发布求助
文献互助 智能选刊 最新文献

Journal of Monetary Economics最新文献

筛选
英文 中文
Global risk and the dollar 全球风险与美元
IF 4.1 2区 经济学
Journal of Monetary Economics Pub Date : 2024-05-01 DOI: 10.1016/j.jmoneco.2024.01.002
Georgios Georgiadis , Gernot J. Müller , Ben Schumann
{"title":"Global risk and the dollar","authors":"Georgios Georgiadis ,&nbsp;Gernot J. Müller ,&nbsp;Ben Schumann","doi":"10.1016/j.jmoneco.2024.01.002","DOIUrl":"10.1016/j.jmoneco.2024.01.002","url":null,"abstract":"<div><p>The dollar is a safe-haven currency and appreciates when global risk goes up. We investigate the dollar’s role for the transmission of global risk to the world economy within a Bayesian proxy structural vector autoregressive model. We identify global risk shocks using high-frequency asset-price surprises around narratively selected events. Global risk shocks appreciate the dollar, induce tighter global financial conditions and a synchronized contraction of world economic activity. We benchmark these effects against counterfactuals in which the dollar does not appreciate. In the absence of dollar appreciation, the contractionary impact of a global risk shock is much weaker, both in the rest of the world and the US. For the rest of the world, contractionary financial channels thus dominate expansionary expenditure switching when global risk rises and the dollar appreciates.</p></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"144 ","pages":"Article 103549"},"PeriodicalIF":4.1,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304393224000023/pdfft?md5=fe25915e016f12c3465d7fb2e55b5295&pid=1-s2.0-S0304393224000023-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139422675","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Housing cycles and gentrification 住房周期和城市化
IF 4.1 2区 经济学
Journal of Monetary Economics Pub Date : 2024-05-01 DOI: 10.1016/j.jmoneco.2024.01.003
Daniel Murphy
{"title":"Housing cycles and gentrification","authors":"Daniel Murphy","doi":"10.1016/j.jmoneco.2024.01.003","DOIUrl":"10.1016/j.jmoneco.2024.01.003","url":null,"abstract":"<div><p>The analysis in this paper documents a high-frequency link between housing markets and downtown gentrification since the mid-1990s. Specifically, property values and the share of formally educated residents increase more in downtown locations than in suburbs during MSA-wide housing market expansions. This relationship holds conditional on changes in MSA-level high-end incomes and is evident at short (three-year) and longer time horizons. I propose a mechanism to account for this evidence based on stronger pass-through from housing market expansions to housing costs for low-income (less formally educated) households. This evidence has implications for the effects of macroeconomic stabilization policies on inequality.</p></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"144 ","pages":"Article 103550"},"PeriodicalIF":4.1,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139517834","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How to limit the spillover from an inflation surge to inflation expectations? 如何限制通胀激增对通胀预期的溢出效应？
IF 4.1 2区 经济学
Journal of Monetary Economics Pub Date : 2024-05-01 DOI: 10.1016/j.jmoneco.2023.12.004
Lena Dräger , Michael J. Lamla , Damjan Pfajfar
{"title":"How to limit the spillover from an inflation surge to inflation expectations?","authors":"Lena Dräger ,&nbsp;Michael J. Lamla ,&nbsp;Damjan Pfajfar","doi":"10.1016/j.jmoneco.2023.12.004","DOIUrl":"10.1016/j.jmoneco.2023.12.004","url":null,"abstract":"<div><p><span>Using a randomized control trial on German consumers we show that information about rising inflation increases </span>inflation expectations. This initial increase in expectations can be mitigated by providing forecasts of inflation. Information about (future) inflation affects the whole term structure of inflation expectations, where the effects are smaller for longer-run expectations. This information also causes changes in consumption and savings decisions. In subsequent months—when consumers realize that inflation is much higher than the provided forecasts—they reverse the reliance on information about inflation forecasts and rely again more on their initial priors.</p></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"144 ","pages":"Article 103546"},"PeriodicalIF":4.1,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138820806","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Mortgage interest deductions? Not a bad idea after all 扣除抵押贷款利息？毕竟不是个坏主意
IF 4.1 2区 经济学
Journal of Monetary Economics Pub Date : 2024-05-01 DOI: 10.1016/j.jmoneco.2024.01.004
Shahar Rotberg, Joseph B. Steinberg
{"title":"Mortgage interest deductions? Not a bad idea after all","authors":"Shahar Rotberg,&nbsp;Joseph B. Steinberg","doi":"10.1016/j.jmoneco.2024.01.004","DOIUrl":"10.1016/j.jmoneco.2024.01.004","url":null,"abstract":"<div><p><span>Mortgage interest deductions and other homeownership subsidies are widely believed to be harmful because they redistribute resources from lower-income renters to higher-income homeowners. We argue that renters actually benefit from these policies in </span>general equilibrium for two reasons. First, the rental supply curve is relatively inelastic, which means that rents fall when these policies reduce rental demand. Second, many renters spend most of their income on housing, and these renters gain substantially from rent decreases. We calibrate a quantitative model to match empirical evidence on these factors and show they are strong enough that subsidizing homeownership actually increases welfare.</p></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"144 ","pages":"Article 103551"},"PeriodicalIF":4.1,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139462512","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Estimating the Fed’s unconventional policy shocks 估算美联储的非常规政策冲击
IF 4.1 2区 经济学
Journal of Monetary Economics Pub Date : 2024-05-01 DOI: 10.1016/j.jmoneco.2024.01.001
Marek Jarociński
{"title":"Estimating the Fed’s unconventional policy shocks","authors":"Marek Jarociński","doi":"10.1016/j.jmoneco.2024.01.001","DOIUrl":"10.1016/j.jmoneco.2024.01.001","url":null,"abstract":"<div><p>Financial market responses to Fed monetary policy announcements are often very small, but sometimes very large and the mix of news contained in these announcements varies over time. I exploit these features of the data to estimate different types of Fed policy shocks. The resulting shocks can be naturally labeled as standard monetary policy, Odyssean forward guidance, large scale asset purchases and Delphic forward guidance. They affect risk-free interest rates, stock prices and the dollar on impact and have delayed but pronounced effects on corporate bond spreads and breakeven inflation rates.</p></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"144 ","pages":"Article 103548"},"PeriodicalIF":4.1,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139408903","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Monetary policy and the persistent aggregate effects of wealth redistribution 货币政策与财富再分配的持续总体效应
IF 4.1 2区 经济学
Journal of Monetary Economics Pub Date : 2024-05-01 DOI: 10.1016/j.jmoneco.2023.12.003
Martin Kuncl, Alexander Ueberfeldt
{"title":"Monetary policy and the persistent aggregate effects of wealth redistribution","authors":"Martin Kuncl,&nbsp;Alexander Ueberfeldt","doi":"10.1016/j.jmoneco.2023.12.003","DOIUrl":"10.1016/j.jmoneco.2023.12.003","url":null,"abstract":"<div><p><span>Monetary easing redistributes from savers, some of whom are retired and not adjusting labor supply, to borrowers who reduce their labor supply. This results in persistently lower aggregate labor and output. Hence the interaction of labor supply heterogeneity with heterogeneity in net nominal positions of households creates a monetary policy trade-off whereby short-term economic stimulus is followed by lower output over the medium term. The policy trade-off is stronger in economies with more nominal household debt and a larger </span>wealth share of retired households but weakened by a more aggressive monetary policy stance and under price-level targeting.</p></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"144 ","pages":"Article 103545"},"PeriodicalIF":4.1,"publicationDate":"2024-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138820803","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Household Consumption and Dispersed Information 家庭消费和分散的信息
IF 4.3 2区 经济学
Journal of Monetary Economics Pub Date : 2024-04-29 DOI: 10.1016/j.jmoneco.2024.103592
{"title":"Household Consumption and Dispersed Information","authors":"","doi":"10.1016/j.jmoneco.2024.103592","DOIUrl":"10.1016/j.jmoneco.2024.103592","url":null,"abstract":"<div><p>By introducing an information friction to a heterogeneous agent model, we are able to explain two patterns of small economies experiencing large income changes: (1) excess volatility in consumption and (2) household consumption elasticities that have low correlation with income. With a standard dispersed information structure, households cannot distinguish aggregate income shocks from idiosyncratic ones. Their consumption responds excessively to aggregate shocks, which they incorrectly forecast to be too persistent. This effect occurs homogeneously across the income distribution, lowering the correlation of the consumption elasticity with income. We corroborate our central mechanism using survey data on household expectations of their future earnings.</p></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"147 ","pages":"Article 103592"},"PeriodicalIF":4.3,"publicationDate":"2024-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140883851","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Same actions, different effects: The conditionality of monetary policy instruments 同样的行动，不同的效果：货币政策工具的条件性
IF 4.3 2区 经济学
Journal of Monetary Economics Pub Date : 2024-04-27 DOI: 10.1016/j.jmoneco.2024.103596
{"title":"Same actions, different effects: The conditionality of monetary policy instruments","authors":"","doi":"10.1016/j.jmoneco.2024.103596","DOIUrl":"10.1016/j.jmoneco.2024.103596","url":null,"abstract":"<div><p>This paper explores the signaling effect of central bank announcements clarifying the reaction function of policy interventions. We exploit the unique setting provided by ECB asset purchase programs. We find that the same action – purchases of identical assets – undertaken under different titles generates different responses. PSPP affects inflation swaps whereas PEPP impacts sovereign spreads, so that only the variables associated with the communicated rationale of each program react. We highlight the importance of clarifying the conditional path of policy instruments for the transmission of monetary policy. We also provide evidence of this signaling channel from other ECB and BoE announcements.</p></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"147 ","pages":"Article 103596"},"PeriodicalIF":4.3,"publicationDate":"2024-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140883856","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Consumption categories, household attention, and inflation expectations: Implications for optimal monetary policy 消费类别、家庭关注度和通胀预期：对最佳货币政策的影响
IF 4.3 2区 经济学
Journal of Monetary Economics Pub Date : 2024-04-27 DOI: 10.1016/j.jmoneco.2024.103594
{"title":"Consumption categories, household attention, and inflation expectations: Implications for optimal monetary policy","authors":"","doi":"10.1016/j.jmoneco.2024.103594","DOIUrl":"10.1016/j.jmoneco.2024.103594","url":null,"abstract":"<div><p><span><span>What inflation measure should central banks target? This paper highlights a mechanism where </span>monetary policy optimally targets </span><em>headline</em><span><span> inflation if households pay limited attention to different consumption categories when forming </span>inflation expectations<span>. This result stands in contrast to standard rational expectations models, where optimal policy targets </span></span><em>core</em><span> inflation. The core inflation rate excludes volatile energy and food prices (non-core) from headline inflation. Using novel survey data on inflation expectations for disaggregated consumption categories, I find household expectations are disproportionately driven by beliefs about future non-core prices. A model of bounded rationality accounts for the empirical evidence. While forming inflation expectations, households pay more attention to the volatile non-core components. Embedding this framework into a multi-sector New Keynesian model, I show that targeting headline rather than core inflation provides welfare gains.</span></p></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"147 ","pages":"Article 103594"},"PeriodicalIF":4.3,"publicationDate":"2024-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140835789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Carbon pricing and inflation expectations: Evidence from France 碳定价与通胀预期：来自法国的证据
IF 4.3 2区 经济学
Journal of Monetary Economics Pub Date : 2024-04-27 DOI: 10.1016/j.jmoneco.2024.103593
{"title":"Carbon pricing and inflation expectations: Evidence from France","authors":"","doi":"10.1016/j.jmoneco.2024.103593","DOIUrl":"10.1016/j.jmoneco.2024.103593","url":null,"abstract":"<div><p>We study how firms’ price expectations and decisions are affected by carbon pricing, using a survey of French manufacturing firms. Exogenous variations in the price of carbon are obtained by high-frequency identification. A change in carbon price increases firms’ inflation expectations as well as their own expected and realized price growth. Initially, positive forecast errors emerge, but over time, the impact on price expectations proves to be more enduring than on actual price growth, leading to negative forecast errors in the medium- to long-run. Furthermore, our analysis reveals that firms’ responses to these carbon pricing shocks exhibit considerable heterogeneity. Low energy-intensive firms are worse at forecasting the effects of the shock on the evolution of their own prices and firms with narrower profit margins are less able to pass through the increase in energy costs to the prices of their final products. These findings align with models of information rigidities, shedding new light on how firms navigate and adapt to carbon pricing policies.</p></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"147 ","pages":"Article 103593"},"PeriodicalIF":4.3,"publicationDate":"2024-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0304393224000461/pdfft?md5=0c4c7fac096b3eb0cb795918b7ac1acf&pid=1-s2.0-S0304393224000461-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140835747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信