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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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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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Unemployment fluctuation with staggered Nash wage bargaining
Gertler, Mark; Trigari, Antonella - Center for Financial Studies - 2006
address this issue by modifying the MP framework to allow for staggered multiperiod wage contracting. What emerges is a … tractable relation for wage dynamics that is a natural generalization of the period-by-period Nash bargaining outcome in the …
Persistent link: https://www.econbiz.de/10010958510
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Identifying the role of labor markets for monetary policy in an estimated DSGE model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Center for Financial Studies - 2006
wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we …-euro heterogeneity in wage bargaining we take this as the first-best approximation at hand for modelling monetary policy in the presence …
Persistent link: https://www.econbiz.de/10010958792
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Identifying the Role of Labor Markets for Monetary Policy in an Estimated DSGE Model
Christoffel, Kai; Kuester, Keith; Linzert, Tobias - Center for Financial Studies - 2007
wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we …-euro heterogeneity in wage bargaining we take this as the first-best approximation at hand for modelling monetary policy in the presence …
Persistent link: https://www.econbiz.de/10005176440
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Unemployment Fluctuation with Staggered Nash Wage Bargaining
Gertler, Mark; Trigari, Antonella - Center for Financial Studies - 2007
address this issue by modifying the MP framework to allow for staggered multiperiod wage contracting. What emerges is a … tractable relation for wage dynamics that is a natural generalization of the period-by-period Nash bargaining outcome in the …
Persistent link: https://www.econbiz.de/10005120768
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The role of expectations in economic fluctuations and the efficacy of monetary policy
Kurz, Mordecai; Jin, Hehui; Motolese, Maurizio - Center for Financial Studies - 2003
inflation volatility to zero. (iii) The statistical Phillips Curve changes substantially with policy instruments and activist … inflation hence the aggregate price level appears sticky with respect to money shocks. (v) Discretion in monetary policy adds a … current effective policy is only mildly activist and aims mostly to target inflation. …
Persistent link: https://www.econbiz.de/10010986484
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Learning to Forecast and Cyclical Behavior of Output and Inflation
Adam, Klaus - Center for Financial Studies - 2003
This paper considers a sticky price model with a cash-in-advance constraint where agents forecast inflation rates with …. While average output and inflation result the same as under rational expectations, higher moments differ substantially …: output and inflation show persistence, inflation responds sluggishly to nominal disturbances, and the dynamic correlations of …
Persistent link: https://www.econbiz.de/10010958541
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Menu costs, multi-product firms, and aggregate fluctuations
Midrigan, Virgiliu - Center for Financial Studies - 2006
I employ a large set of scanner price data collected in retail stores to document that (i) although the average magnitude of price changes is large, a substantial number of price changes are small in absolute value; (ii) the distribution of non-zero price changes has fat tails; and (iii) stores...
Persistent link: https://www.econbiz.de/10010958680
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Three great American disinflations
Bordo, Michael D.; Erceg, Christopher; Levin, Andrew; … - Center for Financial Studies - 2006
In this paper, we examine three famous episodes of deliberate deflation (or disinflation) in U.S. history, including episodes following the Civil War, World War I, and the Volcker disinflation of the early 1980s. These episodes were associated with widely divergent effects on the real economy,...
Persistent link: https://www.econbiz.de/10010958695