Papers by Victor J. Valcarcel

Showing 5 papers

Published Classic Macroeconomic Dynamics Online 30 Sep 2024 Published Jan 2025

A granular investigation on the stability of money demand

This 2024 Macroeconomic Dynamics paper by Zhengyang Chen and Victor J. Valcarcel asks whether the long-documented instability of U.S.

Money Demand Aggregates

Published Classic Journal of Money, Credit and Banking Published Feb 2019

A Model of Monetary Policy Shocks for Financial Crises and Normal Conditions

John W. Keating · Logan J. Kelly · A. Lee Smith · Victor J. Valcarcel

This 2019 Journal of Money, Credit and Banking paper by John Keating, Logan Kelly, A. Lee Smith, and Victor Valcarcel asks whether replacing the federal funds rate with Divisia M4 (DM4) -- a …

Structural Var Monetary Policy Shocks

Published Classic Journal of Economic Dynamics and Control Published Jan 2025

Modeling inflation expectations in forward-looking interest rate and money growth rules

Zhengyang Chen · Victor J. Valcarcel

This 2025 Journal of Economic Dynamics and Control paper by Zhengyang Chen and Victor J. Valcarcel proposes a "rational expectations structural VAR" (RE-SVAR) — a way to embed rational expectations …

Structural Var Inflation Expectations

Published Classic Journal of Economic Dynamics and Control Published Oct 2021

Monetary transmission in money markets: The not-so-elusive missing piece of the puzzle

Zhengyang Chen · Victor J. Valcarcel

This 2021 Journal of Economic Dynamics and Control paper by Zhengyang Chen and Victor Valcarcel shows that the Wu-Xia (2016) shadow federal funds rate — a standard modern-sample proxy for the stance …

Divisia Aggregates Monetary Policy Transmission

Published Classic Journal of Economic Dynamics and Control Published Jan 2023

The financial market effects of unwinding the Federal Reserve's balance sheet

A. Lee Smith · Victor J. Valcarcel

This 2023 Journal of Economic Dynamics and Control paper by A. Lee Smith and Victor J.

Quantitative Easing Balance Sheet Policy