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A cross-country investigation of macroeconomic asymmetries
Verbrugge, Randal J. - EconWPA - 1998
Using a recently introduced nonparametric test, I investigate two important and distinct asymmetries in cross-country quarterly macroeconomic time series. Asymmetries are suggested by many theories (old and new), and those discovered aid in the selection of the appropriate nonlinear time series...
Persistent link: https://www.econbiz.de/10005412800
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Maximum Likelihood Estimation of Dynamic Stochastic Theories with an Application to New Keynesian Pricing
Kurmann, André - EconWPA - 2004
good approximation of U.S. inflation dynamics. By contrast, if the same estimates are constrained to yield a unique stable …
Persistent link: https://www.econbiz.de/10005412787
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Adaptive Learning and Cyclical Behavior of Output and Inflation
Adam, Klaus - EconWPA - 2002
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/10005126229
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WOULD ADOPTING THE US DOLLAR HAVE LED TO IMPROVED INFLATION, OUTPUT AND TRADE BALANCES FOR NEW ZEALAND IN THE 1990s?
Hall, Viv; Huang, Angela - EconWPA - 2004
modest short-run output gains, greater excess demand pressures, noticeably higher CPI inflation rates over the whole of the …
Persistent link: https://www.econbiz.de/10005412749
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UNA APROXIMACIÓN NO LINEAL A LA RELACIÓN INFLACIÓN– CRECIMIENTO ECONÓMICO: UN ESTUDIO PARA AMÉRICA LATINA
Ochoa, Marcelo; Orellana, Walter - EconWPA - 2002
Existe un amplio consenso del efecto adverso de altas tasas de inflación sobre el crecimiento económico, no obstante, no existe pleno acuerdo en cuanto al efecto de tasas de inflación moderadas. Este trabajo re- examina la relación entre la inflación y el crecimiento en una muestra de nueve...
Persistent link: https://www.econbiz.de/10005408242
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Price Discovery in Time and Space: The Course of Condominium Prices in Singapore
Hwang, Min; Quigley, John M. - EconWPA - 2003
Despite evidence that aggregate housing price are predictable, a random walk in time and independence in space are two maintained hypotheses in the empirical models for housing price measurement used by government and commercial companies. This paper examines the price discovery process in...
Persistent link: https://www.econbiz.de/10005561093
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Using Instrumental Variables to Estimate the Share of Backward- Looking Firms
Sondergaard, Lars - EconWPA - 2003
This paper examines the small-sample distribution of the instrumental variables (IV) estimation procedure employed by Gali and Gertler (1999) to assess the empirical fit of the New Keynesian Phillips Curve (NKPC) and the hybrid Phillips Curve (HPC). Their estimation method is now widely used to...
Persistent link: https://www.econbiz.de/10005126218
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Is corporatism feasible?
Acocella, Nicola; Bartolomeo, Giovanni Di - EconWPA - 2003
In this paper we consider a standard policy game between the Government and a union. In such a framework, we first investigate the effects of corporatism on macroeconomic performance vis-à-vis different kinds of non-co-operative equilibria. Afterwards, we introduce in the literature the issue...
Persistent link: https://www.econbiz.de/10005076716
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INFLATION AND PRICE DISPERSION IN EQUITY MARKETS AND IN GOODS AND SERVICES MARKETS
Popper, David Parsley Helen - EconWPA - 2002
An empirical link between inflation and price dispersion has been well established in goods and services markets – both …. Specifically, we examine the link between inflation and price dispersion in an empirical setting patently lacking the market … inflation-dispersion link in goods and services markets with a matched panel of equity market prices. Surprisingly, we find that …
Persistent link: https://www.econbiz.de/10005076784
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Who Controls the Price Level?
Erdogdu, Oya S. - EconWPA - 2003
Under the guidance of different theories and the problem of dominance and activeness, this study gives a survey of the rapidly growing literature on Fiscal Theory of Price Level, which opens up new horizons in a non–Ricardian world and questions the effectiveness of monetary policy on price...
Persistent link: https://www.econbiz.de/10005076798