Search Results - "Surico, Paolo"

Monetary Policy when Households have Debt: New Evidence on the Transmission Mechanism by CLOYNE, JAMES, FERREIRA, CLODOMIRO, SURICO, PAOLO

“…Using household survey data for the U.S. and the U.K., we show that the aggregate response of consumption to interest rate changes is driven by households with…”
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Monetary Policy, Inflation Expectations and The Price Puzzle by Castelnuovo, Efrem, Surico, Paolo

“…This article re‐examines the VAR evidence on the price puzzle and proposes a new theoretical interpretation. Using actual data and two identification…”
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VAR Analysis and the Great Moderation by Benati, Luca, Surico, Paolo

“…Most analyses of the US Great Moderation are based on structural VARs, and point toward good luck as the main explanation for the recent macroeconomic…”
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The Monetary Policy of the European Central Bank by Surico, Paolo

“…The first six years of ECB monetary policy are examined using a general framework that allows central bankers to weight differently positive and negative…”
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International comovements, business cycle and inflation: A historical perspective by Mumtaz, Haroon, Simonelli, Saverio, Surico, Paolo

“…Using a dynamic factor model, we uncover four main empirical regularities on international comovements in a long-run panel of real and nominal variables…”
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EVOLVING U.S. MONETARY POLICY AND THE DECLINE OF INFLATION PREDICTABILITY by Benati, Luca, Surico, Paolo

“…Based on a structural VAR with time- varying parameters and stochastic volatility for the post-WWII U. S., we document a negative correlation between the…”
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The great moderation of the term structure of UK interest rates by Bianchi, Francesco, Mumtaz, Haroon, Surico, Paolo

“…The conduct of monetary policy, the term structure of interest rates and the structure of the economy in the UK have changed over the post-WWII period. We…”
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Consumption, Income Changes, and Heterogeneity: Evidence from Two Fiscal Stimulus Programs by Misra, Kanishka, Surico, Paolo

“…Almost half of American families did not adjust their consumption following receipt of the 2001 or 2008 tax rebates. Another 20 percent, with low income and…”
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Policy uncertainty and aggregate fluctuations by Mumtaz, Haroon, Surico, Paolo

“…This paper estimates the impact on the US economy of four types of uncertainty about (i) government spending, (ii) tax changes, (iii) public debt, and (iv)…”
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Consumer Spending and Property Taxes by Surico, Paolo, Trezzi, Riccardo

“…Abstract A sudden and temporary change to the Italian property tax system in 2011 generated significant variation in the amount of taxes paid across…”
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Monetary Policy, Corporate Finance, and Investment by Cloyne, James, Ferreira, Clodomiro, Froemel, Maren, Surico, Paolo

“…Abstract In response to a change in interest rates, younger firms not paying dividends adjust both their capital expenditure and borrowing significantly more…”
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THE TRANSMISSION MECHANISM IN GOOD AND BAD TIMES by Mumtaz, Haroon, Surico, Paolo

“…Does the transmission of economic policies and structural shocks vary with the state of the economy? We answer this question using a strategy based on quantile…”
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The consumption response to positive and negative income shocks by Bunn, Philip, Le Roux, Jeanne, Reinold, Kate, Surico, Paolo

“…•We take a new survey approach to estimating MPCs out of temporary income shocks.•We find that MPCs from negative income shocks are larger than for positive…”
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The Transmission of International Shocks: A Factor-Augmented VAR Approach by MUMTAZ, HAROON, SURICO, PAOLO

“…The empirical literature on the transmission of international shocks is based on small-scale VARs. In this paper, we use a large panel of data for 17…”
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Regional Transfer Multipliers by CORBI, RAPHAEL, PAPAIOANNOU, ELIAS, SURICO, PAOLO

“…A series of discontinuities in the allocation mechanism of federal transfers to municipal governments in Brazil allow us to identify the causal effect of…”
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Household Debt and the Dynamic Effects of Income Tax Changes by CLOYNE, JAMES S., SURICO, PAOLO

“…Using a new narrative measure of fiscal policy shocks for the U.K., we show that households with mortgage debt exhibit large and significant consumption…”
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The Fed's monetary policy rule and U.S. inflation: The case of asymmetric preferences by Surico, Paolo

“…This paper investigates the empirical relevance of a new framework for monetary policy analysis in which the decision makers are allowed, but not required, to…”
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Employment and the residential collateral channel of monetary policy by Bahaj, Saleem, Foulis, Angus, Pinter, Gabor, Surico, Paolo

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International fiscal spillovers by Faccini, Renato, Mumtaz, Haroon, Surico, Paolo

“…A two-country business cycle model featuring nominal rigidities, countercyclical mark-ups, rule of thumb consumers and government spending reversals is used to…”
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The incidence of transaction taxes: Evidence from a stamp duty holiday by Besley, Timothy, Meads, Neil, Surico, Paolo

“…This paper exploits the 2008–09 stamp duty holiday in the United Kingdom to estimate the incidence of a transaction tax on housing. The average reduction in…”
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