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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

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

Does Money Illusion Matter? An Experimental Approach

Fehr, Ernst; Tyran, Jean-Robert - CESifo - 1999

Money illusion means that people behave differently when the same objective situation is represented in nominal or in real terms. To examine the behavioral impact of money illusion we studied the adjustment process of nominal prices after a fully anticipated negative nominal shock in an...

Persistent link: https://www.econbiz.de/10005405782

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 … Spain over this period. We show that the New Keynesian Phillips curve is shifted by immigration if natives’ and immigrants …’ labor supply or bargaining power differ. Estimation of the curve for Spain indicates that the fall in unemployment since …

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

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 the UK. Instead of imposing rational expectations and estimating the Phillips curve by the Generalized Method of Moments, we follow Roberts (1997) and Adam and Padula (2003) and...

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

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

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

Privatisation Policy in Spain: Stuck Between Liberalisation and the Protection of Nationals’ Interests

Arocena, Pablo - CESifo - 2004

This paper carries out an overview of the recent history of privatisation in Spain. At this point, the paper focuses on …

Persistent link: https://www.econbiz.de/10005196308

The Actuarial Balance Sheet for Pay-As-You-Go Finance: Solvency Indicators for Spain and Sweden

Boado-Penas, Maria del Carmen; Valdés-Prieto, Salvador; … - CESifo - 2008

This paper provides the first estimate of the actuarial balance of the Spanish contributory pension system for the old age contingency, based on official data. The novel entry in the balance sheet, named “Contribution Asset” or “Hidden Asset”, is at the centre of the theoretical...

Persistent link: https://www.econbiz.de/10005405839

Transparency, Flexibility and Macroeconomic Stabilization

Geraats, Petra - CESifo - 2014

Many central banks have become more transparent during the last decade, in particular about macroeconomic prospects. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic shocks. In particular, it allows central banks to...

Persistent link: https://www.econbiz.de/10010877697

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