Showing 1 - 10 of 86
Since 2013 the inflation rate in the euro area has fallen steadily, reaching all-time lows at the end of 2014. Market …-based measures of inflation expectations (such as inflation swaps) have also declined to extremely low levels, which suggests … increasing concern about the credibility of the ECB in maintaining price stability. Inflation releases have often surprised …
Persistent link: https://www.econbiz.de/10011207925
The paper examines various tests for assessing whether a time series model requires a slope component. We first consider the simple t-test on the mean of first differences and show that it achieves high power against the alternative hypothesis of a stochastic nonstationary slope as well as...
Persistent link: https://www.econbiz.de/10005113529
The paper finds evidence of non-linearities in the dynamics of the euro-area demand for the narrow aggregate M1. A long-run money demand relationship is first estimated over a sample period covering the last three decades. While the parameters of the relationship are jointly stable, there are...
Persistent link: https://www.econbiz.de/10005113659
In the past decade changes in oil prices have played a significant role in shaping inflation dynamics in the US and in …
Persistent link: https://www.econbiz.de/10008626023
Price versus productivity indexing is considered in a model of monetary policy with wage bargaining. The wage-indexing rule is negotiated in a first stage of the game between government, union and firm.
Persistent link: https://www.econbiz.de/10005671385
This paper proposes a monetary policy game based on a microfounded general equilibrium model. The approach allows some key features of the policy game to be related to basic technological and preference parameters. Moreover, it shows how results are affected by the presence of non-atomistic...
Persistent link: https://www.econbiz.de/10005780671
expectations do matter as determinants of inflation, along with the exchange rate and demand. …The empirical literature on the transmission of monetary policy to inflation in Italy has stressed the importance of … the exchange rate and, to some extent, of the demand channel; recently, the roles of inflation expectations and the fiscal …
Persistent link: https://www.econbiz.de/10005780682
The paper analyzes the short-run impact of periods of strong monetary growth on inflation dynamics for 15 …
Persistent link: https://www.econbiz.de/10005770764
level, after controlling for inflation expectations, and whether it is concentrated among those firms that are more exposed …
Persistent link: https://www.econbiz.de/10005770766
promptly identifying turning points in inflation. The focus of this paper is the so-called "cost-of-living" index, the most … used measure of Italian inflation. Our aim is to identify and test a model of its seasonal component, which is important in …
Persistent link: https://www.econbiz.de/10005486712