Tag Archives: Yuriy Gorodnichenko

Are Sticky Prices Costly? Evidence From The Stock Market

A new paper from Yuriy Gorodnichenco and Michael Weber: ABSTRACT: We propose a simple framework to assess the costs of nominal price adjustment using stock market returns. We document that, after monetary policy announcements, the conditional volatility rises more for … Continue reading

Posted in Uncategorized | Tagged , , , , | Leave a comment

An argument for studying macroeconomics

Rather than answering million or billion dollar questions like microeconomists, macroeconomists try to answer trillion dollar questions. E.G. Why is actual output below potential output & when (or will) it come back to trend? From Yuriy Gorodnichenko (both the idea … Continue reading

Posted in Uncategorized | Tagged , , , | 1 Comment

Innocent Bystanders? Monetary Policy and Inequality in the U.S.

Here’s a paper from some of my favorite macroeconomists on the link between  inequality and monetary policy. ABSTRACT: We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary … Continue reading

Posted in Uncategorized | Tagged , , , , , , | 1 Comment

Output Spillovers from Fiscal Policy

From Alan Auerbach and Yuriy Gorodnichenko:  It’s tough out there for policymakers seeking to stabilize economies, and shocks from abroad aren’t helping. This column argues that for countries hit by recession, fiscal stimulus in another country might significantly stimulate demand … Continue reading

Posted in Uncategorized | Tagged , , , , , , | Leave a comment

Optimal Inflation Rates – the Costs & Benefits of Inflation

I’m giving a lecture today on inflation to prep Econ 191 students for Yuriy Gorodnichenko‘s paper (ungated) on Optimal Inflation Rates next week. I compiled a list of some costs and benefits of inflation from a few sources: an old Larry … Continue reading

Posted in Uncategorized | Tagged , , , , , , , , , , | 1 Comment