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Opting out of the great inflation: German monetary policy after the break down of Bretton Woods
Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - Center for Financial Studies - 2008
interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …
Persistent link: https://www.econbiz.de/10010986410
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Do oil price increases cause higher food prices?
Baumeister, Christiane; Kilian, Lutz - Center for Financial Studies - 2013
U.S. retail food price increases in recent years may seem large in nominal terms, but after adjusting for inflation …
Persistent link: https://www.econbiz.de/10010958646
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Are stationary hyperinflation paths learnable?
Adam, Klaus; Evans, George W.; Honkapohja, Seppo - Center for Financial Studies - 2003
Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under … on stationary hyperinflationary paths near the high-inflation steady state. The hyperinflationary paths are stable under …
Persistent link: https://www.econbiz.de/10010958763
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Inflation and unemployment revisited: Grease vs. sand
Groshen, Erica L.; Schweitzer, Mark E. - Center for Financial Studies - 1998
As inflation rates in the United States decline, analysts are asking if there are economic reasons to hold the rates at … levels above zero. Previous studies of whether inflation greases the wheels of the labor market ignore inflation's potential … allows the benefits of inflation (downward wage flexibility) to be separated from disruptive uncertainty about inflation rate …
Persistent link: https://www.econbiz.de/10010958799
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Opting out of the Great Inflation: German Monetary Policy after the Break Down of Bretton Woods
Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - Center for Financial Studies - 2009
interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …
Persistent link: https://www.econbiz.de/10005007633
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Are Stationary Hyperinflation Paths Learnable?
Adam, Klaus; Evans, George W.; Honkapohja, Seppo - Center for Financial Studies - 2004
Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under … on stationary hyperinflationary paths near the high-inflation steady state. The hyperinflationary paths are stable under …
Persistent link: https://www.econbiz.de/10005120784
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Keynesian government spending multipliers and spillovers in the Euro area
Cwik, Tobias J.; Wieland, Volker - Center for Financial Studies - 2009
The global financial crisis has lead to a renewed interest in discretionary fiscal stimulus. Advocates of discretionary measures emphasize that government spending can stimulate additional private spending the so-called Keynesian multiplier effect. Thus, we investigate whether the discretionary...
Persistent link: https://www.econbiz.de/10010958672
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Exit strategies
Angeloni, Ignazio; Faia, Ester; Winkler, Roland C. - Center for Financial Studies - 2010
We study alternative scenarios for exiting the post-crisis fiscal and monetary accommodation using the model of Angeloni and Faia (2010), that combines a standard DSGE framework with a fragile banking sector, suitably modified and calibrated for the euro area. Credibly announced and fast fiscal...
Persistent link: https://www.econbiz.de/10010958696
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The boom-bust cycle in Finland and Sweden 1984-1995 in an international perspective
Jonung, Lars; Schuknecht, Ludger; Tujula, Mika - Center for Financial Studies - 2005
This paper compares the boom-bust cycle in Finland and Sweden 1984-1995 with the average boom-bust pattern in industrialized countries as calculated from an international sample for the period 1970-2002. Two clear conclusions emerge. First, the Finnish-Swedish experience is much more volatile...
Persistent link: https://www.econbiz.de/10010958775
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The Boom-Bust Cycle in Finland and Sweden 1984-1995 in an International Perspective
Jonung, Lars; Schuknecht, Ludger; Tujula, Mika - Center for Financial Studies - 2006
This paper compares the boom-bust cycle in Finland and Sweden 1984-1995 with the average boom-bust pattern in industrialized countries as calculated from an international sample for the period 1970-2002. Two clear conclusions emerge. First, the Finnish-Swedish experience is much more volatile...
Persistent link: https://www.econbiz.de/10005022419