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Inflation and relative price variability : durables vs. nondurables and services

Golob, John E.; Bishop, David G. - Federal Reserve Bank of Kansas City - 1997

Many researchers find a positive relationship between inflation and the variability of relative prices within aggregate … price indices. This paper looks at the relationship between inflation and the variability of relative prices for three …

Persistent link: https://www.econbiz.de/10005515023

Inflation, inflation uncertainty, and relative price variability: a survey

Golob, John E. - Federal Reserve Bank of Kansas City - 1993

Persistent link: https://www.econbiz.de/10005515065

Targeting inflation and the fiscal balance : what is the optimal policy mix?

Aurelio, Marcela Meirelles - Federal Reserve Bank of Kansas City - 2006

This paper identifies optimal policy rules in the presence of explicit targets for both the inflation rate and public debt. This issue is investigated in the context of a dynamic stochastic general equilibrium model that describes a small open economy with capital accumulation, distortionary...

Persistent link: https://www.econbiz.de/10005410776

A Bayesian evaluation of alternative models of trend inflation

Clark, Todd E.; Doh, Taeyoung - Federal Reserve Bank of Kansas City - 2011

The concept of trend inflation is important in making accurate inflation forecasts. However, there is little consensus on how the trend in inflation should be modeled. While some studies suggest a survey-based measure of long-run inflation expectations as a good empirical proxy for trend...

Persistent link: https://www.econbiz.de/10010681636

Do stock prices follow interest rates or inflation?

Golob, John E.; Bishop, David G. - Federal Reserve Bank of Kansas City - 1996

Market analysts often forecast changes in stock prices by comparing earnings-price ratios on stocks to nominal interest … rates. This paper shows that stock prices have followed inflation more closely than interest rates over the last thirty … inflation has recently been above historic averages. That is, stock prices appear more overvalued when the earnings-price ratio …

Persistent link: https://www.econbiz.de/10005515016

Optimal inflation for the U.S.

Billi, Roberto M. - Federal Reserve Bank of Kansas City - 2007

What is the correctly measured inflation rate that monetary policy should aim for in the long-run? This paper characterizes the optimal inflation rate for the U.S. economy in a New Keynesian sticky-price model with an occasionally binding zero lower bound on the nominal interest rate. Real-rate...

Persistent link: https://www.econbiz.de/10005515043

Cross-country evidence on long run growth and inflation

Clark, Todd E. - Federal Reserve Bank of Kansas City - 1993

Persistent link: https://www.econbiz.de/10005515047

Has inflation become more predictable?

Golob, John E. - Federal Reserve Bank of Kansas City - 1994

Persistent link: https://www.econbiz.de/10005515077

Do we really know how inflation targeters set interest rates?

Aurelio, Marcela Meirelles - Federal Reserve Bank of Kansas City - 2005

In inflation targeting (IT) regimes, the Monetary Authority announces an explicit objective, the target for inflation. However, other objectives that possibly conflict with the inflation goal are present, such as keeping output close to its potential level and the stability of financial markets....

Persistent link: https://www.econbiz.de/10005410707

What does the yield curve tell us about the Federal Reserve's implicit inflation target?

Doh, Taeyoung - Federal Reserve Bank of Kansas City - 2007

This paper studies the time variation of the Federal Reserve’s inflation target between 1960 and 2004 using both macro and yield curve data. I estimate a New Keynesian dynamic stochastic general equilibrium model in which the inflation target follows a random-walk process. I compare estimation...

Persistent link: https://www.econbiz.de/10005410723