This survey features three parts. The first one reviews the most recent literature on the
relationship between domestic (ie, country‐specific) uncertainty and the business cycle, and …

Most macroeconomic models for monetary policy analysis are approximated around a zero
inflation steady state, but most central banks target an inflation rate of about 2 percent. Many …

We estimate a nonlinear VAR model to study the real effects of monetary policy shocks in
regimes characterized by high vs. low macroeconomic uncertainty. We find unexpected …

Two business cycle models with endogenous firm and product entry are estimated by
matching impulse responses to a monetary policy shock. The 'competition effect'implies that …

What were the effects of discretionary fiscal policy in Germany and the Euro area during the
global financial crisis? Were fiscal spillovers important? To address questions like these we …

This survey features three parts. The first one covers the recent literature on domestic (ie,
country-specific) uncertainty and offers ten main takeaways. The second part reviews …

This article studies the effects of uncertainty shocks on economic activity, focusing on
inflation. Using a vector autoregression, I show that increased uncertainty has negative …

A popular argument in favor of price stability is that the inflation-tax burden would
disproportionately fall on the poor because wealth is unevenly distributed and portfolio …

Inflation dynamics are investigated by estimating a generalized version of the New
Keynesian Phillips curve (NKPC) of Galí and Gertler (1999) using Bayesian GMM. US …

In this paper, we assess the impact of major German structural reforms from 1999 to 2008 on
key macroeconomic variables. These reforms, especially the Hartz labor market reforms, are …