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232 records from EconBiz based on author Name
1. Technology Shocks and Monetary Policy : Assessing the Fed's Performance
abstractThe 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 model with sticky prices. Our main results can be described as follows: First, we detect significant differences across periods in the response of the economy (as well as the Fed's) to a technology shock. Second, the Fed's response to a technology shock in the Volcker-Greenspan period is consistent with an optimal monetary policy rule. Third, in the pre-Volcker period the Fed's policy tended to over stabilize output at the cost of generating excessive inflation volatility. Our evidence reinforces recent results in the literature suggesting an improvement in the Fed's performance
Galí, Jordi; López-Salido, José David; Vallés, Javier;2022
Availability: Link
2. Los retos y oportunidades de la economía española : una perspectiva de largo plazo
Lacuesta, Aitor; Vallés, Javier;2023
Type: Aufsatz in Zeitschrift; Article in journal;
3. Understanding the Effects of Government Spending on Consumption
abstractRecent evidence suggests that consumption rises in response to an increase in government spending. That finding cannot be easily reconciled with existing optimizing business cycle models. We extend the standard new Keynesian model to allow for the presence of rule-of-thumb consumers. We show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the effects of government spending
Galí, Jordi; López-Salido, José David; Vallés, Javier;2021
Availability: Link
4. Cross-Country Differences in Monetary Policy Transmission
abstractThis paper examines possible explanations for observed differences in the transmission of euro area monetary policy in central bank large-scale macroeconomic models. In particular it considers the extent to which these differences are due to differences in the underlying economies or (possibly unrelated) differences in the modelling strategies adopted for each country. It finds that, against most yardsticks, the cross-country variations in the results are found to be plausible in the sense that they correspond with other evidence or observed characteristics of the economies in question. Nevertheless, the role of differing modelling strategies may also play a role. Important features of the models - for instance in the treatment of expectations or wealth - can have a major bearing on the results that may not necessarily reflect differences in the underlying economies
Berben, Robert-Paul; Locarno, Alberto; Morgan, Julian Benedict; Vallés, Javier;2021
Availability: Link Link
Citations: 6 (based on OpenCitations)
5. Understanding the Effects of Government Spending on Consumption
abstractRecent evidence on the effect of government spending shocks on consumption cannot be easily reconciled with existing optimizing business cycle models. We extend the standard New Keynesian model to allow for the presence of rule-of-thumb (non-Ricardian) consumers. We show how the interaction of the latter with sticky prices and deficit financing can account for the existing evidence on the e¤ects of government spending
Galí, Jordi; López-Salido, José David; Vallés, Javier;2021
Availability: Link Link
Citations: 8 (based on OpenCitations)
6. Corporate economic profits in the euro area : the relevance of cost competitive advantage
Vallés, Javier; Salas-Fumás, Vicente; San Juan del Peso, Lucio;2022
Type: Aufsatz in Zeitschrift; Article in journal;
Availability: Link
Citations: 1 (based on OpenCitations)
7. La crisis de la COVID-19 : el camino de la recuperación
Cuerpo, Carlos; Vallés, Javier;2022
Type: Amtliche Publikation; Amtsdrucksache; Amtliche Druckschrift; Amtliche Veröffentlichung; Offizielle Publikation; Regierungsveröffentlichung; Amtsdruckschrift; Graue Literatur; Non-commercial literature;
8. Corporate cost and profit shares in the euro area and the US : the same story?
Salas-Fumás, Vicente; San Juan, Lucio; Vallés, Javier;2018
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability:
Link 9. Private saving : new cross-country evidence based on Bayesian techniques
Hernando, Ignacio; Pablos, Irene; Santabárbara, Daniel; Vallés, Javier;2018
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link
10. El impacto económico de la pandemia
Cuerpo, Carlos; Vallés, Javier;2021
Type: Amtliche Publikation; Amtsdrucksache; Amtliche Druckschrift; Amtliche Veröffentlichung; Offizielle Publikation; Regierungsveröffentlichung; Amtsdruckschrift; Graue Literatur; Non-commercial literature;