Martin Wolf
Title
Prof. Dr.
Last Name
Wolf
First name
Martin
Email
martin.wolf@unisg.ch
ORCID
Phone
+41 71 224 25 82
15 results
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Item type:Publication, The Global Financial Resource Curse(2024)Scopus© Citations 6 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Delayed Overshooting: The Case for Information Rigidities(2024); Thomas HettigWe provide evidence that the delayed overshooting puzzle reflects a slow adjustment of exchange rate expectations to monetary policy shocks rather than a failure of uncovered interest parity. Consistent with this evidence, we put forward a New Keynesian model in which uncovered interest parity holds, but there are information rigidities: investors do not observe monetary policy shocks but learn rationally from unanticipated shifts in monetary policy about the state of the economy. We estimate the model and find it can account for the joint responses of the spot exchange rate, forward exchange rates, and excess currency returns to monetary policy shocks. (JEL D83, E12, E31, E43, E52, F31)Type:journal articleJournal:American Economic Journal: MacroeconomicsVolume:16Issue:3Scopus© Citations 8 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Scars of Supply Shocks: Implications for Monetary PolicyWe study the effects of supply disruptions - for instance due to energy price shocks or the emergence of a pandemic - in an economy with Keynesian unemployment and endogenous productivity growth. By temporarily disrupting investment, negative supply shocks generate permanent output losses - or scarring effects. By inducing a negative wealth effect, scarring effects depress aggregate demand, which may even fall below the exogenous fall in supply. However, that scarring effects depress aggregate demand does not necessarily translate into low rates of inflation. On the contrary, scarring effects may reinforce and prolong the inflationary impact of supply disruptions. A contractionary monetary policy response may end up deepening scarring effects and increasing inflation in the medium run. A successful disinflation may require a policy mix of monetary tightening and fiscal interventions aiming at supporting business investment and the economy’s productive capacity.Type:journal articleJournal:Journal of Monetary EconomicsVolume:140Scopus© Citations 35 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Reserve accumulation, growth, and financial crisesType:journal articleJournal:Journal of International EconomicsIssue:139 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Pecuniary externalities in economies with downward wage rigidity(2020)Type:journal articleJournal:Journal of Monetary EconomicsVolume:116Scopus© Citations 3 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Industrial Policies, Global Imbalances, and Technological Hegemony(2026-07-07)Type:conference paper - Some of the metrics are blocked by yourconsent settings
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Item type:Publication, Evergreening Sovereign Debt(2024-06-17)Presentation at Barcelona Summer ForumType:conference paper