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Essays in Macroeconomics and Monetar...

Semerikov, Vladislav,

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Essays in Macroeconomics and Monetary Policy /

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in Macroeconomics and Monetary Policy // Vladislav Semerikov.
作者:	Semerikov, Vladislav,
面頁冊數:	1 electronic resource (250 pages)
附註:	Source: Dissertations Abstracts International, Volume: 86-05, Section: B.
Contained By:	Dissertations Abstracts International86-05B.
標題:	Households. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=31631218
ISBN:	9798346376163

Essays in Macroeconomics and Monetary Policy /
Semerikov, Vladislav,

Essays in Macroeconomics and Monetary Policy /Vladislav Semerikov. - 1 electronic resource (250 pages)

Source: Dissertations Abstracts International, Volume: 86-05, Section: B.

This dissertation is primarily inspired by the legacy of the two most significant economic disruptions of the past decades: the Global Financial Crisis of 2007-2009 and the COVID-19 pandemic. It is comprised of five chapters. The initial chapters draw from the lasting impact of the Global Financial Crisis (GFC), examining financial leverage and monetary policy's role in economic recovery. The latter chapters shift focus to the economic disruptions caused by the COVID-19 pandemic, particularly the surge in inflation and the challenges posed by disrupted supply chains.Chapter 1 investigates the role of financial intermediaries in the economy. It emphasizes the connection between fluctuations in financial leverage and economic activity. The chapter analyzes the distribution of leverage across banks over time, highlighting that the right tail of the leverage distribution is the most volatile and significantly influenced by macroeconomic shocks. A dynamic general equilibrium model featuring heterogeneous banks is developed to rationalize these findings.Chapter 2 explores the slow recovery of the U.S. economy post-GFC and the subsequent productivity slowdown. The chapter develops a model incorporating learning-by-doing (LbD) into business cycle analysis, allowing for the interaction between labor hours and productivity. This model challenges the traditional assumption of exogenous productivity and explores the implications for monetary policy.Building on findings from previous chapters, Chapter 3 examines the long-run effects of monetary policy on economic growth. The chapter develops a model where technological knowledge formation is endogenous, allowing for the study of monetary policy hysteresis. It shows that interest rate hikes can have significant long-term output and welfare costs, emphasizing the need for central banks to prioritize output growth stabilization alongside inflation control.Chapter 4 analyzes the Federal Reserve's monetary policy response to the COVID-19 pandemic, focusing on the Taylor Rule's prescriptions during this period. Together with Chapter 5, this part of my dissertation highlights the impact of the delayed interest rate hikes on inflation and economic stability. It examines various versions of the Taylor Rule and their implications for the path of the federal funds rate, demonstrating that a stricter adherence to these rules could have resulted in a faster return to target inflation without significant real losses. The chapter calls for a more consistent application of monetary policy rules to avoid future inflationary pressures.Chapter 5 investigates the inflation surge in the U.S. following the COVID-19 pandemic, focusing on the role of global supply chain disruptions. It quantifies the contribution of supply chain shocks to the key macroeconomic outcomes. The findings suggest that these shocks significantly contributed to the inflationary pressures in the early stages of the post-pandemic recovery. The chapter also develops a two-sector New Keynesian DSGE model to analyze the impact of supply chain disruptions and delivery time shocks on the economy, providing insights into the optimal monetary policy response in the face of such disruptions.

English

ISBN: 9798346376163Subjects--Topical Terms:

579926
Households.

Essays in Macroeconomics and Monetary Policy /
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520 $a This dissertation is primarily inspired by the legacy of the two most significant economic disruptions of the past decades: the Global Financial Crisis of 2007-2009 and the COVID-19 pandemic. It is comprised of five chapters. The initial chapters draw from the lasting impact of the Global Financial Crisis (GFC), examining financial leverage and monetary policy's role in economic recovery. The latter chapters shift focus to the economic disruptions caused by the COVID-19 pandemic, particularly the surge in inflation and the challenges posed by disrupted supply chains.Chapter 1 investigates the role of financial intermediaries in the economy. It emphasizes the connection between fluctuations in financial leverage and economic activity. The chapter analyzes the distribution of leverage across banks over time, highlighting that the right tail of the leverage distribution is the most volatile and significantly influenced by macroeconomic shocks. A dynamic general equilibrium model featuring heterogeneous banks is developed to rationalize these findings.Chapter 2 explores the slow recovery of the U.S. economy post-GFC and the subsequent productivity slowdown. The chapter develops a model incorporating learning-by-doing (LbD) into business cycle analysis, allowing for the interaction between labor hours and productivity. This model challenges the traditional assumption of exogenous productivity and explores the implications for monetary policy.Building on findings from previous chapters, Chapter 3 examines the long-run effects of monetary policy on economic growth. The chapter develops a model where technological knowledge formation is endogenous, allowing for the study of monetary policy hysteresis. It shows that interest rate hikes can have significant long-term output and welfare costs, emphasizing the need for central banks to prioritize output growth stabilization alongside inflation control.Chapter 4 analyzes the Federal Reserve's monetary policy response to the COVID-19 pandemic, focusing on the Taylor Rule's prescriptions during this period. Together with Chapter 5, this part of my dissertation highlights the impact of the delayed interest rate hikes on inflation and economic stability. It examines various versions of the Taylor Rule and their implications for the path of the federal funds rate, demonstrating that a stricter adherence to these rules could have resulted in a faster return to target inflation without significant real losses. The chapter calls for a more consistent application of monetary policy rules to avoid future inflationary pressures.Chapter 5 investigates the inflation surge in the U.S. following the COVID-19 pandemic, focusing on the role of global supply chain disruptions. It quantifies the contribution of supply chain shocks to the key macroeconomic outcomes. The findings suggest that these shocks significantly contributed to the inflationary pressures in the early stages of the post-pandemic recovery. The chapter also develops a two-sector New Keynesian DSGE model to analyze the impact of supply chain disruptions and delivery time shocks on the economy, providing insights into the optimal monetary policy response in the face of such disruptions.
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650 4 $a Epidemiology. $3 568544
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