In this paper, we re-examine the empirical relevance of the cost channel of monetary policy. We employ recently developed moment-conditions inference procedures, which provide a more e¢ cient and reliable econometric framework than in previous literature. Using US data, our results suggest that there is no substantial evidence for the existence of a cost channel. Keywords: Cost channel; Phillip...

By Timothy Michael Sullivan, M.S. Washington State University August 2004 Chair: David F. Bahr The transverse piezoelectric properties of thin piezoelectric films were measured using the rectangular membrane method (RMM) developed at Washington State University. This method was compared with other methods from literature performed at WSU. The measured properties were used to evaluate piezoelect...

Background. In this paper we describe the application of the ASTM committee E31 standard guidelines for implementing a model for a computerized patient record [1]. Sao Paulo University Hospital is updating its clinical information systems and we intend to use international standards to facilitate the implementation and the integration of the new system [2]. This university hospital has six inst...

We develop a random-matching model to study the price dynamics of monies produced privately according time-consuming mining technology. For our leading example, there exists unique equilibrium where value money increases over time and reaches steady state. There is also continuum perfect-foresight equilibria inflates bursts gradually time. Initially, held for speculative motive, but it acquires...

Is credit expansion a sign of desirable financial deepening or the prelude to an inevitable bust? We study this question in modern US data using structural VAR model 10 monthly frequency variables, identified by heteroskedasticity. Negative reduced-form responses output growth are caused endogenous monetary policy response shocks. On average, and remain positively associated. “Financial stress”...

We develop a theory of low-frequency movements in inflation expectations, and use it to interpret joint dynamics expectations for the United States other countries over postwar period. In our theory, long-run are endogenous. They driven by short-run surprises, way that depends on recent forecasting performance monetary policy. This distinguishes from common explanations properties inflation. Th...

We study optimal monetary policy in an analytically tractable heterogeneous agent New Keynesian model with rich cross-sectional heterogeneity. Optimal differs from a representative benchmark because can affect consumption inequality, by stabilizing risk arising both idiosyncratic shocks and unequal exposures to aggregate shocks. The trade-off between productive efficiency, price stability is su...

We examine the dynamic effects of TFP news shocks in context frictions financial markets. document two new facts. First, a shock to future generates significant decline credit spread indicators along with robust improvement supply indicators. Second, we establish tight link between and that explain majority un-forecastable movements A DSGE model enriched sector Gertler-Kiyotaki-Karadi type very...

We dissect the impact of a large and sudden exchange rate appreciation on Swiss border import prices, retail consumer expenditures domestic imported nondurable goods, following removal EUR/CHF floor in January 2015. Cross-sectional variation price changes by currency invoicing carries over to prices allocations, impacting imports competing as well expenditures. provide measures sensitivity shar...

We develop a multisector sticky-price DSGE model that can endogenously deliver differential responses of prices to aggregate and sectoral shocks. Input-output production linkages (standard) monetary policy rule contribute slow response In turn, labor market segmentation at the level induces within-sector strategic substitutability in price-setting decisions, which helps fast sector-specific est...