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Fairness and the disinflation puzzle
Lunardelli, Andre - Institut für Weltwirtschaft (IfW) - 2014
Following Driscoll and Holden (2004), I model forward-looking workers who consider it unfair if a wage adjustment fails to match past inflation. However, the present paper proposes a much larger effect by using the job finding rate as the measure of workers' opportunities outside the firm rather...
Persistent link: https://www.econbiz.de/10010956041
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The crisis and beyond: thinking outside the box
Hillinger, Claude - Institut für Weltwirtschaft (IfW) - 2010
In this paper the author attempts an analysis of the current financial/economic crisis that is wider ranging and more fundamental than he has been able to find. For this purpose he reviews some social science literature that views the current crisis as an episode in the secular decline of the...
Persistent link: https://www.econbiz.de/10008561129
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The Demand for Currency Substitution
Seater, John J. - Institut für Weltwirtschaft (IfW) - 2008
the model. Independent empirical work provides support for the theory. …
Persistent link: https://www.econbiz.de/10005083370
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Inflation Persistence and the Philips Curve Revisited
Karanassou, Marika; Snower, Dennis - Institut für Weltwirtschaft (IfW) - 2007
A major criticism against staggered nominal contracts is that they give rise to the so called "persistency puzzle" - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly asserted that, in the context of the new Phillips...
Persistent link: https://www.econbiz.de/10005700522
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Monetary Policy Committee Size and Inflation Volatility
Erhart, Szilárd; Lehment, Harmen; Paz, Jose L. Vasquez - Institut für Weltwirtschaft (IfW) - 2007
Previous research on the optimal size of a monetary policy committee (MPC) focused on theoretical analyses and experimental studies. These studies suggest that the ideal monetary policy committee may not have many more than five members. In this paper we conduct an empirical cross-country study...
Persistent link: https://www.econbiz.de/10005700607
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Inflation Targeting Is a Success, So Far: 100 Years of Evidence from Swedish Wage Contracts
Fregert, Klas; Jonung, Lars - Institut für Weltwirtschaft (IfW) - 2008
Inflation targeting was adopted by several countries, including Sweden, in the 1990s. We evaluate the Swedish inflation … compared to previous regimes adopted in Sweden during the 20th century. Our approach to evaluate inflation targeting is … century of observations, inflation targeting in Sweden is a success – at least so far. …
Persistent link: https://www.econbiz.de/10005083376
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Lucas on the relationship between theory and ideology
De Vroey, Michel - Institut für Weltwirtschaft (IfW) - 2010
. Particular attention is paid to his views on the relationship between theory and ideology. I start by setting out Lucas's non …-standard conception of theory: to him, a theory and a model are the same thing. I also explore the different facets and implications of … 'non-interference' precept (the proposition that ideological viewpoints should not influence theory), and the 'non …
Persistent link: https://www.econbiz.de/10008805013
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Revenue and expenditure nexus: A case study of ECOWAS
Magazzino, Cosimo - Institut für Weltwirtschaft (IfW) - 2012
This paper aims to assess the relationship among fiscal variables (net lending, government expenditure and revenue) and economic growth in Sub-Saharan African countries. Using yearly data for the period between 1980 and 2011 in 15 ECOWAS countries, a weak long-run relationship between government...
Persistent link: https://www.econbiz.de/10010956037
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Investing in European Stock Markets for High-Technology Firms
Pierdzioch, Christian; Schertler, Andrea - Institut für Weltwirtschaft (IfW) - 2006
We used a recursive modeling approach to study whether investors could, in real time, have used information on the comovement of stock markets to forecast stock returns in European stock markets for high-technology firms. We used weekly data on returns in the Neuer Markt, the Nouveau Marché,...
Persistent link: https://www.econbiz.de/10005755170
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Does Macroeconomics Need Microeconomic Foundations?
Da Silva, Sergio - Institut für Weltwirtschaft (IfW) - 2009
The author argues that it is microeconomics that needs foundations, not macroeconomics. Preferences need to be built on biology, and, in particular, on neuroscience. In contrast, macroeconomics could benefit from rationalizations of aggregate economic phenomena by non-equilibrium statistical...
Persistent link: https://www.econbiz.de/10005083350