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Displaying results 1 to 5 of 5.

  1. Macro uncertainty and unemployment risk
    Author: Oh, Joonseok; Rogantini Picco, Anna
    Published: October 2020
    Publisher:  Sveriges Riksbank, Stockholm

    This paper shows how uninsurable unemployment risk is crucial to qualitatively and quantitatively match macro responses to uncertainty shocks. Empirically, uncertainty shocks i) generate deflationary pressure; ii) have considerably negative... more

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 204
    Inter-library loan:
    No inter-library loan

     

    This paper shows how uninsurable unemployment risk is crucial to qualitatively and quantitatively match macro responses to uncertainty shocks. Empirically, uncertainty shocks i) generate deflationary pressure; ii) have considerably negative consequences on economic activity; iii) produce a drop in aggregate consumption, which is mainly driven by the response of the households in the bottom 60% of the income distribution. Standard representative-agent New Keynesian models have difficulty to deliver these effects. A heterogeneous-agent framework with search and matching frictions and Calvo pricing allows us to jointly attain these results. Uncertainty shocks induce households' precautionary saving and firms' precautionary pricing behaviors, triggering a fall in aggregate demand and supply. These precautionary behaviors increase the unemployment risk of the imperfectly insured households, who strengthen precautionary saving. When the feedback loop between unemployment risk and precautionary saving is strong enough, a rise in uncertainty leads to i) a drop in inflation; ii) amplified negative responses of macro variables; iii) heterogeneous consumption responses of households, which are consistent with the empirical evidence.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/232598
    Series: Sveriges Riksbank working paper series ; 395
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  2. Unemployment risk, liquidity traps and monetary policy
    Author: Bonciani, Dario; Oh, Joonseok
    Published: May 2021
    Publisher:  Bank of England, London

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    Verlag (lizenzpflichtig)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 443
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    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 920
    Subjects: Unemployment risk; Liquidity trap; Zero lower bound; Monetary policy
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  3. Optimal monetary policy mix at the zero lower bound
    Author: Bonciani, Dario; Oh, Joonseok
    Published: October 2021
    Publisher:  Bank of England, London

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    Verlag (lizenzpflichtig)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 443
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 945
    Subjects: Optimal monetary policy; unconventional monetary policy; quantitative easing; forward guidance
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  4. Monetary policy inertia and the paradox of flexibility
    Author: Bonciani, Dario; Oh, Joonseok
    Published: November 2020
    Publisher:  Bank of England, London

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    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 443
    Inter-library loan:
    No inter-library loan
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 888
    Subjects: Interest rate smoothing; liquidity trap; zero lower bound; paradox of flexibility
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  5. Revisiting the New Keynesian policy paradoxes under QE
    Author: Bonciani, Dario; Oh, Joonseok
    Published: February 2021
    Publisher:  Bank of England, London

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    Verlag (lizenzpflichtig)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 443
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 908
    Subjects: Policy paradoxes; unconventional monetary policy; quantitative easing; liquidity trap; effective lower bound
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen