[PDF] Top 20 Output Fluctuations and Monetary Shocks

... Subsequently, we follow Liederman 1982, by using an unrestricted reduced form to assess the interrelationships among inflation, output growth, wage changes, and the policy variables—vari[r] ... See full document

... Last, our results highlight the important role institutional arrange- ments play in shaping the relationships among macroeconomic time series. The pervasiveness of long-term labor contracts is obviously instru- mental in ... See full document

... the shocks in a SVAR-IV (see Stock and Watson, 2012, 2018; Mertens and Ravn, ...specified monetary VAR such as ...either output or price ...high-frequency monetary surprises – that is due to ... See full document

... positive output growth and one of negative ...the output in differences depends not only on its lags, but there is also a discrete change in the mean that generates a transition between positive and ... See full document

... news shocks on labor market variables using a baseline general equilibrium model with search and matching frictions on the labor market and real ...News shocks are a relevant source of aggregate ... See full document

... policy shocks on a large and heterogenous set of both macroeconomic and fin- ancial variables, as well as on private sector expectations, and medium and long-term interest ...a monetary contraction is ... See full document

... Importantly, despite extensive research, there is still much uncer- tainty about the effects of monetary policy shocks (see Ramey, 2016). In particular, several studies have highlighted a counter-intuitive ... See full document

... alternative monetary policy ...inflation, output and consumption fall in each sector respectively and then converges to its steady state ...further monetary tightening in the policy interest ...both ... See full document

... of Monetary policy shocks on Output Growth of selected oil producing countries in Africa between 1980q1 and ...International Monetary Fund Online Data Base, World Bank Online Data Base and ... See full document

... unanticipated monetary and fiscal policy shocks and two measures of labour market institutions: the growth rates of the minimum wage to average wage ratio and the union ...unanticipated shocks have ... See full document

... external shocks, the external supply shocks mostly explain for the fluctuations of output but this impact decrease trivially in the long- term in Indonesia, whereas the term of trade ... See full document

... International Monetary Fund’s International Financial Statistics (IMF IFS) July 2008 ...price shocks in the literature including the logarithm of oil price series in levels, the first differences of oil ... See full document

... adjustment costs, a lower level of nominal rigidity requires capital utilization to be easier to vary i.e. low ξ. As capital adjustment costs increase, the depreciation cost of increasing utilization also increases so ... See full document

... The dataset contains monthly Russian data on oil prices (Oil), interbank interest rate (MIACR) from 2 to 7 days, consumer price index (CPI), unemployment (U), exchange rate USD/RUB (ExR), two economic activity series: ... See full document

... As we have discussed the statistical properties that help to explain our first finding—namely, we no longer see a near unit root cancellation phenomenon—we will turn our attention to our second finding. For models with ... See full document

... the monetary authority can either change the interest rate directly for a given inflation target or change the inflation ...of output, labor hours and inflation to a shock to the inflation target is very ... See full document

... If monetary policy shocks are estimated using di¤erent reaction functions for the two di¤erent sub-samples, the results are strikingly di¤er- ...and output respond almost in a textbook fashion for ... See full document

... of monetary policy shocks for the ...regime output shows no significant response to monetary policy while the inflation response is ... See full document

... with fluctuations in output, employment, money income or the price ...recommends monetary authority to be a primer in responding macroeconomic ...the monetary authority is responsible for ... See full document

... demand shocks; he suggested that the central bank could then be forced, by the legislative approach, to adopt a cooperative solution which is time-consistent, yielding the optimal output stabilization and a ... See full document