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CEIS: CENTRE FOR ECONOMIC & INTERNATIONAL STUDIES
Vincenzo Atella - Director "Unconventional Monetary Policy: Interest Rates and Low Inflation. A Review of Literature and Methods" 
CEIS Working Paper No. 406 MARIAROSARIA COMUNALE, Bank of Lithuania - Economics Department
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JONAS STRIAUKAS, Louvain School of Management (UCL), Students
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In this paper, we review a range of approaches used to capture monetary policy in a period of Zero Lower Bound (ZLB). We concentrate here on methods closely linked to interest rates, which include: spreads, synthetic indices from principal component analysis, and different shadow rates. Next, we calculate these measures for the euro area, draw comparisons among different approaches, and look at the effects on main macroeconomic variables, with a special focus on inflation. By and large, the impact of unconventional monetary policy shocks on inflation is found to be significantly positive across studies and methods. Finally, we summarize the literature on the Natural Real Rate of Interest. This overview may help to assess how long low (real) interest rates in a ZLB stay in place, potentially leading to more accurate policy recommendations. "“De (Corporate Responsibility) Gustibus Est Misurandum”: Heterogeneity and Consensus Around CR Indicators"
CEIS Working Paper No. 407 LEONARDO BECCHETTI, University of Rome, Tor Vergata - Faculty of Economics
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LORENZO SEMPLICI, University Lumsa
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MICHELE TRIDENTE, affiliation not provided to SSRN We investigate with an ad hoc survey respondents’ tastes about the different corporate responsibility (CR) items typically used by CR rating agencies. The hypothesis of equal average value weights given to different CR items and equal variance (which we consider as a proxy of the inverse of consensus on the importance of an indicator) are strongly rejected by our data both in our overall suvey sample and in more homogeneous subsamples based on gender, age, education and religion. We as well frequently reject the hypothesis that value weights for the same CR item are the same across different subpopulations in gender subsamples since women attribute significantly higher weights than men to many CR items when we do not correct for young respondents’ oversampling. "Long-Run Unemployment and Macroeconomic Volatility"
CEIS Working Paper No. 408 STEFANO FASANI, University of Milan Bicocca
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This paper develops a DSGE model with downward nominal wage rigidity, in which aggregate price and productivity dynamics are exogenously determined by independent Brownian motions with drift. As a result, the long-run expected value of unemployment depends positively on the drift coefficients and negatively on the volatility coefficients of both price and productivity growth processes. Model prescriptions are empirically tested by using a dataset including a wide sample of OECD countries from a period spanning from 1961 to 2011. Panel regressions with fixed effects and time dummies confirm the expected relation of inflation and productivity with unemployment at low frequencies. Long-run unemployment is negatively correlated with the levels of inflation and productivity growth, and positively with their volatilities. | | ^top
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Distributed by Economics Research Network (ERN), a division of Social Science Electronic Publishing (SSEP) and Social Science Research Network (SSRN) Directors ECONOMICS RESEARCH CENTERS PAPERS MICHAEL C. JENSEN
SSRN, Harvard Business School, National Bureau of Economic Research (NBER), European Corporate Governance Institute (ECGI), Harvard University - Accounting & Control Unit
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