201 records from EconBiz based on author Name

1. Financial stability considerations for monetary policy : theoretical mechanisms

abstract

This paper reviews the theoretical literature at the intersection of macroeconomics and finance to draw lessons on the connection between vulnerabilities in the financial system and the macroeconomy, and on how monetary policy affects that connection. This literature finds that financial vulnerabilities are inherent to financial systems and tend to be procyclical. Moreover, financial vulnerabilities amplify the effects of adverse shocks to the economy, so that even a small shock to fundamentals or a small revision of beliefs can create a self-reinforcing feedback loop that impairs credit provision, lowers asset prices, and depresses economic activity and inflation. Finally, monetary policy may affect the buildup of vulnerabilities, but the sign of the impact along some of its transmission channels is theoretically ambiguous and may vary with the state of the economy.

Ajello, Andrea; Boyarchenko, Nina; Gourio, François; Tambalotti, Andrea;
2022
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link

---

2. Financial stability considerations for monetary policy : theoretical mechanisms

abstract

This paper reviews the theoretical literature at the intersection of macroeconomics and finance to draw lessons on the connection between vulnerabilities in the financial system and the macroeconomy, and on how monetary policy affects that connection. This literature finds that financial vulnerabilities are inherent to financial systems and tend to be procyclical. Moreover, financial vulnerabilities amplify the effects of adverse shocks to the economy, so that even a small shock to fundamentals or a small revision of beliefs can create a self-reinforcing feedback loop that impairs credit provision, lowers asset prices, and depresses economic activity and inflation. Finally, monetary policy may affect the buildup of vulnerabilities, but the sign of the impact along some of its transmission channels is theoretically ambiguous and may vary with the state of the economy.

Ajello, Andrea; Boyarchenko, Nina; Gourio, François; Tambalotti, Andrea;
2022
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link
Citations: 2 (based on OpenCitations) Cited By

---

3. Financial stability considerations for monetary policy : theoretical mechanisms

Ajello, Andrea; Boyarchenko, Nina; Gourio, François; Tambalotti, Andrea;
2022
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link

---

4. Inequality and business cycles

Bilbiie, Florin; Primiceri, Giorgio E.; Tambalotti, Andrea;
2022
Type: Graue Literatur; Non-commercial literature;
Availability: Link

---

5. Inequality and Business Cycles

abstract

We quantify the connection between inequality and business cycles in a medium-scale New Keynesian model with tractable household heterogeneity, estimated with aggregate and cross-sectional data. We find that inequality substantially amplifies cyclical fluctuations. The primary source of this amplification is cyclical precautionary saving behavior. Savers reduce their consumption to insure themselves against the idiosyncratic risk of large income drops, which rises in recessions

Bilbiie, Florin; Primiceri, Giorgio E.; Tambalotti, Andrea;
2023
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability: Link Link

---

6. Inequality and business cycles

Bilbiie, Florin; Primiceri, Giorgio E.; Tambalotti, Andrea;
2023
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

---

7. What's up with the Phillips curve?

abstract

The business cycle is alive and well, and real variables respond to it more or less as they always did. Witness the Great Recession. In ation, in contrast, has gone quiescent. This paper studies the sources of this disconnect using VARs and an estimated DSGE model. It finds that the disconnect is due primarily to the muted reaction of inflation to cost pressures, regardless of how they are measured - a flat aggregate supply curve. A shift in policy towards more forceful inflation stabilization also appears to have played some role by reducing the impact of demand shocks on the real economy. The evidence rules out stories centered around changes in the structure of the labor market or in how we should measure its tightness.

Del Negro, Marco; Lenza, Michele; Primiceri, Giorgio E.; Tambalotti, Andrea;
2020
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link Link

---

8. What's up with the Phillips curve?

Del Negro, Marco; Lenza, Michele; Primiceri, Giorgio E.; Tambalotti, Andrea;
2020
Type: Graue Literatur; Non-commercial literature; Arbeitspapier; Working Paper;
Availability: Link

---

9. What’s up with the Phillips Curve?

abstract

The business cycle is alive and well, and real variables respond to it more or less as they always did. Witness the Great Recession. Inflation, in contrast, has gone quiescent. This paper studies the sources of this disconnect using VARs and an estimated DSGE model. It finds that the disconnect is due primarily to the muted reaction of inflation to cost pressures, regardless of how they are measured--a flat aggregate supply curve. A shift in policy towards more forceful inflation stabilization also appears to have played some role by reducing the impact of demand shocks on the real economy. The evidence rules out stories centered around changes in the structure of the labor market or in how we should measure its tightness

Del Negro, Marco; Lenza, Michele; Primiceri, Giorgio E.; Tambalotti, Andrea;
2020
Availability: Link Link
Citations: 23 (based on OpenCitations) Cited By

---

10. Financial stability considerations for monetary policy: Theoretical mechanisms

Ajello, Andrea; Boyarchenko, Nina; Gourio, François; Tambalotti, Andrea;
2022
Type: Working Paper;
Availability: Link
Citations: 2 (based on OpenCitations) Cited By

---

Load More