Journal of Monetary Economics

最新文章

• The consumption expenditure response to unemployment: Evidence from Norwegian households AI翻译
  作者：Fagereng, Andreas; Onshuus, Helene; Torstensen, Kjersti N.
  作者单位：BI Norwegian Business School; Centre for Economic Policy Research - UK
  摘要：This paper examines heterogeneity in household income and consumption responses to unemployment, using granular administrative tax data from Norway. On average, unemployment results in a significant, lasting income reduction, accompanied by a decrease in consumption expenditures of between one-third to one-half of the income loss. We find that households with greater liquid assets at the outset experience less of a decline in consumption, whereas those with higher levels of debt encounter a mo...
• Asymmetric information and misaligned inflation expectations AI翻译
  作者：Han, Zhao
  摘要：Recent survey evidence reveals misaligned inflation expectations among economic agents. While households associate higher expected inflation with lower output growth, professional forecasters link higher future inflation to higher output growth. Firms' expectations display neither negative nor positive correlations. We explain such patterns jointly in a general equilibrium New Keynesian framework. Asymmetric information arises naturally as (i) households and firms receive imperfect, asymmetric...
• The international spillovers of synchronous monetary tightening AI翻译
  作者：Caldara, Dario; Ferrante, Francesco; Iacoviello, Matteo; Prestipino, Andrea; Queralto, Albert
  作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Federal Reserve System - USA; Federal Reserve System Board of Governors
  摘要：We use historical data and a calibrated model of the world economy to study how a synchronous monetary tightening can amplify cross-border transmission of monetary policy. The empirical analysis shows that historical episodes of synchronous tightening are associated with tighter financial conditions and larger effects on economic activity than asynchronous ones. In the model, a sufficiently large synchronous tightening can disrupt intermediation of credit by global financial intermediaries cau...
• Discussion of Phillips meets Beveridge, by Regis Barnichon and Adam Shapiro AI翻译
  作者：Abraham, Katharine G.
  作者单位：University System of Maryland; University of Maryland College Park; National Bureau of Economic Research
• People's understanding of inflation AI翻译
  作者：Binetti, Alberto; Nuzzi, Francesco; Stantcheva, Stefanie
  作者单位：Bocconi University; Harvard University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
  摘要：This paper studies people's understanding of inflation-their perceived causes, consequences, trade-offs-and the policies supported to mitigate its effects. We design a new, detailed online survey based on the rich existing literature in economics with two experimental components a conjoint experiment and an information experiment - to examine how well public views align with established economic theories. Our key findings show that the major perceived causes of inflation include government act...
• The monetary financing of a large fiscal shock AI翻译
  作者：Teles, Pedro; Tristani, Oreste
  作者单位：Banco de Portugal; Universidade Catolica Portuguesa; European Central Bank; Centre for Economic Policy Research - UK
  摘要：Motivated by the surge in debt levels through the pandemic crisis, we revisit the issue of the optimal financing of public debt. In contrast to existing results, we find that the optimal response of inflation to a large increase in public spending is a gradual, significant and long-lasting rise in inflation. Our conclusion is due to a different assumption on the source of nominal rigidities. While the literature has focused on sticky prices, of either the Calvo (1983) or Rotemberg (1982) type,...
• Introduction to the 100th Carnegie-Rochester-New York University Conference on Public Policy Volume AI翻译
  作者：Sleet, Christopher
  作者单位：University of Rochester
• Mortgage choice and inflation experiences in the Eurozone AI翻译
  作者：Cenzon, Josefina; Szabo, Barna Elek
  作者单位：Pompeu Fabra University
  摘要：In the Eurozone, households' mortgage preferences vary widely, both within and across countries. This persistent heterogeneity in the choice between an adjustable rate mortgage (ARM) and a fixed rate mortgage (FRM) two decades after introducing a common currency is a puzzle. We argue that these patterns relate to the long-lasting effect of personal experiences of high-inflation periods. Analysing rich household data across 9 countries, we show that higher lifetime experienced inflation predict...
• Consumption categories, household attention, and inflation expectations: Implications for optimal monetary policy AI翻译
  作者：Dietrich, Alexander M.
  摘要：What inflation measure should central banks target? This paper highlights a mechanism where monetary policy optimally targets headline inflation if households pay limited attention to different consumption categories when forming inflation expectations. This result stands in contrast to standard rational expectations models, where optimal policy targets core inflation. The core inflation rate excludes volatile energy and food prices (non-core) from headline inflation. Using novel survey data o...
• Cross-border regulatory spillovers and macroprudential policy coordination AI翻译
  作者：Agenor, Pierre-Richard; Jackson, Timothy P.; da Silva, Luiz A. Pereira
  作者单位：University of Manchester; University of Liverpool; University of Tokyo
  摘要：We develop a core-periphery model with financial frictions and cross-border banking to assess the magnitude of regulatory spillovers and the gains from macroprudential policy coordination. A core global bank lends to its affiliates in the periphery and banks in both regions are subject to risk-sensitive capital regulation. Following an expansionary monetary policy in the core, a countercyclical response in capital requirements in that region induces the global bank to increase cross-border len...