Search Results

Showing results 1 to 4 of approximately 4.

(refine search)
Author:Walker, Todd B. 

Working Paper
Inflation Measured Every Day Keeps Adverse Responses Away: Temporal Aggregation and Monetary Policy Transmission

Using daily inflation data from the Billion Prices Project [Cavallo and Rigobon (2016)], we show how temporal aggregation biases estimates of monetary policy transmission. We argue that the information mismatch between private agents and the econometrician —the source of temporal aggregation bias —is equally important as the more studied mismatch between private agents and the central bank (the “Fed information effect”). We find that the adverse response of daily inflation to high-frequency monetary policy shocks is short-lived, if present at all, in impulse responses from both local ...
Finance and Economics Discussion Series , Paper 2022-054

Conference Paper
On the sources of the Great Moderation - discussion

Proceedings , Issue Nov

Working Paper
\"Unfunded liabilities\" and uncertain fiscal financing

A rational expectations framework is developed to study the consequences of alternative means to resolve the "unfunded liabilities" problem--unsustainable exponential growth in federal Social Security, Medicare, and Medicaid spending with no plan to finance it. Resolution requires specifying a probability distribution for how and when monetary and fiscal policies will change as the economy evolves through the 21st century. Beliefs based on that distribution determine the existence of and the nature of equilibrium. We consider policies that in expectation combine reaching a fiscal limit, ...
Research Working Paper , Paper RWP 10-09

Working Paper
Monetary Policy Shocks: Data or Methods?

Different series of high-frequency monetary shocks can have a correlation coefficient as low as 0.5 and the same sign in only two-thirds of observations. Both data and methods drive these differences, which are starkest when the federal funds rate is at its effective lower bound. Methods that exploit the differential responsiveness of short- and long-term asset prices can incorporate additional information. After documenting differences in monetary shocks, we explore their consequence for inference. We find that empirical estimates of monetary policy transmission from local projections and ...
Finance and Economics Discussion Series , Paper 2024-011


FILTER BY Content Type


Jacobson, Margaret M. 2 items

Matthes, Christian 2 items

Brennan, Connor M. 1 items

Davig, Troy A. 1 items

Leeper, Eric M. 1 items

show more (1)

FILTER BY Jel Classification

E31 2 items

E52 2 items

E00 1 items

E32 1 items

E58 1 items