Search Results - "ASCARI, GUIDO"

The Macroeconomics of Trend Inflation by Ascari, Guido, Sbordone, Argia M.

“…Most macroeconomic models for monetary policy analysis are approximated around a zero inflation steady state, but most central banks target an inflation rate…”
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Walk on the Wild Side: Temporarily Unstable Paths and Multiplicative Sunspots by Ascari, Guido, Bonomolo, Paolo, Lopes, Hedibert F.

“…We propose a generalization of the rational expectations framework to allow for temporarily unstable paths. Our approach introduces multiplicative sunspot…”
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Trend Inflation, Taylor Principle, and Indeterminacy by ASCARI, GUIDO, ROPELE, TIZIANO

“…Positive trend inflation shrinks the determinacy region of a basic New Keynesian dynamic stochastic general equilibrium model when monetary policy is conducted…”
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LIMITED ASSET MARKET PARTICIPATION, STICKY WAGES, AND MONETARY POLICY by Ascari, Guido, Colciago, Andrea, Rossi, Lorenza

“…A small amount of nominal wage stickiness makes limited asset market participation (LAMP) irrelevant for the design of monetary policy. Recent research argues…”
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Optimal monetary policy under low trend inflation by Ascari, Guido, Ropele, Tiziano

“…In the monetary policy literature it is common to assume that trend inflation is zero, despite overwhelming evidence that zero inflation is neither empirically…”
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Non-Linearities, State-Dependent Prices and the Transmission Mechanism of Monetary Policy by Ascari, Guido, Haber, Timo

“…Abstract A sticky price theory of the transmission mechanism of monetary policy shocks based on state-dependent pricing yields two testable implications that…”
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The international dimension of trend inflation by Ascari, Guido, Fosso, Luca

“…A trend-cycle BVAR decomposition investigates the role of different slow-moving trends – i.e., globalization, expectations, automation, labor demand and supply…”
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The unbearable lightness of equilibria in a low interest rate environment by Ascari, Guido, Mavroeidis, Sophocles

“…•Models with no solution are incoherent; with multiple solutions are incomplete.•Models with occasionally binding constraints are not generically…”
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(Dis)Solving the Zero Lower Bound Equilibrium through Income Policy by ASCARI, GUIDO, BONCHI, JACOPO

“…We investigate the possibility to reflate an economy experiencing a long‐lasting zero lower bound episode with subdued or negative inflation by imposing a…”
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Trend Inflation and Firms Price-Setting: Rotemberg Versus Calvo by Ascari, Guido, Rossi, Lorenza

“…We compare the Calvo and Rotemberg price-setting mechanisms in a New Keynesian model with trend inflation. We show that: the long-run relationship between…”
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Global supply chain pressures, inflation, and implications for monetary policy by Ascari, Guido, Bonam, Dennis, Smadu, Andra

“…How should policymakers respond to the recent surge in inflation? This paper examines the impact of global supply chain pressures on euro area inflation and…”
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The (Ir)Relevance of Rule‐of‐Thumb Consumers for U.S. Business Cycle Fluctuations by ALBONICO, ALICE, ASCARI, GUIDO, HAQUE, QAZI

“…We estimate a medium‐scale model with and without rule‐of‐thumb consumers over the pre‐Volcker and the Great Moderation periods, allowing for indeterminacy…”
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Business dynamism, sectoral reallocation and productivity in a pandemic by Ascari, Guido, Colciago, Andrea, Silvestrini, Riccardo

“…Asymmetric effects across sectors are the distinctive features of the Covid-19 shock. An Epidemiological-Industry Dynamic model with heterogeneous firms and…”
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Coherence without rationality at the zero lower bound by Ascari, Guido, Mavroeidis, Sophocles, McClung, Nigel

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Price level targeting under fiscal dominance by Ascari, Guido, Florio, Anna, Gobbi, Alessandro

“…•Under a Fiscally-led regime, following a deflationary demand shock, the central bank should increase the policy rate.•The central bank, thus, avoids the zero…”
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The public debt multiplier by Albonico, Alice, Ascari, Guido, Gobbi, Alessandro

“…We study the effects on economic activity of a pure temporary change in government debt and the relationship between the debt multiplier and the level of debt…”
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Endogenous uncertainty and the macroeconomic impact of shocks to inflation expectations by Ascari, Guido, Fasani, Stefano, Grazzini, Jakob, Rossi, Lorenza

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Fiscal foresight and the effects of government spending: It’s all in the monetary-fiscal mix by Ascari, Guido, Beck-Friis, Peder, Florio, Anna, Gobbi, Alessandro

“…•We study the effects of announcements of future changes in government spending.•Theoretically they depend on the monetary-fiscal policy mix.•They are…”
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CONTROLLING INFLATION WITH TIMID MONETARY–FISCAL REGIME CHANGES by Ascari, Guido, Florio, Anna, Gobbi, Alessandro

“…Can monetary policy control inflation when both monetary and fiscal policies change over time? When monetary policy is active, a long-run fiscal principle…”
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Empirical evidence on the Euler equation for consumption in the US by Ascari, Guido, Magnusson, Leandro M., Mavroeidis, Sophocles

“…•We estimate several extensions to the consumption Euler equation using weak-IV-robust methods.•With risk free rates, the elasticity of intertemporal…”
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