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Gertler, Mark

Overview
Works: 63 works in 65 publications in 1 language and 153 library holdings
Genres: Academic theses 
Roles: Author
Classifications: HC132, 330
Publication Timeline
Key
Publications about Mark Gertler
Publications by Mark Gertler
Most widely held works by Mark Gertler
Unemployment fluctuations with staggered Nash bargaining ( file )
1 edition published in 2006 in English and held by 14 libraries worldwide
Three essays on savings, inflation, and the channels of monetary transmission in Colombia by Juan Carlos Echeverry Garzón( file )
1 edition published in 1996 in English and held by 4 libraries worldwide
Channels of monetary transmission in Colombia. Two channels of monetary transmission, the Loan Availability Hypothesis and the Cost of Capital, are tested for the country. Following Bernanke and Blinder (1992) a battery of econometric tests are performed for isolating the best indicator of monetary policy. M1 appears to be pro-cyclical, whereas the interest rate embodies the policy messages to the economy. This result is used in VARs aimed at estimating the channels of monetary transmission. Both channels of monetary transmission were found to hold for Colombia
Essays on Fiscal Policy at the Zero Lower Bound by Taisuke Nakata( file )
1 edition published in 2012 in English and held by 4 libraries worldwide
The short-term nominal interest rate, an important policy tool for macroeconomic stabilization, cannot fall below zero. In the United States, the Federal Reserve lowered the federal funds rate to essentially zero during the 2007-2009 recession, and the rate is expected to be at zero for a few more years. With the standard policy tool constrained, the government has turned to alternative policy tools to stimulate the economy, one of which was fiscal policy. Motivated by this episode, this dissertation studies how the government should conduct fiscal policy when the nominal interest rate is constrained at the zero lower bound
Financial Crises in Open and Closed Economies by Albert Queralto( file )
1 edition published in 2012 in English and held by 4 libraries worldwide
The first chapter provides an explanation for the observation that financial crises are followed by slow recoveries. Evidence suggests an important role for labor productivity in accounting for the output loss. I propose a quantitative macroeconomic model consistent with these facts. The model features endogenous growth in total factor productivity through the adoption of new technologies, and an agency problem in financial markets which implies that technology adopters may be credit constrained. A crisis shock generates declines in productivity, employment and output of size and persistence comparable to the data. In particular, a crisis has permanent effects on these variables, consistent with the evidence. The financial friction plays a quantitatively significant role. The model's transmission mechanism is especially sensitive to financial shocks
Endogenous technology diffusion by Ana Maria Santacreu( file )
1 edition published in 2009 in English and held by 4 libraries worldwide
In the second chapter of my thesis, we explore the effect of endogenous technology diffusion in a standard RBC setting. We develop a model in which innovations in an economy's growth potential are an important source of business fluctuations. The framework shares the emphasis of the recent "new shock" literature, but differs by tieing these beliefs to fundamentals of the evolution of the technology frontier. An important feature of the model is that the process of moving to the frontier involves costly technology adoption. In this way, news of improved growth potential has a positive effect on current hours. The model also has reasonable implications for stock prices. We estimate our model for data post-1984 and show that the innovations shock accounts for nearly a third of the variation in output at business cycle frequencies. The estimated model also accounts reasonably well for the large gyration in stock prices over this period. Finally, the endogenous adoption mechanism plays a significant role in amplifying other shocks
Essays on labor market search, business cycles and monetary policy by Antonella Trigari( file )
1 edition published in 2003 in English and held by 3 libraries worldwide
The first essay develops a general equilibrium model integrating a theory of equilibrium unemployment into a monetary model with nominal price rigidities. The labor market displays search and matching frictions and de centralized wage bargaining. I study two alternative models of wage bargaining: efficient Nash bargaining and right-to-manage. Search and matching frictions generate unemployment in equilibrium. Wage bargaining introduces a microfounded real wage rigidity. I find that monetary policy shocks can explain important features of labor market fluctuations. A monetary expansion leads to a rise in job creation and to a hump-shaped decline in unemployment. Moreover, I show that decentralized wage bargaining reduces the elasticity of marginal cost with respect to output. The real wage rigidity dampens wage fluctuations and, to the extent that the wage is allocative, inflation fluctuations. These findings are consistent with recent evidence suggesting a low cyclicality of wages and inflation
Essays on labor market rigidities, inflation persistence and monetary policy uncertainty by Pau Rabanal( file )
1 edition published in 2002 in English and held by 3 libraries worldwide
This dissertation studies the role played by labor market rigidities and uncertainty about the behavior of the central bank in explaining the propagation of monetary and real shocks to output and inflation. In the first essay, I examine the consequences of introducing real wage rigidities in a baseline sticky price New Keynesian model. In a calibrated exercise, I show that by introducing real wage rigidities, it becomes possible to explain the cyclical behavior of inflation and real wages with the cycle, as well as match the persistent response of output and inflation to exogenous shocks. However, real wage rigidities do not significantly affect the response of real variables to nominal shocks. From a welfare point of view, if real and nominal shocks are considered, it is optimal to introduce some degree of real wage stickiness
Essays in international macroeconomics by Andrea Ferrero( file )
1 edition published in 2006 in English and held by 3 libraries worldwide
My dissertation consists of three essays in international macroeconomics
Agency costs, net worth, and business fluctuations by Ben Bernanke( Book )
2 editions published in 1987 in English and held by 3 libraries worldwide
Identifying the effects of inflation targeting: A structural approach by Federico Ravenna( file )
1 edition published in 2001 in English and held by 3 libraries worldwide
This dissertation examines the impact of the inflation targeting monetary policy adopted in Canada in the last decade. Chapter I develops a structural approach to show that the shift in the inflation process and in the inflation-output trade-off which occurred in Canada after 1991 was the result of the shift in the management of monetary policy, rather than the consequence of favorable macroeconomic conditions. Using a sticky price-sticky wage model and data on output, inflation, exchange and interest rates, I filter out the historical series of exogenous shocks that affected the economy since 1991, conditional on the model being an accurate description of the economy. I compare the economy's performance under the inflation targeting regime with its counterfactual performance under the previous monetary policy
Firm investment under imperfect capital markets by Sangeeta Pratap( file )
1 edition published in 1998 in English and held by 3 libraries worldwide
The optimal policy rules are used in a maximum likelihood procedure to estimate the structural parameters of the model. I find that liquidity constraints matter significantly for firm investment. If firms can finance investment by issuing fresh equity, rather than by internal funds or debt, average capital stock is almost 35% higher. Transitory shocks to internal funds affect capital stock for several periods. This effect lasts longer for small firms than for large firms. A 10% negative shock to firm fundamentals reduces the capital stock of liquidity constrained firms by almost 8% as opposed to only 3.5% for firms which are unconstrained
Paintings & drawings by Mark Gertler( Book )
1 edition published in 1992 in English and held by 3 libraries worldwide
Essays in monetary and fiscal policy by Stefania Piffanelli( file )
1 edition published in 2004 in English and held by 3 libraries worldwide
The third essay, How the European Central Bank Conducts Monetary Policy, estimates the reaction function of the European Central Bank. The analysis concludes that a Taylor rule approximates the behavior of the Bank since 1999
Essays on financial frictions by Karl Walentin( file )
1 edition published in 2005 in English and held by 3 libraries worldwide
We simulate the model and show that when both temporary and persistent shocks are present, investment regressions yield small coefficients on q and large coefficients on cash flow, consistent with the empirical literature
Essays on the effects of the loss of skill on unemployment fluctuations by Julian Esteban-Pretel( file )
1 edition published in 2004 in English and held by 3 libraries worldwide
The second essay, "The Effects of the Loss of Skill on Unemployment Fluctuations", studies the effects of the loss of skill on the persistence of unemployment and other macroeconomic variables. It combines a Real Business Cycle model with a search and matching labor market to explain how the loss of skill of workers and the subsequent decrease in their probability of finding new jobs creates more persistent business cycles. Unlike in the first essay, this model assumes that there is only one type of firm which hires both high and low skilled workers and the latter acquires the high skill during the first period of employment. The essay proves that the introduction of this mechanism improves the performance of a model with only one type of skill and is able to replicate cross-country differences in unemployment and output persistence
Essays on fiscal policy in closed and open economies by Michèle Cavallo( file )
1 edition published in 2003 in English and held by 3 libraries worldwide
In the second essay I set up a model economy that helps to reproduce the recent empirical evidence based on vector autoregression on the effects of exogenous increases in government purchases. This evidence shows that increases in private consumption and decreases in private investment follow positive shocks to government spending. A model with staggered prices, endogenous nominal interest rate setting and rule-of-thumb consumers can potentially replicate that evidence
Essays on financial stability, monetary policy and welfare by Ester Faia( file )
1 edition published in 2002 in English and held by 3 libraries worldwide
The second chapter shows that output gap correlations and international transmission mechanism are strongly related to the degree of financial differences across countries. The link is shown with an empirical analysis and a theoretical model. Using a two-country model with financial heterogeneity I find that financial diversity can account for heterogeneous business cycle fluctuations. Differential responses to shocks are shown to occur with independent monetary policies even with low degrees of economic and financial openness. Credible pegs help to increase the synchronization. Also differences in persistence of the interest rates help to explain high persistence in the real exchange rate. Finally, weak financial systems can result in large welfare losses under symmetric and correlated shock
Essays on monetary policy, wage rigidities and dollarization by Guillermo J Felices( file )
1 edition published in 2002 in English and held by 3 libraries worldwide
The third essay, which is joint work with Vicente Tuesta, analyzes the difficulties of central banks to stabilize inflation and output after monetary policy shocks in an economy where both domestic and foreign currencies coexist. We develop a small open economy with imperfect competition and price rigidities where foreign currency is demanded as a composite of domestic currency. We compare the dynamic responses to a monetary policy shock under different interest rate feedback rules and find that the higher the degree of dollarization the more ineffective the central bank is to stabilize output and inflation. Finally, we derive the optimal monetary policy, which incorporates inflation targeting. A welfare exercise suggests that welfare losses increase with a higher the degree of dollarization
Essays on monetary policy and inflation by André Minella( file )
1 edition published in 2001 in English and held by 3 libraries worldwide
The third essay investigates monetary policy and basic macroeconomic relationships involving output, inflation, interest rate, and money in Brazil. Based on a vector autoregressive (STAR) estimation, it compares three different periods: moderately increasing inflation (1975--1985), high inflation (1985--1994), and low inflation (1994--2000). Monetary policy shocks have significant effects on output. Nevertheless, a monetary policy shock does not induce a reduction in the inflation rate in the first two periods, but it seems to have increased its power to affect prices after the Real Plan was launched. Monetary policy does not usually respond rapidly or actively to inflation-rate and output innovations. In the recent period, the interest rate responds intensely to financial crises, and the degree of inflation persistence is substantially lower than previously. In addition, positive interest-rate shocks are accompanied by a decline in money in all the three periods
Essays on pricing and monetary policy by Peter Karadi( file )
1 edition published in 2010 in English and held by 3 libraries worldwide
The third chapter (joint with Mark Gertler) develops a quantitative monetary DSGE model that allows for financial intermediaries that face endogenous balance sheet constraints. It uses the model to simulate a crisis that has some basic features of the current economic downturn. The model, then is used to quantitatively assess the effect of direct central bank intermediation of private lending, which is the essence of the unconventional monetary policy that the Federal Reserve has developed to combat the subprime crisis. It is shown numerically how central bank credit policy might help moderate the simulated crisis
 
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