Vladimir Menshikov

Vladimir Menshikov

Ph.D. Student in Economics

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A list of all the posts and pages found on the site. For you robots out there, there is an XML version available for digesting as well.

Pages

Posts

Future Blog Post

less than 1 minute read

Published:

This post will show up by default. To disable scheduling of future posts, edit config.yml and set future: false.

Blog Post number 4

less than 1 minute read

Published:

This is a sample blog post. Lorem ipsum I can’t remember the rest of lorem ipsum and don’t have an internet connection right now. Testing testing testing this blog post. Blog posts are cool.

Blog Post number 3

less than 1 minute read

Published:

This is a sample blog post. Lorem ipsum I can’t remember the rest of lorem ipsum and don’t have an internet connection right now. Testing testing testing this blog post. Blog posts are cool.

Blog Post number 2

less than 1 minute read

Published:

This is a sample blog post. Lorem ipsum I can’t remember the rest of lorem ipsum and don’t have an internet connection right now. Testing testing testing this blog post. Blog posts are cool.

Blog Post number 1

less than 1 minute read

Published:

This is a sample blog post. Lorem ipsum I can’t remember the rest of lorem ipsum and don’t have an internet connection right now. Testing testing testing this blog post. Blog posts are cool.

portfolio

publications

Paper Title Number 4

Published in GitHub Journal of Bugs, 2024

This paper is about fixing template issue #693.

Recommended citation: Your Name, You. (2024). "Paper Title Number 3." GitHub Journal of Bugs. 1(3).
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research

Informational Content of Asset Purchase Announcements Under High Uncertainty

Published:

November 2025

Abstract: In this paper, I present empirical evidence that the effects of asset purchases conducted by the Federal Reserve depend on the state of macroeconomic uncertainty. I find that when aggregate uncertainty is elevated, a tapering of asset purchases has counterintuitive effects: industrial production steadily increases, and unemployment declines. However, in a state of normal uncertainty, a reduction of asset purchases yields expected contractionary outcomes, as industrial production falls, and unemployment exhibits an upward trend. I interpret these empirical findings as reflecting the informational content of the Federal Reserve's announcements on quantitative easing, which becomes particularly relevant in highly volatile economic conditions. By scaling back asset purchases under elevated uncertainty, the Federal Reserve reveals that its own economic outlook has strengthened relative to its prior projections. This information improves market expectations and acts as a stimulus to economic activity.

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Some Pitfalls of Instrument-Based Inference in Structural VARs

Published:

with Christian Matthes and Todd Walker

November 2025

Abstract: Structural VARs are often identified by using instruments derived from the residuals of auxiliary regressions (e.g., Romer and Romer (2004)). We evaluate the finite sample performance of this procedure in a series of Monte Carlo experiments using the Smets and Wouters (2007) model as our laboratory. We find that such instruments are meaningfully correlated not only with the monetary policy innovation, but also with other structural shocks, leading to substantial biases and variation in estimated impulse responses. We then examine several proposals from the literature designed to mitigate these issues. In our experimental setting, however, we find that none of these suggested solutions provides a meaningful improvement.

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Disturbed Household Beliefs and Their Lasting Impact on Consumption

Published:

(Job Market Paper)

November 2025

Abstract: I exploit the comovement in households' expectations to identify boundedly rational shocks that shift the entire system of their economic perceptions -- namely, sentiment shocks. The estimated shock series is correlated with consumer sentiment measures yet remains distinct from standard macroeconomic shocks. A Structural VAR analysis shows that sentiment disturbances have large and long-lived effects on household consumption, with the response of durable goods spending being especially strong. Sentiment shocks account for over 30% of the volatility in durable consumption and around 20% in non-durables at horizons of one to two years. I extend an otherwise standard New Keynesian model by introducing sentiment shocks that trigger a deviation of expectations from the rational benchmark. I present analytical results demonstrating that, depending on parameter values, a positive sentiment shock can generate fluctuations of either sign in output, inflation or the interest rate. The parameter estimates suggest that the high persistence of sentiment disturbances gives rise to prolonged effects on the model economy, consistent with the empirical impulse responses. Based on the estimated parameters, the quantitative results imply that the equilibrium effects of sentiment shocks on output and inflation are primarily driven by expectations of future interest rate changes. The latter reflects the anticipated monetary policy reaction to expected output fluctuations arising from sentiment disturbances.

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teaching