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DTSTART:20241027T030000
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UID:calendar.136498.field_date.0@www.tse-fr.eu
DTSTAMP:20260308T111142Z
CREATED:20250106T121001Z
DESCRIPTION:Davide Debortoli (CREI\, Universitat Pompeu Fabra\;BSE)\, “Asym
 metric Monetary Policy Tradeoffs”\, Séminaire Banque de France\, March 18\
 , 2025\, 11:30–12:30\, BDF\, Paris\, room Room 4 espace conférences and on
 line.\n\nWe measure the inflation-unemployment tradeoff associated with mo
 netary easing and tightening\, during booms and recessions\, using a novel
  nonlinear Proxy-SVAR approach. We find evidence of significant nonlineari
 ties for the U.S. economy (1973:M1 - 2019:M6): stimulating economic activi
 ty during recessions is associated with minimal costs in terms of inflatio
 n\, and reducing inflation during booms delivers small costs in terms of u
 nemployment. Overall\, these results provide support for countercyclical m
 onetary policies\, in contrast with what predicted by a flat Phillips curv
 e\, or previous studies on nonlinear effects of monetary policy. The prese
 nce of an asymmetric monetary tradeoff can be rationalized by a simple mod
 el with downward nominal wage rigidity\, which is also used to assess the 
 validity of our empirical approach.
DTSTART;TZID=Europe/Paris:20250318T113000
DTEND;TZID=Europe/Paris:20250318T123000
LAST-MODIFIED:20250219T011001Z
LOCATION:March 18\, 2025\, 11:30–12:30\, BDF\, Paris\, room Room 4 espace c
 onférences and online
SUMMARY:Séminaire Banque de France
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2025-asymmetric-monetary-policy
 -tradeoffs
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