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Inventories, Markups, and Real Rigidities in Menu Cost Models
Kryvtsov, Oleksiy; Midrigan, Virgiliu - Bank of Canada - 2009
Real rigidities that limit the responsiveness of real marginal cost to output are a key ingredient of sticky price models necessary to account for the dynamics of output and inflation. We argue here, in the spirit of Bils and Kahn (2000), that the behavior of marginal cost over the cycle is...
Persistent link: https://www.econbiz.de/10005673309
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Inventories and Real Rigidities in New Keynesian Business Cycle Models
Kryvtsov, Oleksiy; Midrigan, Virgiliu - Bank of Canada - 2009
Kryvtsov and Midrigan (2008) study the behavior of inventories in an economy with menu costs, fixed ordering costs and the possibility of stock-outs. This paper extends their analysis to a richer setting that is capable of more closely accounting for the dynamics of the US business cycle. We...
Persistent link: https://www.econbiz.de/10005673320
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Inventories, Markups and Real Rigidities in Sticky Price Models of the Canadian Economy
Kryvtsov, Oleksiy; Midrigan, Virgiliu - Bank of Canada - 2011
Recent New Keynesian models of macroeconomy view nominal cost rigidities, rather than nominal price rigidities, as the key feature that accounts for the observed persistence in output and inflation. Kryvtsov and Midrigan (2010a,b) reassess these conclusions by combining a theory based on nominal...
Persistent link: https://www.econbiz.de/10008854701
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Endogenous Trade Participation with Incomplete Exchange Rate Pass-Through
Imura, Yuko - Bank of Canada - 2013
This paper investigates the implications of endogenous trade participation for international business cycles, trade … traded goods in this model differ in their productivities, trade status and prices. At the aggregate level, quantitative … this result to the micro-level price stickiness present in my model but absent in existing models of endogenous trade …
Persistent link: https://www.econbiz.de/10010691318
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Real effects of price stability with endogenous nominal indexation
Meh, Césaire Assah; Quadrini, Vincenzo; Terajima, Yaz - 2009
We study a model with repeated moral hazard where financial contracts are not fully indexed to inflation because nominal prices are observed with delay as in Jovanovic & Ueda (1997). More constrained firms sign contracts that are less indexed to the nominal price and, as a result, their...
Persistent link: https://www.econbiz.de/10003852858
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Structural inflation models with real wage rigidities : the case of Canada
Dufour, Jean-Marie; Khalif, Lynda; Kichian, Maral - 2009
significant [at usual levels] and correctly-signed reduced-form coefficient estimates, showing a trade-off between unemployment …
Persistent link: https://www.econbiz.de/10003933276
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Resurrecting the role of real money balance effects
Dorich, José - 2009
I present a structural econometric analysis supporting the hypothesis that money is still relevant for shaping inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively important, although smaller than they used to be in the...
Persistent link: https://www.econbiz.de/10003933293
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Is There a Quality Bias in the Canadian CPI? Evidence from Micro Data
Kryvtsov, Oleksiy - Bank of Canada - 2013
Rising consumer prices may reflect shifts by consumers to new higher-priced products, mostly for durable and semi-durable goods. I apply Bils’ (2009) methodology to newly available Canadian consumer price data for non-shelter goods and services to estimate how price increases can be divided...
Persistent link: https://www.econbiz.de/10010849942
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Perceived Inflation Persistence
Jain, Monica - Bank of Canada - 2013
The Survey of Professional Forecasters (SPF) has had vast influence on research related to better understanding expectation formation and the behaviour of macroeconomic agents. Inflation expectations, in particular, have received a great deal of attention, since they play a crucial role in...
Persistent link: https://www.econbiz.de/10010849947
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Global Inflation Dynamics in the Post-Crisis Period: What Explains the Twin Puzzle?
Friedrich, Christian - Bank of Canada - 2014
Inflation dynamics in advanced countries have produced two consecutive puzzles during the years after the global financial crisis. The first puzzle emerged when inflation rates over the period 2009-11 were consistently higher than expected, although economic slack in advanced countries reached...
Persistent link: https://www.econbiz.de/10010885041