The American Economic Review, Volume 97American Economic Association., 2007 |
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... shock . In both cases , the response of output to a monetary policy shock is economi- cally relevant . An expansionary shock in either the first or the second quarter with an impact effect on the federal funds rate of -25 basis points ...
... shock . In both cases , the response of output to a monetary policy shock is economi- cally relevant . An expansionary shock in either the first or the second quarter with an impact effect on the federal funds rate of -25 basis points ...
Página 638
... policy shocks relies on a very general linear dynamic model of the macro- economy whose structure is given by the ... shock up . As such , the system embeds the key restriction for identifying the dynamic effects of exogenous policy ...
... policy shocks relies on a very general linear dynamic model of the macro- economy whose structure is given by the ... shock up . As such , the system embeds the key restriction for identifying the dynamic effects of exogenous policy ...
Página 639
... policy shock can be obtained via a Choleski decomposition of the covariance matrix of the reduced - form residuals . 9 One important implication of quarter depen- dence is that the effects of monetary policy shocks vary depending on the ...
... policy shock can be obtained via a Choleski decomposition of the covariance matrix of the reduced - form residuals . 9 One important implication of quarter depen- dence is that the effects of monetary policy shocks vary depending on the ...
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agents aggregate American Economic Review analysis assets assume assumption average behavior benchmark Beveridge curve business cycles candidates capital changes choice coefficient cointegration consumer consumption contracts correlation cost of business countercyclical deductible degree distributions distribution durables effect empirical equation equilibrium estimated exchange expected Figure firms function given growth HIP model households implies impulse responses income increase individuals inflation inventory investment investment rate Journal of Economics labor market loss aversion marginal likelihood matching Matthew Rabin ment Michael Woodford monetary policy nodes nomic observed optimal output pairs paper parameters patients percent policy shock post.com preferences procyclical production Proposition random regime relative response risk aversion sample Section sector Shapley value side payments simulations sticky prices stochastic Table theory tion tradable unemployment utility variables variance volatility vouchers wage workers Yangzi Delta