Similar Search Results

Does Immigration Affect the Phillips Curve? Some Evidence for Spain

Bentolila, Samuel; Dolado, Juan J.; Jimeno, Juan F - C.E.P.R. Discussion Papers - 2007

Spain over this period. We show that the New Keynesian Phillips curve is shifted by immigration if natives’ and immigrants …’ labour supply or bargaining power differ. Estimation of the curve for Spain indicates that the fall in unemployment since …The Phillips curve has flattened in Spain over 1995-2006: unemployment has fallen by 15 percentage points, with roughly …

Persistent link: https://www.econbiz.de/10005791807

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

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

The Phillips Curves Across the Atlantic: It is the Price Curves that Differ

Cohen, Daniel; Farhi, Emmanuel - C.E.P.R. Discussion Papers - 2001

The Paper highlights one critical difference between Europe and the US regarding the Phillips curve: the behaviour of prices. While they are quickly restored to an equilibrium level in the US, European prices are driven by highly counter-cyclical mark-ups. In bad times, European firms manage to...

Persistent link: https://www.econbiz.de/10005662168

Exploitability as a Specification Test of the Phillips Curve

Minford, Patrick; Peel, David - C.E.P.R. Discussion Papers - 2002

Nominal price and wage rigidity renders monetary policy effective over output. However, this effectiveness extends, under widely used overlapping-wage and Calvo-contract Phillips Curves, to planned monetary policy (‘exploitability’) and not merely to policy surprises. We argue that within...

Persistent link: https://www.econbiz.de/10005662276

A Two-Country Model with Asymmetric Phillips Curves and Intervention in the Foreign Exchange Market

Artis, Michael J; Gazioglu, Saziye - C.E.P.R. Discussion Papers - 1987

In this paper simulation methods are employed on a two-country, rational expectations continuous-time model to explore the consequences of asymmetrical wage-price processes. As an additional feature the effects are explored of reductions in the degree of financial integration between the two...

Persistent link: https://www.econbiz.de/10005662381

Sticky Prices and Volatile Output: Or When is a Phillips Curve not a Phillips Curve

Ellison, Martin; Scott, Andrew - C.E.P.R. Discussion Papers - 1998

We examine the effect of introducing price stickiness into a stochastic growth model subject to a cash in advance constraint. As has been previously documented, the introduction of price rigidities provides a substantial source of monetary non-neutrality; leads to a strong positive correlation...

Persistent link: https://www.econbiz.de/10005662388

Money at Low Frequencies

Assenmacher-Wesche, Katrin; Gerlach, Stefan - C.E.P.R. Discussion Papers - 2006

Many central banks have abandoned monetary targeting because the link between money growth and inflation seemed to disappear in the 1980s. Using spectral regression techniques, we show that for the euro area, Japan, the UK and the US there is a unit relationship between money growth and...

Persistent link: https://www.econbiz.de/10005666437

Testing Long-run Neutrality: Empirical Evidence for G7 Countries with Special Emphasis on Germany

Weber, Axel A - C.E.P.R. Discussion Papers - 1994

Modern neo-Keynesian, new classical, and real business cycle models typically differ in the degree to which they incorporate long-run or short-run neutrality propositions. Despite their importance, little firm international evidence on the validity of these neutrality hypotheses is available to...

Persistent link: https://www.econbiz.de/10005666523

Rational Expectations and Monetary Policy

Minford, Patrick - C.E.P.R. Discussion Papers - 1986

This survey essay considers how rational expectations have changed our evaluation of monetary policy. In the first section, various underpinnings of the "Phillips curve" relation between inflation and output are reviewed. All are concluded to be products of particular institutional set-ups whose...

Persistent link: https://www.econbiz.de/10005666800

1
2
3
4
5
6
7
8
9
10
Next
Last