Topics in Monetary Economics

Readings

• Lutz Kilian and Helmut Lutkepohl, Structural Vector Autoregressive Analysis, 1th Edition, 2017
  unspecified
• Jordi Gali, Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Frame- work and Its Applications, 2nd Edition, 2015
  unspecified
• Financial accelerator models and unconventional monetary policy: Bernanke et al. (1999), Gertler and Karadi (2011)
  unspecified
• Financial shocks: Jermann and Quadrini (2012), Brianti and Cormun (2020)
  unspecified
• Financial shocks and prices: Gilchrist et al. (2017), Brianti (2021)
  unspecified
• Others: Nolan and Thoenissen (2009), Basu et al. (2021), Beaudry et al. (2020), Boissay et al. (2016), Petrosky-Nadeau (2014), Christiano et al. (2014), Drechsel (2020), Kehoe et al. (2019)
  unspecified
• Identification of financial shocks with recursive methods: Gilchrist and Zakrajšek (2012), Caldara et al. (2016)
  unspecified
• Identification of financial shocks with sign restrictions: Furlanetto et al. (2019), Abbate et al. (2016), Brianti (2021)
  unspecified
• Identification of financial shocks with shock-based restrictions: Caggiano et al. (2020), De Santis and Van der Veken (2021)
  unspecified
• Others: Gambetti and Musso (2017), Faust et al. (2013), Alessandri and Mumtaz (2019), Fuentes-Albero (2019), Schularick and Taylor (2012), Jordà et al. (2013), Greenwood and Hanson (2013), Muir (2017), Krishnamurthy and Muir (2017), Jordà et al. (2017), Stock and Watson (2003)
  unspecified
• Testing for financial frictions: Hubbard (1998), Schiantarelli (1996), Kaplan and Zingales (1997)
  unspecified
• Effects of financial frictions using firm-level data: Chodorow-Reich (2013)
  unspecified
• Financial frictions and corporate cash: Almeida et al. (2004), Han and Qiu (2007), Brianti (2021)
  unspecified
• Financial frictions and prices: Gilchrist et al. (2017), Kim (2020), Balduzzi et al. (2020)
  unspecified
• Others: Greenstone et al. (2020), Balduzzi et al. (2018), Bentolila et al. (2018), Campello et al. (2010), Campello et al. (2011), Covas and Den Haan (2011), Gorton and Metrick (2012), Mian and Sufi (2009), Albanesi et al. (2017)
  unspecified
• Abbate, A., S. Eickmeier, and E. Prieto (2016): “Financial shocks and inflation dynamics,
  unspecified
• Albanesi, S., G. De Giorgi, and J. Nosal (2017): “Credit growth and the financial crisis: A new narrative,” Tech. rep., National Bureau of Economic Research
  unspecified
• Alessandri, P. and H. Mumtaz (2019): “Financial regimes and uncertainty shocks,” Journal of Monetary Economics, 101, 31–46
  unspecified
• Almeida, H., M. Campello, and M. S. Weisbach (2004): “The cash flow sensitivity of cash,” The journal of finance, 59, 1777–1804
  unspecified
• Balduzzi, P., E. Brancati, M. Brianti, and F. Schiantarelli (2020): “The Economic Effects of COVID-19 and Credit Constraints: Evidence from Italian Firms’ Expectations and Plans,
  unspecified
• Balduzzi, P., E. Brancati, and F. Schiantarelli (2018): “Financial markets, banks’ cost of funding, and firms’ decisions: Lessons from two crises,” Journal of Financial Intermediation, 36, 1–15
  unspecified
• Basu, S., G. Candian, R. Chahrour, and R. Valchev (2021): “Risky Business Cycles,” Tech. rep., National Bureau of Economic Research
  unspecified
• Beaudry, P., D. Galizia, and F. Portier (2020): “Putting the cycle back into business cycle analysis,” American Economic Review, 110, 1–47
  unspecified
• Bentolila, S., M. Jansen, and G. Jiménez (2018): “When credit dries up: Job losses in the great recession,” Journal of the European Economic Association, 16, 650–695
  unspecified
• Bernanke, B. S., M. Gertler, and S. Gilchrist (1999): “The financial accelerator in a quantitative business cycle framework,” Handbook of macroeconomics, 1, 1341–1393
  unspecified
• Boissay, F., F. Collard, and F. Smets (2016): “Booms and banking crises,” Journal of Political Economy, 124, 489–538
  unspecified
• Brianti, M. (2021): “Financial Shocks, Uncertainty Shocks, and Monetary Policy Trade-Offs,” Tech. rep
  unspecified
• Brianti, M. and V. Cormun (2020): “What are the Sources of Boom-Bust Cycles?” Tech. rep
  unspecified
• Caggiano, G., E. Castelnuovo, R. Kima, and S. Delrio (2020): “Financial uncertainty and real activity: The good, the bad, and the ugly,
  unspecified
• Caldara, D., C. Fuentes-Albero, S. Gilchrist, and E. Zakrajšek (2016): “The macroeconomic impact of financial and uncertainty shocks,” European Economic Review, 88, 185–207
  unspecified
• Campello, M., E. Giambona, J. R. Graham, and C. R. Harvey (2011): “Liquidity management and corporate investment during a financial crisis,” The Review of Financial Studies, 24, 1944–1979
  unspecified
• Campello, M., J. R. Graham, and C. R. Harvey (2010): “The real effects of financial constraints: Evidence from a financial crisis,” Journal of financial Economics, 97, 470–487
  unspecified
• Chodorow-Reich, G. (2013): “The employment effects of credit market disruptions: Firm-level evidence from the 2008–9 financial crisis,” The Quarterly Journal of Economics, 129, 1–59
  unspecified
• Christiano, L. J., R. Motto, and M. Rostagno (2014): “Risk shocks,” American Economic Review, 104, 27–65
  unspecified
• Covas, F. and W. J. Den Haan (2011): “The cyclical behavior of debt and equity finance,” American Economic Review, 101, 877–99
  unspecified
• De Santis, R. and W. Van der Veken (2021): “Business Cycle Fluctuations: Financial Shocks versus Uncer- tainty Shocks,” Working Paper
  unspecified
• Drechsel, T. (2020): “Earnings-based borrowing constraints and macroeconomic fluctuations,” University of Maryland Working Paper
  unspecified
• Faust, J., S. Gilchrist, J. H. Wright, and E. Zakrajšsek (2013): “Credit spreads as predictors of real-time economic activity: a Bayesian model-averaging approach,” Review of Economics and Statistics, 95, 1501–1519
  unspecified
• Fuentes-Albero, C. (2019): “Financial frictions, financial shocks, and aggregate volatility,” Journal of Money, Credit and Banking, 51, 1581–1621
  unspecified
• Furlanetto, F., F. Ravazzolo, and S. Sarferaz (2019): “Identification of financial factors in economic fluctuations,” The Economic Journal, 129, 311–337
  unspecified
• Gambetti, L. and A. Musso (2017): “Loan supply shocks and the business cycle,” Journal of Applied Econo- metrics, 32, 764–782
  unspecified
• Gertler, M. and P. Karadi (2011): “A model of unconventional monetary policy,” Journal of monetary Eco- nomics, 58, 17–34
  unspecified
• Gilchrist, S., R. Schoenle, J. Sim, and E. Zakrajšek (2017): “Inflation dynamics during the financial crisis,” American Economic Review, 107, 785–823
  unspecified
• Gilchrist, S. and E. Zakrajšek (2012): “Credit spreads and business cycle fluctuations,” American Economic Review, 102, 1692–1720
  unspecified
• Gorton, G. and A. Metrick (2012): “Getting up to speed on the financial crisis: a one-weekend-reader’s guide,” Journal of Economic Literature, 50, 128–50
  unspecified
• Greenstone, M., A. Mas, and H.-L. Nguyen (2020): “Do credit market shocks affect the real economy? Quasi- experimental evidence from the great recession and” normal” economic times,” American Economic Journal: Economic Policy, 12, 200–225
  unspecified
• Greenwood, R. and S. G. Hanson (2013): “Issuer quality and corporate bond returns,” The Review of Financial Studies, 26, 1483–1525
  unspecified
• Han, S. and J. Qiu (2007): “Corporate precautionary cash holdings,” Journal of Corporate Finance, 13, 43–57
  unspecified
• Hubbard, R. G. (1998): “Capital-Market Imperfections and Investment,” journal of Economic Literature, 36, 193–225
  unspecified
• Jermann, U. and V. Quadrini (2012): “Macroeconomic effects of financial shocks,” American Economic Review, 102, 238–71
  unspecified
• Jordà, Ò., M. Schularick, and A. M. Taylor (2013): “When credit bites back,” Journal of Money, Credit and Banking, 45, 3–28
  unspecified
• ——— (2017): “Macrofinancial history and the new business cycle facts,” NBER macroeconomics annual, 31, 213–263
  unspecified
• Kaplan, S. N. and L. Zingales (1997): “Do investment-cash flow sensitivities provide useful measures of financ- ing constraints?” The quarterly journal of economics, 112, 169–215
  unspecified
• Kehoe, P. J., V. Midrigan, and E. Pastorino (2019): “Debt constraints and employment,” Journal of Political Economy, 127, 1926–1991
  unspecified
• Krishnamurthy, A. and T. Muir (2017): “How credit cycles across a financial crisis,” Tech. rep., National Bureau of Economic Research
  unspecified
• Mian, A. and A. Sufi (2009): “The consequences of mortgage credit expansion: Evidence from the US mortgage default crisis,” The Quarterly journal of economics, 124, 1449–1496
  unspecified
• Muir, T. (2017): “Financial crises and risk premia,” The Quarterly Journal of Economics, 132, 765–809
  unspecified
• Nolan, C. and C. Thoenissen (2009): “Financial shocks and the US business cycle,” Journal of Monetary Economics, 56, 596–604
  unspecified
• Petrosky-Nadeau, N. (2014): “Credit, vacancies and unemployment fluctuations,” Review of Economic Dynam- ics, 17, 191–205
  unspecified
• Schiantarelli, F. (1996): “Financial constraints and investment: methodological issues and international evi- dence,” Oxford Review of Economic Policy, 12, 70–89
  unspecified
• Schularick, M. and A. M. Taylor (2012): “Credit booms gone bust: Monetary policy, leverage cycles, and financial crises, 1870-2008,” American Economic Review, 102, 1029–61
  unspecified
• Stock, J. and M. Watson (2003): “Forecasting output and inflation: The role of asset prices,” Journal of Economic Literature, 41, 788–829
  unspecified