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Monetary Policy Analysis And The Development Of Federal Reserve Policymaking, Federal Reserve Governor Christopher J Waller, At The Legacy Of Bennett Mccallum And Lessons For Monetary Policy Today, A Conference Sponsored By The Mercatus Center At George Mason University, Washington, D C b

Monetary Policy Analysis And The Development Of Federal Reserve Policymaking, Federal Reserve Governor Christopher J Waller, At The Legacy Of Bennett Mccallum And Lessons For Monetary Policy Today, A Conference Sponsored By The Mercatus Center At George Mason University, Washington, D C b
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District of columbiaUnited statesGovernment printing officeNew yorkUnited kingdomNoord hollandNew zealandMichael woodfordDavidb gordonJohn taylorJohnc williamsJohnb taylorJordi galEdwardc prescottBen mccallumMilton friedman

Recent Inflation And The Dual Mandate, Federal Reserve Governor Philip N Jefferson, At the Ec10, Principles Of Economics, Lecture, Faculty Of Arts And Sciences, Harvard University, Cambridge, Massachusetts

<p><span>Thank you, Jason, for inviting me to join your economics class and for your kind introduction. It is a pleasure to be here. I miss teaching economics classes.</span></p>

Government printing officeDistrict of columbiaUnited statesUniversity of chicagoJackson holeNoord hollandRepublic of turkeyDavidh romerSusanto basuRoberte hallThomas laubachGiovanni dellaricciaBenjaminm friedmanBen bernankeAdams posenFranco modigliani

Papers by Michael Ehrmann

Abstract Using business survey data on German manufacturing firms, this paper provides tests for hypotheses formulated in capital market imperfection theories that predict distributional effects in the transmission mechanism of monetary policy. Effects of monetary policy shocks on the business conditions of firms of several size classes are analysed, with the finding of considerable asymmetry. As predicted by theory, small firms are affected more strongly than large firms. To test whether these effects are reinforced when the economy is in a business cycle downturn, the paper employs a new estimation strategy: impulse response analysis conditional on Markov-switching regimes. The findings are supportive of the theoretical hypotheses: in a business cycle downturn, the distributional effects of monetary policy transmission are indeed reinforced.

United statesAlbert andoWeltwirtschaftliches archivEuropean monetary unionIfo survey data in business cycleJournal of the european economic associationCentral bankA survey of theoryBank networksTiming of central bank communicationEuro exchange rateJournal of international moneyMonetary policyEuropean unionMonetary policy in press conferencesInternational journal of central banking