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We estimate the macroeconomic benefits and international spillovers of an increase in competition using a general-equilibrium simulation model with nominal rigidities and monopolistic competition in product and labor markets. We draw three conclusions after calibrating the model to the euro area...
Persistent link: https://www.econbiz.de/10002101549
) models, with and without financial frictions, for output growth and inflation in the period 1992 to 2011. We find strong …
Persistent link: https://www.econbiz.de/10010938565
Monetary policymakers and long-term investors would benefit greatly from a measure of underlying inflation that uses … all relevant information, is available in real time, and forecasts inflation better than traditional underlying inflation … measures such as core inflation measures. This paper presents the “FRBNY Staff Underlying Inflation Gauge (UIG)” for CPI and …
Persistent link: https://www.econbiz.de/10011027238
realistic parameter values, the model generates a blip in inflation of the same magnitude observed in the data"--Federal Reserve …
Persistent link: https://www.econbiz.de/10002521760
involving U.S. inflation and GDP growth. Empirical results suggest that the number of change points is larger than previously …
Persistent link: https://www.econbiz.de/10002521761
Persistent link: https://www.econbiz.de/10001852635
exchange rates have a modest effect on domestic price inflation while import prices have a stronger effect. Pass-through is …
Persistent link: https://www.econbiz.de/10001512201
Persistent link: https://www.econbiz.de/10001512206
Persistent link: https://www.econbiz.de/10001751995
Persistent link: https://www.econbiz.de/10001752001