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198
result(s)
Firm Inattention and the Efficacy of Monetary Policy: A Text-Based Approach
Staff Working Paper 2022-3
Wenting Song,
Samuel Stern
How much attention do firms pay to macroeconomic news? Through a novel text-based measure, two facts emerge. First, attention is polarized. Most firms either never or always pay attention to economic conditions. Second, it is countercyclical. During recessions, more firms pay attention, and firms pay greater attention to macroeconomic news.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Business fluctuations and cycles,
Inflation and prices,
Monetary policy
JEL Code(s):
D,
D8,
D83,
E,
E4,
E44,
E5,
E52
What Can Stockouts Tell Us About Inflation? Evidence from Online Micro Data
Staff Working Paper 2021-52
Alberto Cavallo,
Oleksiy Kryvtsov
Did supply disruptions and cost pressures play a role in rising inflation in 2020 during the COVID-19 pandemic? Using data collected from websites of large retailers in multiple sectors and countries, we show that shortages may indicate transitory inflationary pressures.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Coronavirus disease (COVID-19),
Inflation and prices
JEL Code(s):
D,
D2,
D22,
E,
E3,
E31,
E37
More Money for Some: The Redistributive Effects of Open Market Operations
Staff Working Paper 2021-46
Christian Bustamante
I use a search-theoretic model of money to study how open market operations affect the conduct of monetary policy and what this means for households along the wealth distribution. In the model, households vary in the size and composition of their portfolios, which in turn implies that they may be unevenly affected by open market operations.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices,
Monetary policy,
Monetary policy implementation,
Monetary policy transmission
JEL Code(s):
E,
E2,
E21,
E3,
E32,
E5,
E52
Monetary Policy, Trends in Real Interest Rates and Depressed Demand
Staff Working Paper 2021-27
Paul Beaudry,
Césaire Meh
Over the last few decades, real interest rates have trended downward. The most common explanation is that this reflects depressed demand due to demographic, technological and other real factors. We explore the claim that these trends may have been amplified by certain features of monetary policy.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Debt management,
Economic models,
Fiscal policy,
Inflation and prices,
Interest rates,
Monetary policy
JEL Code(s):
E,
E2,
E4,
E43,
E44,
E5,
E52,
E6,
E62,
E63,
H,
H3,
H6,
H63
Adoption of Digital Technologies: Insights from a Global Survey Initiative
Staff Discussion Paper 2021-7
James Fudurich,
Lena Suchanek,
Lise Pichette
Firms are at the forefront of adopting new technology. Using survey data from a global network of central banks, we assess the effects of digitalization on firms’ pricing and employment decisions.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Firm dynamics,
Inflation and prices,
Labour markets
JEL Code(s):
D,
D2,
D22,
E,
E3,
E31,
J,
J2,
J21,
O,
O3,
O33
How Long is Forever in the Laboratory? Three Implementations of an Infinite-Horizon Monetary Economy
Staff Working Paper 2021-16
Janet Hua Jiang,
Daniela Puzzello,
Cathy Zhang
Standard monetary models adopt an infinite horizon with discounting. Testing these models in the lab requires implementing this horizon within a limited time frame. We compare three approaches to such an implementation and discuss their relative advantages.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Central bank research,
Economic models,
Inflation and prices
JEL Code(s):
C,
C9,
C92,
D,
D8,
D83,
E,
E4,
E40
The Determinants of Consumers’ Inflation Expectations: Evidence from the US and Canada
Staff Working Paper 2020-52
Charles Bellemare,
Rolande Kpekou Tossou,
Kevin Moran
We compare the determinants of consumer inflation expectations in the US and Canada by analyzing two current surveys. We find that Canadian consumers rely more on professional forecasts and the history of actual inflation when forming their expectations, while US consumers rely more on their own lagged expectations.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Central bank research,
Econometric and statistical methods,
Inflation and prices,
Inflation targets
JEL Code(s):
C,
C3,
C33,
D,
D8,
D83,
D84,
E,
E3,
E31
Has the Inflation Process Changed? Selective Review of Recent Research on Inflation Dynamics
Staff Discussion Paper 2020-11
Oleksiy Kryvtsov,
James (Jim) C. MacGee
From 2011 to 2019, inflation in Canada and advanced economies usually registered below inflation targets, spurring the debate on whether the inflation process has changed. This paper highlights emerging questions that will influence the conduct of monetary policy in Canada in the near term.
Content Type(s):
Staff research,
Staff discussion papers
Topic(s):
Central bank research,
Inflation and prices,
Monetary policy
JEL Code(s):
E,
E3,
E31,
E5,
E52
Short-Run Dynamics in a Search-Theoretic Model of Monetary Exchange
Staff Working Paper 2020-48
Jonathan Chiu,
Miguel Molico
We study the short-run effects of monetary policy using a search-theoretic monetary model in which agents are subject to idiosyncratic shocks and aggregate monetary shocks.
Content Type(s):
Staff research,
Staff working papers
Topic(s):
Inflation and prices,
Monetary policy,
Monetary policy transmission
JEL Code(s):
E,
E4,
E40,
E5,
E50