Empirical Investigation of a Sufficient Statistic for Monetary Shocks

2021 ◽  
Author(s):  
Fernando Alvarez ◽  
Andrea Ferrara ◽  
Erwan Gautier ◽  
Herve Le Bihan ◽  
Francesco Lippi
2021 ◽  
Author(s):  
Fernando Alvarez ◽  
Andrea Ferrara ◽  
Erwan Gautier ◽  
Hervé Le Bihan ◽  
Francesco Lippi

2021 ◽  
Author(s):  
Fernando Alvarez ◽  
Andrea Ferrara ◽  
Erwan Gautier ◽  
Herve Le Bihan ◽  
Francesco Lippi

2016 ◽  
Vol 106 (10) ◽  
pp. 2817-2851 ◽  
Author(s):  
Fernando Alvarez ◽  
Hervé Le Bihan ◽  
Francesco Lippi

We prove that the ratio of kurtosis to the frequency of price changes is a sufficient statistic for the real effects of monetary shocks, measured by the cumulated output response following the shock. The sufficient statistic result holds in a large class of models which includes Taylor (1980); Calvo (1983); Reis (2006 ); Golosov and Lucas (2007 ); Nakamura and Steinsson (2010); Midrigan (2011); and Alvarez and Lippi (2014). Several models in this class are able to account for the positive excess kurtosis of the size distribution of price changes that appears in the data. We review empirical measures of kurtosis and frequency and conclude that a model that successfully matches the microevidence on kurtosis and frequency produces real effects that are about four times larger than in the Golosov-Lucas model, and about 30 percent below those of the Calvo model. We discuss the robustness of our results to changes in the setup, including small inflation and leptokurtic cost shocks. (JEL, E23, E31)


1979 ◽  
Vol 12 (2) ◽  
pp. 82-86
Author(s):  
Karen Friedel ◽  
Jo-Ida Hansen ◽  
Thomas J. Hummel ◽  
Warren F. Shaffer

Crisis ◽  
2012 ◽  
Vol 33 (2) ◽  
pp. 106-112 ◽  
Author(s):  
Christopher M. Bloom ◽  
Shareen Holly ◽  
Adam M. P. Miller

Background: Historically, the field of self-injury has distinguished between the behaviors exhibited among individuals with a developmental disability (self-injurious behaviors; SIB) and those present within a normative population (nonsuicidal self-injury; NSSI),which typically result as a response to perceived stress. More recently, however, conclusions about NSSI have been drawn from lines of animal research aimed at examining the neurobiological mechanisms of SIB. Despite some functional similarity between SIB and NSSI, no empirical investigation has provided precedent for the application of SIB-targeted animal research as justification for pharmacological interventions in populations demonstrating NSSI. Aims: The present study examined this question directly, by simulating an animal model of SIB in rodents injected with pemoline and systematically manipulating stress conditions in order to monitor rates of self-injury. Methods: Sham controls and experimental animals injected with pemoline (200 mg/kg) were assigned to either a low stress (discriminated positive reinforcement) or high stress (discriminated avoidance) group and compared on the dependent measures of self-inflicted injury prevalence and severity. Results: The manipulation of stress conditions did not impact the rate of self-injury demonstrated by the rats. The results do not support a model of stress-induced SIB in rodents. Conclusions: Current findings provide evidence for caution in the development of pharmacotherapies of NSSI in human populations based on CNS stimulant models. Theoretical implications are discussed with respect to antecedent factors such as preinjury arousal level and environmental stress.


2006 ◽  
Author(s):  
Robyn J. Geelhoed ◽  
Julia C. Phillips ◽  
Ann R. Fischer ◽  
Elaine Shpungin ◽  
Younnjung Gong

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