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DTSTART:20251026T030000
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UID:calendar.136505.field_date.0@www.tse-fr.eu
DTSTAMP:20260515T192434Z
CREATED:20250106T131001Z
DESCRIPTION:Alisdair McKay (Federal Reserve Bank of Minneapolis)\, “Evaluat
 ing Monetary Policy Counterfactuals: (When) Do We Need Structural Models?”
 \, Séminaire Banque de France\, June 18\, 2025\, 15:00–16:00\, BDF\, Paris
 \, room Room 6 Grand Hall and video.\n\nTo evaluate the evolution of the m
 acro-economy under alternative assumptions on monetary policy\, it suffice
 s\, under weak structural assumptions\, to know the causal effects of mone
 tary shocks on macroeconomic outcomes. The existing empirical literature e
 stimates the effects of monetary shocks to the short end of the yield curv
 e\, thus allowing the evaluation of counterfactuals that change assumption
 s on near-term policy. If the contemplated policy changes are instead more
  persistent\, then model structure becomes necessary\, for one sole purpos
 e: to extrapolate from the estimated short-end effects to those of policy 
 shocks further out on the yield curve. Among popular models of monetary po
 licy transmission\, market incompleteness (i.e.\, “HANK”) does not change 
 this extrapolation much\, while behavioral frictions do.
DTSTART;TZID=Europe/Paris:20250618T160000
DTEND;TZID=Europe/Paris:20250618T170000
LAST-MODIFIED:20250515T001001Z
LOCATION:June 18\, 2025\, 15:00–16:00\, BDF\, Paris\, room Room 6 Grand Hal
 l and video
SUMMARY:Séminaire Banque de France
URL;TYPE=URI:https://www.tse-fr.eu/seminars/2025-evaluating-monetary-policy
 -counterfactuals-when-do-we-need-structural-models
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