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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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Optimal Monetary and Fiscal Policy in an Economy with Endogenous Public Debt
Luk, Paul; Vines, David - C.E.P.R. Discussion Papers - 2015
inflation shock when the policymaker acts with commitment. We first show that, in the simplest New Keynesian model, fiscal … control of inflation. We then add endogenous public debt and show that the above result is no longer true. When the initial … adding endogenous capital accumulation and inflation persistence in the Phillips curve. …
Persistent link: https://www.econbiz.de/10011276383
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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
under commitment. With a New Keynesian Phillips curve it is optimal to control inflation only through the use of monetary …
Persistent link: https://www.econbiz.de/10011276384
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Short and Long Interest Rate Targets
Adão, Bernardino; Correia, Isabel; Teles, Pedro - C.E.P.R. Discussion Papers - 2010
We show that short and long nominal interest rates are independent monetary policy instruments. The pegging of both helps solving the problem of multiplicity that arises when only short rates are used as the instrument of policy. A peg of the nominal returns on assets of different maturities is...
Persistent link: https://www.econbiz.de/10008554242
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Negative Nominal Interest Rates: Three ways to overcome the zero lower bound
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2009
The paper considers three methods for eliminating the zero lower bound on nominal interest rates and thus for restoring symmetry to domain over which the central bank can vary its policy rate. They are: (1) abolishing currency (which would also be a useful crime-fighting measure); (2) paying...
Persistent link: https://www.econbiz.de/10005034754
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Sticky Prices and Monetary Policy: Evidence from Disaggregated US Data
Boivin, Jean; Giannoni, Marc; Mihov, Ilian - C.E.P.R. Discussion Papers - 2007
facts: (1) Macroeconomic shocks explain only about 15% of sectoral inflation fluctuations; (2) The persistence of sectoral … inflation is driven by macroeconomic factors; (3) While disaggregated prices respond quickly to sector-specific shocks, their …
Persistent link: https://www.econbiz.de/10005497865
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Household Leverage and the Recession
Midrigan, Virgiliu; Philippon, Thomas - C.E.P.R. Discussion Papers - 2011
A salient feature of the recent U.S. recession is that output and employment have declined more in regions (states, counties) where household leverage had increased more during the credit boom. This pattern is difficult to explain with standard models of financing frictions. We propose a theory...
Persistent link: https://www.econbiz.de/10009024926
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Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach
Smets, Frank; Wouters, Rafael - C.E.P.R. Discussion Papers - 2007
explain the cross-correlation between output and inflation? What are the effects of productivity on hours worked? What are the …
Persistent link: https://www.econbiz.de/10005656292
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Is the Euro Sustainable?
Wickens, Michael R. - C.E.P.R. Discussion Papers - 2007
competitiveness. A formal theory of inflation in the euro-zone based on an open-economy version of the New Keynesian model is used to … shown that, in effect, this is an inflation tax, requiring high inflation countries to make transfers to low inflation …
Persistent link: https://www.econbiz.de/10005789110
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Central Banks and the Financial System
Giavazzi, Francesco; Giovannini, Alberto - C.E.P.R. Discussion Papers - 2010
Financial systems are inherently fragile because of the very function which makes them valuable: liquidity transformation. Thus regulatory reforms, as urgent and desirable as they are, will definitely strengthen the financial system and decrease the risk of liquidity crises, but they will never...
Persistent link: https://www.econbiz.de/10008466344