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UID:event-9409@www.amse-aixmarseille.fr
DTSTAMP:20260422T121317Z
CREATED:20260422T121317Z
LAST-MODIFIED:20260422T121317Z
STATUS:CONFIRMED
SEQUENCE:0
SUMMARY:Macro and labor market seminar - Giovanni Caggiano
DTSTART:20230523T103000Z
DTEND:20230523T113000Z
DESCRIPTION:This paper uses a nonlinear vector autoregression and a non-rec
 ursive identification strategy to show that an equal-sized uncertainty shoc
 k generates a larger contraction in real activity when growth is low (as in
  recessions) than when growth is high (as in expansions). We show that an e
 stimated New Keynesian model with recursive preferences can replicate these
  state-dependent responses when approximated to third order around its risk
 y steady state. In the model\, the key mechanism behind this result is that
  .rms display a stronger upward nominal pricing bias in recessions than in 
 expansions because recessions imply higher inflation volatility and higher 
 marginal utility of consumption than expansions. We provide empirical suppo
 rt for this state-dependent channel and show that it can significantly redu
 ce the effectiveness of systematic monetary policy during recessions.\\n\\n
 Contact: Andreas Dibiasi: andreas.dibiasi[at]univ-amu.frCéline Poilly: ce
 line.poilly[at]univ-amu.fr\n\nPlus d'informations: https://www.amse-aixmars
 eille.fr/en/events/giovanni-caggiano-0
LOCATION:Îlot Bernard du Bois - Salle 16\, AMU - AMSE\, 5-9 boulevard Maur
 ice Bourdet\, 13001 Marseille
URL;VALUE=URI:https://www.amse-aixmarseille.fr/en/events/giovanni-caggiano-0
CONTACT:Andreas Dibiasi:&nbsp\;andreas.dibiasi[at]univ-amu.frCéline Poilly
 : celine.poilly[at]univ-amu.fr
TRANSP:OPAQUE
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