Why does the Fed move markets so much? A model of monetary policy and time-varying risk aversion

Time-Varying Monetary Policy Reaction Function: The Case of Iran

time-varying monetary policy reaction function: the case of iran

Uncertainty and fiscal policy in a monetary union: Why does monetary policy transmission matter? ¬リニ

a r t i c l e i n f o In this paper, we develop a monetary-fiscal game in a monetary union with uncertainty due to imperfect transparency about the central bank's preferences. The objective is to investigate the macroeconomic effects of this uncertainty by explicitly taking into account the role of the monetary policy transmission mechanism. We first consider the case of symmetric monetary tran...

Why so much stability ?

Niemi (1969), in an important but neglected paper, found that when orderings were drawn from a simulation based on the impartial culture, the greater the proportion of voter orderings that were single-peaked (a condition he called partial single-peakedness), the more likely was there to be a transitive group ordering. Niemi also found that the likelihood of transitivity increased with n, group ...

Time-varying risk aversion and unexpected inflation

We formulate a consumption-based asset pricing model in which aggregate risk aversion is time-varying in response to both news about consumption growth (as in a habit formation model) and news about inflation. We estimate our model and explore its pricing implications for the term structure of interest rates and the cross-section of stock returns. Our empirical results support the hypothesis th...