Essays on Macroeconomics and Monetary Policy- [electronic resource]
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Essays on Macroeconomics and Monetary Policy- [electronic resource]
상세정보
- 자료유형
- 학위논문파일 국외
- 최종처리일시
- 20240214100456
- ISBN
- 9798380382878
- DDC
- 658
- 저자명
- Weber, Jacob P.
- 서명/저자
- Essays on Macroeconomics and Monetary Policy - [electronic resource]
- 발행사항
- [S.l.]: : University of California, Berkeley., 2023
- 발행사항
- Ann Arbor : : ProQuest Dissertations & Theses,, 2023
- 형태사항
- 1 online resource(146 p.)
- 주기사항
- Source: Dissertations Abstracts International, Volume: 85-03, Section: A.
- 주기사항
- Advisor: Romer, Christina;Nakamura, Emi.
- 학위논문주기
- Thesis (Ph.D.)--University of California, Berkeley, 2023.
- 사용제한주기
- This item must not be sold to any third party vendors.
- 초록/해제
- 요약This dissertation improves our understanding of how the actions of the Federal Reserve and other central banks affect real activity in the economy. Chapters one and two show how secular change in the composition of investment spending in the United States has weakened the ability of conventional monetary policy tools (which alter the federal funds rate) to affect labor income and consumption. Specifically, Chapter one uses data on software developers collected from GitHub to show that firms are slow to adjust R&D activity and other so-called "intangible investment" in response to changes in interest rates because of congestion in onboarding the workers who produce it. Chapter two takes this result seriously as the explanation for the low observed responsiveness in the cross section for intangible investment as compared to tangible investment. Given the shift towards more and more intangible investment in the U.S. economy, this implies that investment spending overall is becoming less sensitive to changes in interest rates. Combined with two other secular changes documented in Chapter two-a rising import share in investment spending and a decline in the labor share of domestically produced investment-this implies that consumption and labor incomes for hand-to-mouth agents (and thus consumption and labor incomes overall) respond less to monetary policy shocks in general equilibrium. Finally, Chapter three uses novel historical data collected from the Bank of England to show that sterilized foreign exchange intervention (interventions in currency markets that hold policy rates fixed) can affect exchange rates.
- 일반주제명
- Finance.
- 키워드
- Intangibles
- 기타저자
- University of California, Berkeley Economics
- 기본자료저록
- Dissertations Abstracts International. 85-03A.
- 기본자료저록
- Dissertation Abstract International
- 전자적 위치 및 접속
- 로그인 후 원문을 볼 수 있습니다.
MARC
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■00520240214100456
■006m o d
■007cr#unu||||||||
■020 ▼a9798380382878
■035 ▼a(MiAaPQ)AAI30492462
■040 ▼aMiAaPQ▼cMiAaPQ
■0820 ▼a658
■1001 ▼aWeber, Jacob P.
■24510▼aEssays on Macroeconomics and Monetary Policy▼h[electronic resource]
■260 ▼a[S.l.]:▼bUniversity of California, Berkeley. ▼c2023
■260 1▼aAnn Arbor :▼bProQuest Dissertations & Theses, ▼c2023
■300 ▼a1 online resource(146 p.)
■500 ▼aSource: Dissertations Abstracts International, Volume: 85-03, Section: A.
■500 ▼aAdvisor: Romer, Christina;Nakamura, Emi.
■5021 ▼aThesis (Ph.D.)--University of California, Berkeley, 2023.
■506 ▼aThis item must not be sold to any third party vendors.
■520 ▼aThis dissertation improves our understanding of how the actions of the Federal Reserve and other central banks affect real activity in the economy. Chapters one and two show how secular change in the composition of investment spending in the United States has weakened the ability of conventional monetary policy tools (which alter the federal funds rate) to affect labor income and consumption. Specifically, Chapter one uses data on software developers collected from GitHub to show that firms are slow to adjust R&D activity and other so-called "intangible investment" in response to changes in interest rates because of congestion in onboarding the workers who produce it. Chapter two takes this result seriously as the explanation for the low observed responsiveness in the cross section for intangible investment as compared to tangible investment. Given the shift towards more and more intangible investment in the U.S. economy, this implies that investment spending overall is becoming less sensitive to changes in interest rates. Combined with two other secular changes documented in Chapter two-a rising import share in investment spending and a decline in the labor share of domestically produced investment-this implies that consumption and labor incomes for hand-to-mouth agents (and thus consumption and labor incomes overall) respond less to monetary policy shocks in general equilibrium. Finally, Chapter three uses novel historical data collected from the Bank of England to show that sterilized foreign exchange intervention (interventions in currency markets that hold policy rates fixed) can affect exchange rates.
■590 ▼aSchool code: 0028.
■650 4▼aFinance.
■653 ▼aIntangibles
■653 ▼aInvestment adjustment costs
■653 ▼aLabor adjustment costs
■653 ▼aMonetary transmission
■653 ▼aMonetary policy tools
■690 ▼a0511
■690 ▼a0510
■690 ▼a0508
■690 ▼a0770
■71020▼aUniversity of California, Berkeley▼bEconomics.
■7730 ▼tDissertations Abstracts International▼g85-03A.
■773 ▼tDissertation Abstract International
■790 ▼a0028
■791 ▼aPh.D.
■792 ▼a2023
■793 ▼aEnglish
■85640▼uhttp://www.riss.kr/pdu/ddodLink.do?id=T16932424▼nKERIS▼z이 자료의 원문은 한국교육학술정보원에서 제공합니다.
■980 ▼a202402▼f2024
