not only through its impact on the bond-market rate of interest, but also through its independentCited by:


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Technology shocks and monetary policy by Jordi GalГ­ Download PDF EPUB FB2

Get this from a library. Technology shocks and monetary policy: assessing the Fed's performance. [Jordi Galí; J David López-Salido; Javier Vallés; National Bureau of.

Technology Shocks and Monetary Policy: Revisiting the Fed's Performance Article in Journal of money credit and banking 39() February with 24.

Technology and Cost-Push Shocks in the New Keynesian Model As explained above, this section modi Þes the basic New Keynesian model so as to allow, later, for an econometric analysis of the relative importance of technology and cost-push shocks in generating variability in the postwar United States data.

Standard productivity measures indicate large fluctuations in technology during the Great Depression. This article's historical technology series (–), controlled for aggregation effects, varying input utilization, non-constant returns, and imperfect competition, does not indicate technology regress such that could trigger the by: 3.

Get this from a library. Technology Shocks and Monetary Policy: Assessing the Fed's Performance. [Jordi Galí; J David López-Salido; Javier Vallés] -- The purpose of the present paper is twofold.

First, we characterize the Fed's systematic response to technology shocks and its implications for U.S. output, hours and inflation. Second, we evaluate. Optimal monetary policy must be counter-cyclical in response to both technology and public spending shocks, yet the intensity of the reaction crucially depends on the presence of an R&D sector.

However, the small amount of short-run deviations of prices from the non-zero trend inflation observed in response to shocks suggests inflation. chapter monetary policy and unemployment. abstract. 1 introduction.

2 evidence on the cyclical behavior of labor market variables and inflation. 3 a model with nominal rigidities and labor market frictions. 4 equilibrium dynamics: the effects of monetary policy and technology shocks. 5 labor market frictions, nominal rigidities and monetary.

What Do Technology Shocks Do. • shocks Technology shocks and monetary policy book an arbitrarily large fraction of short-run variation (Quah, ). This paper takes a more direct approach to assessing what technology shocks do, an approach inspired by the large literature estimating the impact of monetary policy shocks on the economy (e.g., Christiano, Eichenbaum, and Cited by: Researchers interested in the monetary policy also adopt the long-run assumptions of technology shocks and add the short-run identi cation assumptions for monetary shocks, such as.

Downloadable (with restrictions). The purpose of the present Paper is twofold. First, we characterize the Fed’s systematic response to technology shocks and its implications for US output, hours and inflation. Second we evaluate the extent to which those responses can be accounted for by a simple monetary policy rule (including the optimal one) in the context of a.

Downloadable. The purpose of the present paper is twofold. First, we characterize the Fed's systematic response to technology shocks and its implications for U.S. output, hours and inflation. Second, we evaluate the extent to which those responses can be accounted for by a simple monetary policy rule (including the optimal one) in the context of a standard business cycle.

An integrated analysis of how financial frictions can be accounted for in macroeconomic models built to study monetary policy and macroprudential regulation. Since the global financial crisis, there has been a renewed effort to emphasize financial frictions in designing closed- and open-economy macroeconomic models for monetary and macroprudential policy analysis.

of many researchers to understand the relationship among monetary policy, inflation, and the business cycle have led to the development of a framework—the so called New Keynesian model—that is widely used for monetary policy analysis.

The present monograph offers an overview of that framework and a discussion of its policy Size: KB. A Blanchard-Quah VAR analysis also indicates that the effects of real shocks predominate over monetary shocks by a wide margin.

The implications of these facts for the conduct of monetary policy in countries outside the U.S. are then explored leading to the conclusion that all countries, to avoid exchange rate overshooting, have tended to Cited by: 6.

Macroeconomic Shocks and Unconventional Monetary Policy: Impacts on Emerging Markets - Kindle edition by Yoshino, Naoyuki, Chantapacdepong, Pornpinun, Helble, Matthias.

Download it once and read it on your Kindle device, PC, phones or tablets. Use features like bookmarks, note taking and highlighting while reading Macroeconomic Shocks and Unconventional Monetary Manufacturer: OUP Oxford.

"Monetary Policy and Real Borrowing Costs at the Zero Lower Bound," American Economic Journal: Macroeconomics, vol. 7, no. 1, pp. Gust, Christopher J., Benjamin K. Johannsen, and David Lopez-Salido (). "Monetary Policy, Incomplete Information, and the Zero Lower Bound," Finance and Economics Discussion Series Board of.

following a monetary policy shock, changes in prices tend to lead changes in wages, and in addition, nominal wages do not respond as much as prices do to monetary policy shocks. Finally, the response of nominal wages to monetary policy shocks that occur in the second half of the year is slow and muted for several years after the shock hits.

Macroeconomic Shocks and Unconventional Monetary Policy Impacts on Emerging Markets Edited by Naoyuki Yoshino, Pornpinun Chantapacdepong, and Matthias Helble.

Provides a thorough and state-of-art analysis of macroeconomic shocks; Acquaints the reader with the latest techniques of macroeconomic analysis. No short-run effects from policy shocks to some variable(s). E.g. monetary policy shocks do not affect output within the same period.

No short-run effect from shocks to the policy instrument. Monetary policy does not react within the period to certain shocks or variables.

Nina Larsson Midthjell - Lecture 1 - 15 January In the latest recession, unemployment rates in the United States increased at a faster pace than in the average OECD country.

Since the unemployment rate has been more sensitive to technological shocks in the United States in the past than in other OECD countries, I investigated whether increased sensitivity to such shocks was the reason for the recent relative increase in Author: Pedro S.

Amaral. Monetary Policy. Monetary policy is the macroeconomic device by which the monetary authorities of a country seek to positively influence the performance of economic units—especially in the real sectors of the economy—to achieve set broad economic objectives of the government.

From: Bank Risk Management in Developing Economies, Related.Monetary policy is being conducted more systematically, so true monetary policy shocks are now rare. It is likely that what we now identify as monetary policy shocks are really mostly the effects of superior information on the part of the Fed, foresight by agents, and by: Fiscal policy, public debt and monetary policy in EMEs: an overview M 1S Mohanty 1.

Introduction During the s and s, the vulnerability of EMEs to shocks was often exacerbated by high fiscal deficits, underdeveloped domestic bond markets.