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Inflation targeting and the anchoring of inflation expectations: cross-country evidence from consensus forecasts

Davis, Jonathan Scott; Presno, Ignacio - Federal Reserve Bank of Dallas - 2014

Using survey data of inflation expectations across a 36 developed and developing countries, this paper examines whether … the adoption of inflation targeting has helped to anchor inflation expectations. We examine the response of inflation … expectations following a shock to inflation, inflation expectations, and oil prices. For the 13 countries that adopted inflation …

Persistent link: https://www.econbiz.de/10010772603

Trade linkages and the globalisation of inflation in Asia and the Pacific

Auer, Raphael; Mehrotra, Aaron - Federal Reserve Bank of Dallas - 2014

networks. Starting with country-level data, we find that both producer price and consumer price inflation rates move more …

Persistent link: https://www.econbiz.de/10010772602

Pricing-to-market and optimal interest rate policy

Cooke, Dudley - Federal Reserve Bank of Dallas - 2014

I study optimal interest rate policy in a small open economy with consumer search in the product market. When there are search frictions, firms price-to-market, with implications for the design of monetary policy. Country-specific shocks generate deviations from the law of one price for traded...

Persistent link: https://www.econbiz.de/10011084958

The role of two frictions in geographic price dispersion: when market friction meets nominal rigidity

Choi, Chi-Young; Choi, Horag - Federal Reserve Bank of Dallas - 2014

This paper empirically investigates and theoretically derives the implications of two frictions, market friction and nominal rigidity, on the dynamic properties of intra-national relative prices, with an emphasis on the interaction of the two frictions. By analyzing a panel of retail prices of...

Persistent link: https://www.econbiz.de/10011160711

Noisy information, distance and law of one price dynamics across US cities

Crucini, Mario John; Shintani, Mototsugu; Tsuruga, Takayuki - Federal Reserve Bank of Dallas - 2014

Using US micro price data at the city level, we provide evidence that both the volatility and the persistence of deviations from the law of one price (LOP) are rising in the distance between US cities. A standard, two-city, stochastic equilibrium model with trade costs can predict the...

Persistent link: https://www.econbiz.de/10011160712

Japan’s financial crises and lost decades

Hirakata, Naohisa; Sudo, Nao; Takei, Ikuo; Ueda, Kozo - Federal Reserve Bank of Dallas - 2014

In this paper we explore the role of financial intermediation malfunction in macroeconomic fluctuations in Japan. To this end we estimate, using Japanese data, a financial accelerator model in which the balance sheet conditions of entrepreneurs in a goods-producing sector and those of a...

Persistent link: https://www.econbiz.de/10011160714