Search Results - "Monacelli, Tommaso"

Understanding the Gains from Wage Flexibility: The Exchange Rate Connection by Galí, Jordi, Monacelli, Tommaso

“…We study the gains from increased wage flexibility using a small open economy model with staggered price and wage setting. Two results stand out: (i) the…”
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Monetary Policy and Exchange Rate Volatility in a Small Open Economy by Galí, Jordi, Monacelli, Tommaso

“…We lay out a small open economy version of the Calvo sticky price model, and show how the equilibrium dynamics can be reduced to a simple representation in…”
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Monetary Policy in a Low Pass-through Environment by Monacelli, Tommaso

“…In a dynamic New Keynesian optimizing model, we introduce incomplete exchange rate pass-through on import prices. Three results stand out. First, unlike…”
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Fiscal Policy, the Real Exchange Rate and Traded Goods by Monacelli, Tommaso, Perotti, Roberto

“…We estimate the effects of government spending shocks on the CPI real exchange rate, the trade balance and their co-movements with GDP and private consumption…”
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Optimal monetary and fiscal policy in a currency union by Galí, Jordi, Monacelli, Tommaso

“…We lay out a tractable model for the analysis of optimal monetary and fiscal policy in a currency union. The monetary authority sets a common interest rate for…”
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Into the Mussa puzzle: monetary policy regimes and the real exchange rate in a small open economy by Monacelli, Tommaso

“…Industrial countries moving from fixed to floating exchange rate regimes experience dramatic rises in the variability of the real exchange rate. This evidence,…”
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New Keynesian models, durable goods, and collateral constraints by Monacelli, Tommaso

“…Econometric evidence suggests that, in response to monetary policy shocks, durable and non-durable spending co-move positively, and durable spending exhibits a…”
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The inherent benefit of monetary unions by Groll, Dominik, Monacelli, Tommaso

“…•Flexible exchange rates are usually perceived as desirable shock absorbers.•If the monetary authority lacks commitment, a monetary union can dominate flexible…”
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HOUSING FINANCE AND MONETARY POLICY by Calza, Alessandro, Monacelli, Tommaso, Stracca, Livio

“…We document three facts concerning how the structure of housing finance affects the monetary transmission mechanism: first, the characteristics of residential…”
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Is Monetary Policy in an Open Economy Fundamentally Different? by MONACELLI, TOMMASO

“…Openness requires optimal monetary policy to deviate from the canonical closed economy principle of domestic price stability, even if domestic prices are the…”
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Financial markets and unemployment by Monacelli, Tommaso, Quadrini, Vincenzo, Trigari, Antonella

“…We study the importance of financial markets for (un)employment fluctuations in a model with matching frictions where firms borrow under limited enforcement…”
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Real interest rates and productivity in small open economies by Monacelli, Tommaso, Sala, Luca, Siena, Daniele

“…We construct factor utilization-adjusted measures of aggregate TFP for a sample of advanced (AEs) and emerging market small open economies (EMEs). We estimate…”
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The Greek debt restructuring: an autopsy by Zettelmeyer, Jeromin, Trebesch, Christoph, Gulati, Mitu, Monacelli, Tommaso, Whelan, Karl

“…The Greek debt restructuring of 2012 stands out in the history of sovereign defaults. It achieved very large debt relief – over 50% of 2012 GDP – with minimal…”
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Stabilization vs. Redistribution: The optimal monetary–fiscal mix by Bilbiie, Florin O., Monacelli, Tommaso, Perotti, Roberto

“…Stabilization and redistribution are intertwined in a model with heterogeneity, imperfect insurance, and nominal rigidity—making fiscal and monetary policy…”
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Optimal Monetary Policy in a Small Open Economy with Home Bias by FAIA, ESTER, MONACELLI, TOMMASO

“…We analyze optimal monetary policy in a small open economy characterized by home bias in consumption. Peculiar to our framework is the application of a…”
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Fiscal Policy in Europe: Controversies over Rules, Mutual Insurance, and Centralization by Bilbiie, Florin, Monacelli, Tommaso, Perotti, Roberto

“…We discuss the main fiscal policy issues in Europe, focusing on two that are at the core of the current debate. The first is that the government deficit and…”
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The International Dimension of Inflation: Evidence from Disaggregated Consumer Price Data by MONACELLI, TOMMASO, SALA, LUCA

“…We estimate the contribution of international common factors to the dynamics of price inflation rates of a cross-section of 948 CPI products in four OECD…”
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Optimal interest rate rules, asset prices, and credit frictions by Faia, Ester, Monacelli, Tommaso

“…We study optimal Taylor-type interest rate rules in an economy with credit market imperfections. Our analysis builds on the agency cost framework of Carlstrom…”
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OPENNESS AND THE SECTORAL EFFECTS OF FISCAL POLICY by Monacelli, Tommaso, Perotti, Roberto

“…Based on structural VAR evidence for the U. S., we document that a rise in government spending generates three facts: (1) an appreciation of the terms of…”
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Public Debt and Redistribution with Borrowing Constraints by Bilbiie, Florin O., Monacelli, Tommaso, Perotti, Roberto

“…We build a model with financial imperfections and heterogeneous agents and analyse the effects of two types of fiscal policy: revenue-neutral, intratemporal…”
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