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The cyclical relationship between output and prices: an analysis in the frequency domain

Pakko, Michael R. - Federal Reserve Bank of St. Louis - 1997

Recent research showing negative correlations between detrended output and prices during the postwar period has brought … into question the conventional wisdom that prices are procyclical. However, this finding has been shown to be sensitive to … the sample period considered. This paper examines the relationship between output and prices in the frequency domain …

Persistent link: https://www.econbiz.de/10005360577

Aggregate price shocks and financial instability: a historical analysis

Bordo, Michael D.; Dueker, Michael J.; Wheelock, David C. - Federal Reserve Bank of St. Louis - 2001

This paper presents empirical evidence on the hypothesis that aggregate price disturbances cause or worsen financial distress. We construct two annual indexes of financial conditions for the United States covering 1790-1997, and estimate the effect of aggregate price shocks on each index using a...

Persistent link: https://www.econbiz.de/10005360618

The P-star approach to the link between money and prices

Tatom, John A. - Federal Reserve Bank of St. Louis - 1990

This paper examines several specification errors in the M2-based P* model and develops an M1-based estimate of this model. The apparent statistical significance of M2 is shown to arise from a spurious regression that uses a non-stationary regressor and because the significance test for M2 is...

Persistent link: https://www.econbiz.de/10005352827

Aggregate price shocks and financial stability: the United Kingdom 1796-1999

Bordo, Michael D.; Dueker, Michael J.; Wheelock, David C. - Federal Reserve Bank of St. Louis - 2001

This paper investigates the impact historically of aggregate price shocks on financial stability in the United Kingdom. We construct an annual index of U.K. financial conditions for 1790-1999 and use a dynamic probit model to estimate the effect of aggregate price shocks on the index. We find...

Persistent link: https://www.econbiz.de/10005352840

Optimal monopoly investment and capacity utilization under random demand

Nickerson, David B.; Reynolds, Stanley S. - Federal Reserve Bank of St. Louis - 1990

Unique value-maximizing programs of irreversible capacity investment and capacity utilization are described and shown to exist under general conditions for monopolist exhibiting capital adjustment costs and serving random consumer demand for a nondurable good over an infinite horizon. Stationary...

Persistent link: https://www.econbiz.de/10005352871

Inflation targeting in a small open economy: empirical results for Switzerland

Dueker, Michael; Fischer, Andreas M. - Federal Reserve Bank of St. Louis - 1995

This paper extends McCallum?s (1987) nominal targeting rule to a small open economy by allowing for feedback from the exchange rate. Instead of setting parameters in a McCallum-type targeting rule and simulating, the parameters are estimated using a markov switching model. We argue that a model...

Persistent link: https://www.econbiz.de/10005360539

Inflation: do expectations trump the gap?

Piger, Jeremy M.; Rasche, Robert H. - Federal Reserve Bank of St. Louis - 2006

We measure the relative contribution of the deviation of real activity from its equilibrium (the gap), “supply shock” variables, and long-horizon inflation forecasts for explaining the U.S. inflation rate in the post-war period. For alternative specifications for the inflation driving...

Persistent link: https://www.econbiz.de/10005360551

Monetary policy neglect and the Great Inflation in Canada, Australia, and New Zealand

Nelson, Edward - Federal Reserve Bank of St. Louis - 2004

This paper studies the Great Inflation in Canada, Australia, and New Zealand. Newspaper coverage and policymakers' statements are used to analyze the views on the inflation process that led to the 1970s macroeconomic policies, and the different movement in each country away from 1970s views. I...

Persistent link: https://www.econbiz.de/10005360570

The great inflation and early disinflation in Japan and Germany

Nelson, Edward - Federal Reserve Bank of St. Louis - 2007

This paper considers the Great Inflation of the 1970s in Japan and Germany. From 1975 onward, these countries had low inflation relative to other large economies. Traditionally, this success is attributed to stronger discipline on the part of Japan and Germany’s monetary authorities—for...

Persistent link: https://www.econbiz.de/10005360572

Inflation and economic activity in a multiple matching model of money

Laing, Derek; Li, Victor E.; Wang, Ping - Federal Reserve Bank of St. Louis - 1998

frictions play in determining the extent to which inflation distorts relative prices, and the effect of money growth on firm …

Persistent link: https://www.econbiz.de/10005360588

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