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DTSTART:20250330T010000
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DTSTART;TZID=Europe/Helsinki:20250519T121500
DTEND;TZID=Europe/Helsinki:20250519T133000
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SUMMARY:Luca GAMBETTI (Universitat Autònoma de Barcelona) "Asymmetric Monetary Policy Tradeoffs"
DESCRIPTION:[vc_row][vc_column][vc_column_text]Macro seminar\nTime : 12h15 – 13h30 \nDate :19th  May 2025 \nSalle 3001 \nLuca GAMBETTI (Universitat Autònoma de Barcelona) “Asymmetric Monetary Policy Tradeoffs” \nAbstract: We measure the inflation-unemployment tradeoff associated with monetary eas-ing and tightening\, during booms and recessions\, using a novel nonlinear Proxy-SVAR approach. We find evidence of significant nonlinearities for the U.S. economy (1973:M1 – 2019:M6): stimulating economic activity during recessions is associated with minimal costs in terms of inflation\, and reducing inflation during booms deliv-ers small costs in terms of unemployment. Overall\, these results provide support for countercyclical monetary policies\, in contrast with what predicted by a flat Phillips curve\, or previous studies on nonlinear effects of monetary policy. The presence of an asymmetric monetary tradeoff can be rationalized by a simple model with down-ward nominal wage rigidity\, which is also used to assess the validity of our empirical approach. \nJoint work : Davide DEBORTOLI\, Mario FORNI and Luca SALA \nOrganizer : Giovanni RICCO \n
URL:https://crest.science/event/luca-gambetti-universitat-autonoma-de-barcelona-t-b-a/
CATEGORIES:Macroeconomics,Seminars
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