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Inflation and Output Dynamics in a Model with Labor Market Search and Capital Accumulation

Heer, Burkhard; Maussner, Alfred - CESifo - 2007

rate policy helps to reconcile the inflation and output persistence with empirical observations for the US economy. We show … findings for the inflation inertia in a model with capital adjustment costs and variable capacity utilization, the output …

Persistent link: https://www.econbiz.de/10005766166

Financial Frictions and Inflation Differentials in a Monetary Union

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - CESifo - 2010

This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation … the fraction of borrowers and to a lesser extent the loan-to-value ratio - generate inflation differentials that are … characteristics of financial markets should be seen as a possible alternative explanation for the observable inflation dispersion in …

Persistent link: https://www.econbiz.de/10008727289

Fiscal Multipliers in a Two-Sector Search and Matching Model

Konstantinos, Jiang, Wei Angelopoulos; Malley, Jim - CESifo - 2015

This paper evaluates the effects of policy interventions on sectoral labour markets and the aggregate economy in a business cycle model with search and matching frictions. We extend the canonical model by including capital-skill complementarity in production, labour markets with skilled and...

Persistent link: https://www.econbiz.de/10011163069

Generalized Taylor and Generalized Calvo Price and Wage-Setting: Micro Evidence with Macro Implications

Dixon, Huw D.; Bihan, Hervé Le - CESifo - 2010

found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …

Persistent link: https://www.econbiz.de/10008572477

Monetary Persistence and the Labor Market: A New Perspective

Lechthaler, Wolfgang; Merkl, Christian; Snower, Dennis - CESifo - 2010

In this paper we propose a novel way to model the labor market in the context of a New-Keynesian general equilibrium model, incorporating labor market frictions in the form of hiring and firing costs. We show that such a model is able to replicate many important stylized facts of the business...

Persistent link: https://www.econbiz.de/10008572528

Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets – An Overinvestment View

Hoffmann, Andreas; Schnabl, Gunther - CESifo - 2007

Credit booms have globally fuelled hikes in stock, raw material and real estate markets which have culminated in the recent US subprime market crisis. We explain the global asset market booms since the mid 1980s based on the overinvestment theories of Hayek, Wicksell and Schumpeter. We argue...

Persistent link: https://www.econbiz.de/10005094169

Macroeconomic Modeling when Agents are Imperfectly Informed

Grauwe, Paul De - CESifo - 2008

individuals use simple rules of thumb (heuristics) to forecast the future inflation and output gap. We compare this model with the …

Persistent link: https://www.econbiz.de/10005405712

Leaning Against Windy Bank Lending

Melina, Giovanni; Villa, Stefania - CESifo - 2015

inflation and financial stabilization. …

Persistent link: https://www.econbiz.de/10011265258

Monetary Policy and the Relative Price of Durable Goods

Cantelmo, Alessandro; Melina, Giovanni - CESifo - 2015

In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...

Persistent link: https://www.econbiz.de/10011272622

Too many Cooks? Committees in Monetary Policy

Berger, Helge; Nitsch, Volker - CESifo - 2008

-shaped relation between the membership size of MPCs and inflation; our results suggest that the lowest level of inflation is reached … at MPCs with about seven to ten members. Similar results are obtained for other measures, such as inflation variability …

Persistent link: https://www.econbiz.de/10005766195