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Getting Back on Track: Macroeconomic Policy Lessons from the Financial Crisis
Macroeconomic Policy Financial Crisis
2015/8/3
This article reviews the role of monetary and fiscal policy in the financial crisis and draws lessons
for future macroeconomic policy. It shows that policy deviated from what had worked well in the
...
Comments on the ‘Global Effects of Fiscal Stimulus During the Crisis’ by Charles Freedman, Michael Kumhof, Douglas Laxton, Dick Muir, Susanna Mursula
Douglas Laxton Dick Muir
2015/8/3
The paper by Freedman, Kumhof, Laxton, Muir, and Mursula makes effective use of simulations of a very
large macroeconomic model to estimate the impact of discretionary fiscal policies, including the ...
An Empirical Analysis of the Revival of Fiscal Activism in the 2000s
Empirical Analysis Fiscal Activism
2015/8/3
An empirical review of the three fiscal stimulus packages of the 2000s shows that they
had little if any direct impact on consumption or government purchases. Households
largely saved the transfers ...
Congratulations to the National Bureau of Economic Research on the
twenty-fifth anniversary of the Macroeconomics Annual conference series,
and thanks to all the editors over the years—Stanley Fisch...
The Dual Nature of Forecast Targeting and Instrument Rules: A Comment on Michael Woodford’s ‘Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice
Policy Rules Practice
2015/8/3
Michael Woodford’s chapter is fi lled with fascinating ideas and insights,
each carefully explained. Most importantly, he proposes an ambitious
future research program with the specifi c practical p...
Looking back at actual U.S. macroeconomic policy during this period,
I see major swings in the balance between rules and discretion, first away
from discretion toward rules-based policies and then b...
In the aftermath of the global financial crisis and great recession, many countries face
substantial deficits and growing debts. In the United States, federal government outlays
as a ratio to GDP ro...
A key lesson is that FERC must regulate, rather than
simply monitor, wholesale electricity markets. Rather
than focusing its attention on monitoring market
performance, FERC should instead concentr...
Competition and RBOC Revenues and Infrastructure Investment: The Case of Arkansas, California, Texas, New York, and Illinois
Competition and RBOC Revenues Infrastructure Investment
2015/7/31
The results of infrastructure modernization comparisons and revenue comparisons are
consistent with the view that the historically pro-competition states delivered benefits to their
consumers in the...
Comment on Gabaix and Laibson, “The 6D bias and the equity premium puzzle”
premium puzzle Gabaix and Laibson
2015/7/23
An economy populated by a representative agent with power utility predicts
an equity premium which is far below the realized equity premium in postwar
data, at least for “reasonable parameters” for ...
Information contained in the term structure
for
business cycle measurement
spread between short & long Treasuries, corporate bond spreads.
Discussion of "The Cross Section and Time Series of Stock and Bond Returns" by Koijen, Lustig & Van Nieuwerburgh
Cross Section Stock and Bond Returns
2015/7/23
A¢ ne model in which:
ñ 3 priced factors explain the cross section of bond and stock returns:
level, CP, DP
ñ 2 factors explain the time variation in bond and stock returns:
CP, DP
Discussion of “The Bond Premium in a DSGE Model with Long-Run Real and Nominal Risks” by Glenn Rudebusch & Eric Swanson
DSGE Model Bond Premium
2015/7/23
contribution to monetary DSGE literature
⇒
Epstein Zin utility with high risk aversion (improves asset pricing)
can still match volatility of macro aggregates
same spirit as Tallarini (2000,...
Housing Assignment with Restrictions: Theory and Evidence from Stanford University’s Campus
Restrictions Theory and Evidence
2015/7/23
In our leading example, buyers affiliated
with Stanford University have exclusive access
to houses on campus.1
We begin by presenting
evidence on house prices on and right around
Stanford’s ...
Recent events have stimulated interest in
the joint behavior of prices and quantities in
credit markets. Data sources such as the Federal
Reserve Board’s Flow of Funds Accounts (FFA)
provide s...