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Inflation/unemployment regimes and the instability of the Phillips curve

Ormerod, Paul; Rosewell, Bridget; Phelps, Peter - Institut für Weltwirtschaft (IfW) - 2009

Using the statistical technique of fuzzy clustering, regimes of inflation and unemployment are explored for the United … inflation/unemployment space. There is considerable similarity across the countries in both the regimes themselves and in the … timings of the transitions between regimes. However, the typical rates of inflation and unemployment experienced in the …

Persistent link: https://www.econbiz.de/10008561117

Is Old Money Better than New? Duration and Monetary Regimes

Rose, Andrew K.; Mihov, Ilian - Institut für Weltwirtschaft (IfW) - 2007

that fix exchange rates and those that target inflation. Inflation targeting is a more durable policy; no country has yet … been forced to abandon an inflation target, while many have abandoned fixed exchange rates. Indeed, even though inflation … targeting began only in 1990, the duration of inflation targeting regimes is at least as long as, or longer than all alternative …

Persistent link: https://www.econbiz.de/10005083368

Debt and Interest Rates: The U.S. and the Euro Area

Frankel, Jeffrey; Chinn, Menzie D. - Institut für Weltwirtschaft (IfW) - 2007

We find that real interest rates paid on government debt depend significantly upon current and expected future levels of debt, in Europe as in the US. But this result only emerges when we condition on foreign interest rates, illustrating financial international integration. The previously strong...

Persistent link: https://www.econbiz.de/10005083400

Social Security's Five OASI Inflation Indexing Problems

Lovell, Michael C. - Institut für Weltwirtschaft (IfW) - 2008

This paper examines five problems with the inflation indexing procedures used by the Social Security Administration of … the United States in taking inflation into account when calculating Old Age and Survivors Insurance (OASI) Benefits … indexing. As a result of Problems #2 and #4 your OASI check will be larger if wage inflation happens to be extra high in your …

Persistent link: https://www.econbiz.de/10005083404

Nonmonetary Determinants of Inflation in Romania: A Decomposition

Hammermann, Felix - Institut für Weltwirtschaft (IfW) - 2007

Why is inflation, 15 years after transition started, still considerably higher in Romania than in the eight EU member … decompose the inflation differential between Romania and the EU-8. The decomposition suggests that neither the revenue, nor the … balance of payments, nor the financial stability motive are driving inflation; rather structural differences are at play. The …

Persistent link: https://www.econbiz.de/10005076118

Global Inflation

Ciccarelli, Matteo; Mojon, Benoît - Institut für Weltwirtschaft (IfW) - 2007

This paper shows that ination in industrialized countries is largely a global phenom- enon. First, inations of (22) OECD countries have a common factor that alone accounts for nearly 70% of their variance. This large variance share that is associated to Global Ination is not only due to the...

Persistent link: https://www.econbiz.de/10005700550

Adjustment Costs, Inventories and Output

Danziger, Leif - Institut für Weltwirtschaft (IfW) - 2007

. The firm’s optimal adjustment strategy may involve stockouts. At low inflation rates, output is inversely related to the … inflation rate, and the length of time demand is satisfied decreases with the absolute value of the demand elasticity, the …

Persistent link: https://www.econbiz.de/10005700577