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Essays in Monetary Policy
Essays in Monetary Policy
상세정보
- 자료유형
- 학위논문 서양
- 최종처리일시
- 20250211151149
- ISBN
- 9798382726724
- DDC
- 332.41
- 서명/저자
- Essays in Monetary Policy
- 발행사항
- [Sl] : University of Notre Dame, 2024
- 발행사항
- Ann Arbor : ProQuest Dissertations & Theses, 2024
- 형태사항
- 105 p
- 주기사항
- Source: Dissertations Abstracts International, Volume: 85-12, Section: A.
- 주기사항
- Advisor: Campbell, Jeffrey;Sims, Eric.
- 학위논문주기
- Thesis (Ph.D.)--University of Notre Dame, 2024.
- 초록/해제
- 요약This dissertation examines the complex interplay between monetary policy and economic dynamics across three pivotal essays, each focusing on distinct aspects of monetary policy's influence on labor markets, inflationary expectations, and the production sector's extensive margin.The first chapter analyzes the varied effects of unexpected expansionary monetary policy shocks on high- and low-skilled workers using a New Keynesian DSGE model with asymmetric search and matching frictions. The findings show that unemployment rates for low-skilled workers are more sensitive to these shocks, while high-skilled workers recover faster. This underscores the importance of considering labor skill heterogeneity in devising optimal monetary policies, particularly regarding their effects on consumption, unemployment, and wage dynamics across skill levels.The second chapter assesses the impact of the Federal Reserve's August 2020 policy framework revision on inflation, employing a representative agent New Keynesian model. Simulations of inflationary shocks under different policy rules indicate that a rule combining asymmetric output growth responses and average inflation targeting initially raises inflation more than the standard Taylor rule but stabilizes it more effectively in the medium term.The third chapter explores how monetary policy influences the extensive margin of the production sector, specifically how changes in borrowing costs affect firm entry by productivity levels. Using a New Keynesian model that includes Hopenhayn's entry and exit framework, the study finds that while monetary policy reduces borrowing costs and modifies the equity-bond trade-off to facilitate firm entry, it may also inadvertently attract less efficient firms, thereby potentially neutralizing initial output gains.These chapters collectively contribute to the understanding of the diverse effects of monetary policy on the economy, emphasizing the crucial roles of labor market frictions, inflation targeting, and borrowing costs. This analysis not only advances the existing literature but also provides important insights for policymakers striving to balance economic stability and growth.
- 키워드
- Heterogeneity
- 키워드
- Monetary policy
- 키워드
- Unemployment
- 기타저자
- University of Notre Dame Economics
- 기본자료저록
- Dissertations Abstracts International. 85-12A.
- 전자적 위치 및 접속
- 로그인 후 원문을 볼 수 있습니다.
MARC
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■00520250211151149
■006m o d
■007cr#unu||||||||
■020 ▼a9798382726724
■035 ▼a(MiAaPQ)AAI31235344
■040 ▼aMiAaPQ▼cMiAaPQ
■0820 ▼a332.41
■1001 ▼aShalikashvili, Irakli.
■24510▼aEssays in Monetary Policy
■260 ▼a[Sl]▼bUniversity of Notre Dame▼c2024
■260 1▼aAnn Arbor▼bProQuest Dissertations & Theses▼c2024
■300 ▼a105 p
■500 ▼aSource: Dissertations Abstracts International, Volume: 85-12, Section: A.
■500 ▼aAdvisor: Campbell, Jeffrey;Sims, Eric.
■5021 ▼aThesis (Ph.D.)--University of Notre Dame, 2024.
■520 ▼aThis dissertation examines the complex interplay between monetary policy and economic dynamics across three pivotal essays, each focusing on distinct aspects of monetary policy's influence on labor markets, inflationary expectations, and the production sector's extensive margin.The first chapter analyzes the varied effects of unexpected expansionary monetary policy shocks on high- and low-skilled workers using a New Keynesian DSGE model with asymmetric search and matching frictions. The findings show that unemployment rates for low-skilled workers are more sensitive to these shocks, while high-skilled workers recover faster. This underscores the importance of considering labor skill heterogeneity in devising optimal monetary policies, particularly regarding their effects on consumption, unemployment, and wage dynamics across skill levels.The second chapter assesses the impact of the Federal Reserve's August 2020 policy framework revision on inflation, employing a representative agent New Keynesian model. Simulations of inflationary shocks under different policy rules indicate that a rule combining asymmetric output growth responses and average inflation targeting initially raises inflation more than the standard Taylor rule but stabilizes it more effectively in the medium term.The third chapter explores how monetary policy influences the extensive margin of the production sector, specifically how changes in borrowing costs affect firm entry by productivity levels. Using a New Keynesian model that includes Hopenhayn's entry and exit framework, the study finds that while monetary policy reduces borrowing costs and modifies the equity-bond trade-off to facilitate firm entry, it may also inadvertently attract less efficient firms, thereby potentially neutralizing initial output gains.These chapters collectively contribute to the understanding of the diverse effects of monetary policy on the economy, emphasizing the crucial roles of labor market frictions, inflation targeting, and borrowing costs. This analysis not only advances the existing literature but also provides important insights for policymakers striving to balance economic stability and growth.
■590 ▼aSchool code: 0165.
■653 ▼aHeterogeneity
■653 ▼aInflation targeting
■653 ▼aMonetary policy
■653 ▼aSearch and matching
■653 ▼aSize dependent interest rate
■653 ▼aUnemployment
■690 ▼a0501
■690 ▼a0510
■690 ▼a0511
■71020▼aUniversity of Notre Dame▼bEconomics.
■7730 ▼tDissertations Abstracts International▼g85-12A.
■790 ▼a0165
■791 ▼aPh.D.
■792 ▼a2024
■793 ▼aEnglish
■85640▼uhttp://www.riss.kr/pdu/ddodLink.do?id=T17161013▼nKERIS▼z이 자료의 원문은 한국교육학술정보원에서 제공합니다.
