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Does Responsive Pricing Smooth Demand Shocks?

Courty, Pascal; Pagliero, Mario - C.E.P.R. Discussion Papers - 2008

Using data from a unique pricing experiment, we investigate Vickrey’s conjecture that responsive pricing can be used to smooth both predictable and unpredictable demand shocks. Our evidence shows that increasing the responsiveness of price to demand conditions reduces the magnitude of...

Persistent link: https://www.econbiz.de/10005661936

Happiness and the Human Development Index: Australia is NOT a Paradox

Leigh, Andrew; Wolfers, Justin - C.E.P.R. Discussion Papers - 2006

In 'Happiness and the Human Development Index: The Paradox of Australia,' Blanchflower and Oswald (2005) observe an … apparent puzzle: they claim that Australia ranks highly in the Human Development Index (HDI), but relatively poorly in … happiness. However, when we compare their happiness data with the HDI, Australia appears happier, not sadder, than its HDI score …

Persistent link: https://www.econbiz.de/10005136466

Distributional Impact of Commodity Price Shocks: Australia over a Century

Bhattacharyya, Sambit; Williamson, Jeffrey G - C.E.P.R. Discussion Papers - 2013

. Using a GARCH model, we find that Australia experienced more volatility than many commodity exporting poor countries between …

Persistent link: https://www.econbiz.de/10011084231

Evolving International Inflation Dynamics: Evidence from a Time-varying Dynamic Factor Model

Mumtaz, Haroon; Surico, Paolo - C.E.P.R. Discussion Papers - 2008

Several industrialised countries have had a similar inflation experience in the past 30 years, with inflation high and volatile in the 1970s and the 1980s but low and stable in the most recent period. We explore the dynamics of inflation in these countries via a time-varying factor model. This...

Persistent link: https://www.econbiz.de/10005788916

Long-Run Inflation-Unemployment Dynamics: The Spanish Phillips Curve and Economic Policy

Karanassou, Marika; Sala, Hector; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2003

This Paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in the growth rate of the money supply. We examine the Phillips curve from the perspective of what we call ‘frictional growth’, i.e. the interaction between money growth and...

Persistent link: https://www.econbiz.de/10005788925

Imperfect Competition, Expectations and the Effectiveness of Monetary Policy

Rankin, Neil - C.E.P.R. Discussion Papers - 1989

A monetary overlapping generations model with oligopolistic imperfect competition is constructed. In general, output and employment are below their full employment levels. Three alternative expectations hypotheses are used - 'adaptive', 'monetarist' and 'pure rational' - all of which ensure no...

Persistent link: https://www.econbiz.de/10005788937

Identifying Monetary Policy Shocks in Japan

Shioji, Etsuro - C.E.P.R. Discussion Papers - 1997

It is sometimes argued that central banks influence the private economy in the short run through controlling a specific component of high powered money, not its total amount. Using a structural VAR approach, this paper evaluates this claim empirically, in the context of the Japanese economy. It...

Persistent link: https://www.econbiz.de/10005789026

Monetary Policy Rules in Practice: Some International Evidence

Clarida, Richard; Galí, Jordi; Gertler, Mark - C.E.P.R. Discussion Papers - 1997

This paper reports estimates of monetary policy reaction functions for two sets of countries: the G3 (Germany, Japan and the United States) and the E3 (France, Italy and the United Kingdom). It finds that since 1979 each of the G3 central banks has pursued an implicit form of inflation...

Persistent link: https://www.econbiz.de/10005789030

Monetary Policies for Developing Countries: The Role of Institutional Quality

Huang, Haizhou; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2005

Weak public institutions, including high levels of corruption, characterize many developing countries. With a simple model, we demonstrate that institutional quality has important implications for the design of monetary policies and can produce several departures from the conventional wisdom. We...

Persistent link: https://www.econbiz.de/10005789083

Is the Euro Sustainable?

Wickens, Michael R. - C.E.P.R. Discussion Papers - 2007

It is widely recognised that the "one-size-fits-all" monetary policy of the euro-zone is a potential problem. How much of a problem has not been much investigated. It is argued in this paper that it may result in the euro not being sustainable in the longer term without drastic changes to other...

Persistent link: https://www.econbiz.de/10005789110