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Price setting behaviour in Spain: stylised facts using consumer price micro data

Álvarez, Luis J.; Hernando, Ignacio - Banco de España - 2004

general features are affected by certain specific factors: seasonality, the level of inflation, changes in indirect taxation …

Persistent link: https://www.econbiz.de/10004998473

Price determinacy under non-Ricardian fiscal strategies

Arce, Óscar J. - Banco de España - 2007

This paper shows that there exist fiscal strategies that deliver equilibrium uniqueness in a monetary economy in which the central bank follows an interest rate peg. In contrast to the fiscal theory of the price level (FTPL), such strategies always satisfy a government intertemporal budget...

Persistent link: https://www.econbiz.de/10005088315

Reflections on fiscalist divergent price-paths

Arce, Óscar J. - Banco de España - 2005

In this paper I analyze the classes of price-paths arising from a non-Ricardian fiscal monetary plan along the lines of the Fiscal Theory of the Price Level (FTPL), under a price invariant nominal money supply rule in a standard Sidrauski-Brock model. I first show that fiscalist speculative...

Persistent link: https://www.econbiz.de/10005088318

The fiscal theory of the price level: a narrow theory for non-fiat money

Arce, Óscar J. - Banco de España - 2005

I examine the postulates of the Fiscal Theory of the Price Level (FTPL) under a nominal interest rate peg. First, I show that the usual definition of a non-Ricardian plan involves a number of government's non-credible policy commitments, thus confuting the interpretation of the FTPL as a...

Persistent link: https://www.econbiz.de/10005088319

Differences in changes in fresh food prices by type of establishment

Matea, María de los Llanos; Pérez, Miguel - Banco de España - 2005

Using information on individual products obtained from the Food Consumption Panel, quality-adjusted price indices have been constructed, by type of establishment, for a representative set of fresh foods purchased by Spanish households. As the Food Consumption Panel does not provide information...

Persistent link: https://www.econbiz.de/10005088321

Price adjustments in a general model of state-dependent pricing

Costain, James; Nákov, Antón - Banco de España - 2008

adjustments similar to that observed in microeconomic data, both for low and high inflation. Our setup is based on one fundamental …, and because it implies a large fall in the standard deviation of price adjustments as trend inflation increases. Even …-behaved when we change the steady state inflation rate, matching the data at least as well as Golosov and Lucas' model. …

Persistent link: https://www.econbiz.de/10005590664

Price setting behaviour in Spain: evidence from micro PPI data

Álvarez, Luis J.; Burriel, Pablo; Hernando, Ignacio - Banco de España - 2005

conditions, government intervention, level of inflation, seasonality, and the practice of using attractive prices) and presents a …

Persistent link: https://www.econbiz.de/10005590677

Intertemporal Substitution and the Liquidity Effect in a Sticky Price Model.

Andrés, Javier; López-Salido, J. David; Vallés, Javier - Banco de España - 1999

The liquidity effect, defined as a decrease in nominal interest rates in response to a monetary expansion, is a major stylized fact of the business cycle. This paper seeks to understand under what conditions such an effect can be explained in a general equilibrium model with sticky prices and...

Persistent link: https://www.econbiz.de/10005590719

Optimal and Simple Monetary Policy Rules with Zero Floor on the Nominal Interest Rate

Nakov, Anton - Banco de España - 2006

and sometimes the unconditional means of the nominal rate, inflation and the output gap are strongly affected by …

Persistent link: https://www.econbiz.de/10005590731

Price setting in the euro area: Some stylized facts from Individual Consumer Price Data

Dhyne, Emmanuel; Álvarez, Luis J.; Bihan, Hervé le; … - Banco de España - 2005

decreases are not uncommon. Fifth, price increases and decreases are sizeable compared to aggregate and sectoral inflation rates … as well as aggregate or product-specific inflation. …

Persistent link: https://www.econbiz.de/10005590735