Search Constraints
Search Results
-
Creator: Gao, Han, Kulish, Mariano, and Nicolini, Juan Pablo Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 774 Abstract: In this paper, we review the relationship between inflation rates, nominal interest rates, and rates of growth of monetary aggregates for a large group of OECD countries. We conclude that the low-frequency behavior of these series maintains a close relationship, as predicted by standard quantity theory models. In an estimated model, we show those relationships to be relatively invariant to alternative frictions that can deliver very different high-frequency dynamics. We argue that these relationships are useful for policy design aimed at controlling inflation.
Keyword: Monetary aggregates, Monetary policy, and Money demand Subject (JEL): E52 - Monetary Policy, E41 - Demand for Money, and E51 - Money Supply; Credit; Money Multipliers -
Creator: Gao, Han and Nicolini, Juan Pablo Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 768 Abstract: We modify a standard SIR epidemiological model to allow for testing and asymptomatic agents. We explore cross country variation's ability to allow for identification of key parameters of the model: the fatality rate and the evolution over time of the normalized transmission rate. We first show that as long as tests are applied only to agents who exhibit symptoms, those parameters cannot be identified. We briefly discuss which additional information may allow for identification. Finally, we also describe conditions under which the normalized transmission rate can be computed with very high accuracy, and how cross country evidence can be used to evaluate the effect of lockdowns on evolution of the effective transmission rate over time.
Keyword: Epidemiological models and Identification Subject (JEL): C10 - Econometric and Statistical Methods and Methodology: General and I10 - Health: General