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Surprising Comparative Properties of Monetary Models: Results from a New Model Data Base
Monetary Models consumption investment
2015/8/3
In this paper we investigate the comparative properties of empirically-estimated monetary
models of the U.S. economy. We make use of a new database of models designed for such
investigations. We foc...
Monetary Policy Drivers of Bond and Equity Risks
Risk and Uncertainty Bonds Central Banking System Shocks Policy Macroeconomics
2015/4/28
The exposure of U.S. Treasury bonds to the stock market has moved considerably over time. While it was slightly positive on average in the period 1960–2011, it was unusually high in the 1980s and nega...
Since Milton Friedman's (1968) presidential address to the American Eco-nomic Association, one of the most enduring ideas in macroeconomics has LJ been that inflation will increase ...