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Cobweb theorems with production lags and price forecasting
Dufresne, Daniel; Vázquez-Abad, Felisa - Institut für Weltwirtschaft (IfW) - 2012
The classical cobweb theorem is extended to include production lags and price forecasts. Price forecasting based on a longer period has a stabilizing effect on prices. Longer production lags do not necessarily lead to unstable prices; very long lags lead to cycles of constant amplitude. The...
Persistent link: https://www.econbiz.de/10010983178
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Disinflationary Booms?
Merkl, Christian - Institut für Weltwirtschaft (IfW) - 2013
This paper shows that announced credible disinflations under inflation targeting lead to a boom in a standard New Keynesian model (i.e. a disinflationary boom). This finding is robust with respect to various parameterizations and disinflationary experiments. Thus, it differs from previous...
Persistent link: https://www.econbiz.de/10010886897
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Growth and Unemployment in the Presence of Trend Inflation
Tesfaselassie, Mewael F. - Institut für Weltwirtschaft (IfW) - 2014
The standard search model of unemployment predicts, under plausible assumptions about household preferences, that disembodied technological progress leads to higher unemployment. This prediction is at odds with the experience of industrialized countries in the 1970s. This paper shows that...
Persistent link: https://www.econbiz.de/10011095714
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Stabilizing an unstable economy: on the choice of proper policy measures
Asada, Toichiro; Chiarella, Carl; Flaschel, Peter; … - Institut für Weltwirtschaft (IfW) - 2009
recessions. Modern stability analysis is brought to bear to demonstrate the stabilizing effects of those suggested policies. …
Persistent link: https://www.econbiz.de/10008474657
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Phillips Curves and Unemployment Dynamics: A Critique and a Holistic Perspective
Karanassou, Marika; Sala, Hector; Snower, Dennis - Institut für Weltwirtschaft (IfW) - 2008
compatible with inflation stability, another one determines the real economic factors that drive the natural rate of unemployment …
Persistent link: https://www.econbiz.de/10005566179
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Productivity Shocks and the New Keynesian Phillips Curve: Evidence from US and Euro Area
Ambrocio, Gene; Jang, Tae-Seok - Institut für Weltwirtschaft (IfW) - 2009
This paper seeks to understand dynamics of inflation and marginal cost (labor share) in models that account for the inclusion of productivity shocks in standard New Keynesian Phillips Curve (NKPC). The question of interest is on the empirical importance of and whether productivity shocks shift...
Persistent link: https://www.econbiz.de/10005049591
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Expectations, Monetary Policy, and Labor Markets: Lessons from the Great Depression
Reicher, Christopher P. - Institut für Weltwirtschaft (IfW) - 2009
This paper estimates a series of shocks to hit the US economy during the Great Depression, using a New Keynesian model with unemployment and bargaining frictions. Shocks to long-run inflation expectations appear to account for much of the cyclical behavior of employment, while an increase in...
Persistent link: https://www.econbiz.de/10005017500
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The Evolution of Inflation and Unemployment: Explaining the Roaring Nineties
Karanassou, Marika; Sala, Hector; Snower, Dennis J. - Institut für Weltwirtschaft (IfW) - 2007
This paper argues that there is a nonzero inflation-unemployment tradeoff in the long-run due to frictional growth, a phenomenon that encapsulates the interplay of nominal staggering and money growth. The existence of a downward-sloping long-run Phillips curve suggests the development of a...
Persistent link: https://www.econbiz.de/10005818817
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Fiscal targeting rules and economic stability under distortionary taxation
Reicher, Claire - Institut für Weltwirtschaft (IfW) - 2014
can result in instability, while a debt-level targeting rule, irrespective of GDP, can result in stability. A primary … deficit target may result in instability for the debt but stability for output, while a total deficit target can result in … stability for both debt and output. A fiscal reaction function similar to those found in the macro literature may result in …
Persistent link: https://www.econbiz.de/10010942768
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Welfare against growth gains in post-transition countries: What are the consequences for stability?
Lissowska, Maria - Institut für Weltwirtschaft (IfW) - 2012
This paper discusses the underpinnings of the financial crisis of the last decade. It explores the endogenous reasons of this crisis, and in particular a possible link between delayed and unequal growth of household incomes in post-transition countries on one hand and the instability of their...
Persistent link: https://www.econbiz.de/10010956132