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Wage Indexation and the Monetary Policy Regime

Schryder, Selien De; Peersman, Gert; Wauters, Joris - CESifo - 2014

We estimate a New Keynesian wage Phillips curve for a panel of 24 OECD countries, and allow the degree of wage indexation to past inflation to vary according to the monetary policy regime. We find that the extent of wage indexation is significantly lower in an inflation targeting regime, in...

Persistent link: https://www.econbiz.de/10011096353

Does Immigration Affect the Phillips Curve? Some Evidence for Spain

Bentolila, Samuel; Dolado, Juan Jose; Jimeno, Juan F. - CESifo - 2007

The Phillips curve has flattened in Spain over 1995-2006: unemployment has fallen by 15 percentage points, with roughly constant inflation. This change has been more pronounced than elsewhere. We argue that this stems from the immigration boom in Spain over this period. We show that the New...

Persistent link: https://www.econbiz.de/10005765714

The Inflationary Impact of Wage Indexation

Heinemann, Frank - CESifo - 2003

It is an open question whether and how indexed wage contracts reduce welfare or raise average inflation. This paper analyzes the impact of indexed wage contracts on inflation and social welfare in a Barro–Gordon model with discretionary monetary policy by endogenizing social costs of...

Persistent link: https://www.econbiz.de/10005181264

The New Keynesian Phillips Curve and the Role of Expectations: Evidence from the Ifo World Economic Survey

Henzel, Steffen; Wollmershäuser, Timo - CESifo - 2006

We provide evidence on the fit of the hybrid New Keynesian Phillips curve for selected euro zone countries, the US and …

Persistent link: https://www.econbiz.de/10005181411

Hyperbolic Discounting and Positive Optimal Inflation

Graham, Liam; Snower, Dennis - CESifo - 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/10009024848

Has the EMU Reduced Wage Growth and Unemployment? Testing a Model of Trade Union Behaviour

Mikosch, Heiner; Sturm, Jan-Egbert - CESifo - 2011

By using a model of trade union behaviour Grüner (2010) argues that the introduction of the European Monetary Union (EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner’s model, monetary centralization lets the central bank react less flexibly to...

Persistent link: https://www.econbiz.de/10009020101

Zooming Out: The Trade Effect of the Euro in Historical Perspective

Berger, Helge; Nitsch, Volker - CESifo - 2005

currencies and adopted a new common currency, the euro. Several recent papers argue that the introduction of the euro has led (by … put the trade effect of the euro in historical perspective. We argue that the creation of the EMU was a continuation (or … integration, the euro’s impact on trade disappears. Moreover, a significant part of the trend in European trade integration is …

Persistent link: https://www.econbiz.de/10005405814

The Impact of Yuan Internationalization on the Euro-Dollar Exchange Rate

Benassy-Quere, Agnes; Forouheshfar, Yeganeh - CESifo - 2013

the euro-dollar exchange rate, within a three-country, three-currency portfolio model. Our static model shows that the … euro-dollar rate, whatever the exchange-rate regime of China. Moving to a dynamic, stock-flow framework, we show that the …

Persistent link: https://www.econbiz.de/10010877786

Is Greece Turning the Corner? A Theory-Based Assessment of Recent Greek Macro-Policy

Arghyrou, Michael G. - CESifo - 2014

We use a macro-theory framework of analysis to assess Greek macro-policy with emphasis on the period of the Greek debt crisis. The latter is mainly the result of misguided past internal policies deviating from the policy lessons of modern macroeconomics. The current policy, however, provides a...

Persistent link: https://www.econbiz.de/10010948838

Statements of ECB Officials and their Effect on the Level and Volatility of the Euro-Dollar Exchange Rate

Jansen, David-Jan; Haan, Jakob de - CESifo - 2003

This paper studies the reaction of the mean and volatility of the euro-dollar exchange rate to statements of ECB … officials during the first years of EMU. We focus on statements on monetary policy and the (potential) strength of the euro. We …. In some cases there are effects of statements on the level of the euro-dollar rate. Efforts to ‘talk up’ the euro have …

Persistent link: https://www.econbiz.de/10005094406