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Monetary Policy and the International Implications of the Phillips Curve in an Open Economy
Alogoskoufis, George - C.E.P.R. Discussion Papers - 1987
In this paper I examine optimal monetary policy and the informational implications of the Phillips curve in a stochastic model of a small open economy. It is assumed that the economy produces both traded and non-traded goods, that capital mobility is perfect and that the economy faces a variety...
Persistent link: https://www.econbiz.de/10005661914
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Hyperbolic Discounting and Positive Optimal Inflation
Graham, Liam; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2011
The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al. (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...
Persistent link: https://www.econbiz.de/10009643503
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The European Phillips Curve: Does the NAIRU Exist?
Karanassou, Marika; Sala, Hector; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2003
model, covering a panel of EU countries, and derives the implied long-run inflation-unemployment tradeoff. Our results …
Persistent link: https://www.econbiz.de/10005667015
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The Return of the Long-Run Phillips Curve
Graham, Liam; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2003
inflation and a permanent reduction in the level of unemployment. In short, we derive a microfounded long-run downward …
Persistent link: https://www.econbiz.de/10005791529
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The Phillips Curve and the Lucas Critique: Some Historical Evidence
Alogoskoufis, George; Smith, Ron P - C.E.P.R. Discussion Papers - 1989
This paper presents an investigation of the empirical significance of the Lucas Critique for the Phillips Curve. The investigation is carried out with annual historical time series for the United Kingdom (1857-1987) and the United States (1892-1987). The results, for two different models of the...
Persistent link: https://www.econbiz.de/10005661752
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Optimal Monetary and Fiscal Policy in an Economy with Inflation Persistence
Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015
This paper studies a simple New-Keynesian model of fiscal and monetary policy coordination when the policymaker acts under commitment. With a New Keynesian Phillips curve it is optimal to control inflation only through the use of monetary policy. But, when price-setters use a Steinsson (2003)...
Persistent link: https://www.econbiz.de/10011276384
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Imperfect Information and Aggregate supply
Mankiw, N Gregory; Reis, Ricardo - C.E.P.R. Discussion Papers - 2010
This paper surveys the research in the past decade on imperfect information models of aggregate supply and the Phillips curve. This new work has emphasized that information is dispersed and disseminates slowly across a population of agents who strategically interact in their use of information....
Persistent link: https://www.econbiz.de/10008468556
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Globalization and the Output-inflation Tradeoff: New Time Series Evidence
Eijffinger, Sylvester C W; Qian, Zongxin - C.E.P.R. Discussion Papers - 2010
Recent cross-country studies on the globalization and output-inflation tradeoff correlation find openness has no significant effect on OECD countries. Those studies assume parameter constancy across countries. In this paper, we argue that this assumption does not hold for major industrialized...
Persistent link: https://www.econbiz.de/10008468668
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Menu Costs and Asymmetric Price Adjustment
Ellingsen, Tore; Friberg, Richard; Hassler, John - C.E.P.R. Discussion Papers - 2006
We study optimal price setting by a monopolist in an infinite horizon model with stochastic costs, moderate inflation, and costly price adjustment. For realistic parameters, chosen to replicate observed frequencies of price changes, the model fits numerically several empirical regularities. In...
Persistent link: https://www.econbiz.de/10005123623
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The Time-varying NAIRU and its Implications for Economic Policy
Gordon, Robert J - C.E.P.R. Discussion Papers - 1996
This paper estimates the NAIRU (standing for the Non-Accelerating Inflation Rate of Unemployment) as a parameter that … varies over time. The NAIRU is the unemployment rate that is consistent with a constant rate of inflation. Its value is … by the difference between the actual unemployment rate and the estimated NAIRU, and a set of supply shock variables. The …
Persistent link: https://www.econbiz.de/10005123935