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Gertler, Mark

Overview
Works: 71 works in 78 publications in 1 language and 294 library holdings
Genres: Academic theses  Exhibition catalogs 
Roles: Author, Illustrator
Classifications: HB3711, 330
Publication Timeline
Key
Publications about Mark Gertler
Publications by Mark Gertler
Most widely held works by Mark Gertler
Mark Gertler : paintings & drawings by Mark Gertler( Book )
1 edition published in 1992 in English and held by 23 libraries worldwide
Unemployment fluctuations with staggered Nash bargaining ( Computer 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 10 libraries worldwide
This dissertation deals with three topics of macroeconomics, two of them are empirical and related to Colombia, and the other one develops a model to explain an identified regularity in Latin America
Endogenous technology diffusion by Ana Maria Santacreu( file )
1 edition published in 2009 in English and held by 10 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 in monetary and fiscal policy by Stefania Piffanelli( file )
1 edition published in 2004 in English and held by 9 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 Fiscal Policy at the Zero Lower Bound by Taisuke Nakata( file )
1 edition published in 2012 in English and held by 9 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
Business conditions and asset prices: Evidence and theory by Hui Guo( file )
1 edition published in 2000 in English and held by 9 libraries worldwide
The majority of US households do not hold stocks. Moreover, a few wealthiest families own almost all stocks. In Chapter I, I use an OLG model to explain this limited stock market participation. I show that if there are fixed entry costs to stock market, the poor families do not hold stocks in steady states, although stocks earn a sure positive premium
Financial Crises in Open and Closed Economies by Albert Queralto( file )
1 edition published in 2012 in English and held by 9 libraries worldwide
In Chapter 3, coauthored with Mark Gertler and Nobuhiro Kiyotaki, we develop a macroeconomic model with financial intermediation in which the intermediaries (banks) can issue outside equity as well as short term debt. This makes bank risk exposure an endogenous choice. The goal is to have a model that can not only capture a crisis when banks are highly vulnerable to risk, but can also account for why banks adopt such a risky balance sheet in the first place. We use the model to assess how perceptions of fundamental risk and of government credit policy in a crisis affect the vulnerability of the financial system ex ante. We also study the effects of macro-prudential policies designed to offset the incentives for risk-taking
Identifying the effects of inflation targeting: A structural approach by Federico Ravenna( file )
1 edition published in 2001 in English and held by 9 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
Markups, gaps, and the welfare cost of business fluctuations by Jordi Galí( Book )
2 editions published in 2002 in English and held by 9 libraries worldwide
Firm investment under imperfect capital markets by Sangeeta Pratap( file )
1 edition published in 1998 in English and held by 9 libraries worldwide
I show that while the sensitivity of investment to cash flow implies that a firm is liquidity constrained, the reverse is not necessarily true. Liquidity constrained firms prefer to use internal funds for investment and borrow below their credit limit to guard against future bankruptcy, and may display a high sensitivity of investment to cash flow and unused lines of credit simultaneously
Essays on financial stability, monetary policy and welfare by Ester Faia( file )
1 edition published in 2002 in English and held by 9 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 exchange rate regimes, external constraints on monetary policy, and financial distress by Fabio Massimo Natalucci( file )
1 edition published in 2001 in English and held by 9 libraries worldwide
Chapter II evaluates the response of an economy to adverse shocks under fixed and flexible rates in a center periphery model focusing on financial distress and trade links across countries. I show that under fixed rates shocks to the economy have strong real effects. Under flexible rates, on the contrary, the central bank mitigates the effects of the shocks by adopting a counter-cyclical monetary policy that stabilizes asset prices and firms' balance sheets. To analyze the role of trade links, I consider the case where the two periphery countries have different exchange rate regimes. I find that the country on flexible rates, aside from reducing financial distress, has a competitive advantage in the center market. However, the timing of the devaluation is essential: With an initial defense of the exchange rate peg, the country sacrifices most of the beneficial effects of flexible rates
Essays on monetary policy, wage rigidities and dollarization by Guillermo J Felices( file )
1 edition published in 2002 in English and held by 9 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 pricing and monetary policy by Peter Karadi( file )
1 edition published in 2010 in English and held by 9 libraries worldwide
The first chapter (joint with Adam Reiff) addresses the issue of business cycle asymmetries and their pricing consequences. Asymmetric inflation response to aggregate shocks is an identifying macro-prediction of state dependent pricing models with trend inflation (Ball and Mankiw, 1994). The chapter uses the natural experiment of symmetric value-added tax (VAT) changes in Hungary with highly asymmetric inflation responses to provide further evidence for state-dependent pricing and for the Ball-Mankiw conjecture. The chapter shows that while standard menu cost models underestimate the observed asymmetry, a model of multi-product firms that takes sectoral heterogeneity explicitly into consideration can quantitatively account for the inflation asymmetry observed in the data. The chapter implies that the real effects of negative monetary shocks can be substantial even in the standard Golosov and Lucas (2007) model if these additional factors are taken into consideration
Essays on monetary policy and inflation by André Minella( file )
1 edition published in 2001 in English and held by 9 libraries worldwide
This dissertation deals with monetary policy and inflation. Using a New Keynesian framework, the first essay compares the effects on the welfare of optimal monetary policies under commitment and discretion, and examines the consequences of the presence of inflation persistence. A policy under commitment generates a better weighted average of the variances of output and inflation ("dynamic gains"), and eliminates the inflationary bias. Commitment usually delivers a lower variance of inflation and a higher variance of output than those under discretion. The effect of the presence of inflation persistence on the dynamic gains from commitment is somehow surprising: the benefits are increasing in the degree of inflation persistence for moderate levels of persistence. On the other hand, inflation persistence reduces the inflationary bias
Essays on fiscal policy in closed and open economies by Michèle Cavallo( file )
1 edition published in 2003 in English and held by 9 libraries worldwide
This dissertation analyzes the effects of fiscal policies in closed and open economies. It consists of three essays
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 9 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 9 libraries worldwide
My dissertation consists of three essays in international macroeconomics
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 9 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
 
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