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James Tobin : an appreciation of his contribution to economics

Buiter, Willem H. - London School of Economics (LSE) - 2003

Jim Tobin, who died on March 11, 2002 at the age of 84, was one of giants of economics of the second half of the twentieth century and the greatest macroeconomist of his generation. Tobin’s influence on macroeconomic theory is so pervasive - so much part of our professional ‘acquis’ - that...

Persistent link: https://www.econbiz.de/10011071326

Preferences for fair prices, cursed inferences, and the nonneutrality of money

Eyster, Erik; Madarász, Kristóf; Michaillat, Pascal - London School of Economics (LSE) - 2015

This paper explains the nonneutrality of money from two assumptions: (1) consumers dislike paying prices that exceed some fair markup on firms’ marginal costs; and (2) consumers under infer marginal costs from available information. After an increase in money supply, consumers underappreciate...

Persistent link: https://www.econbiz.de/10011163499

Deflationary bubbles

Buiter, Willem H.; Sibert, Anne C. - London School of Economics (LSE) - 2007

In an attempt to clean up an unruly literature, we specify the necessary and sufficient conditions for household optimality in a model where money is the only …financial asset and provide the relevant proofs. We use our results to analyse when de‡flationary bubbles can and cannot exist. Our...

Persistent link: https://www.econbiz.de/10011071096

Investment choice and inflation uncertainty

Fischer, Gregory - London School of Economics (LSE) - 2013

aggregates. The data show that periods of increased inflation uncertainty are associated with substantial reductions in total …

Persistent link: https://www.econbiz.de/10010884740

Inflation, inequality and social conflict

Crowe, Christopher - London School of Economics (LSE) - 2004

This paper presents a political economy model of inflation as a result of social conflict. Agents are heterogeneous in … terms of income. Agents’ income levels determine their ability to hedge against the effects of inflation. The interaction of … model makes a number of predictions concerning which environments are conducive to the emergence of inflation. Inflation …

Persistent link: https://www.econbiz.de/10010745045

Nominal wage rigidity and the rate of inflation

Nickell, Stephen; Quintini, Glenda - London School of Economics (LSE) - 2001

inflation is low. Despite the substantial numbers of individuals whose nominal wages fall from one year to the next, we find … that if long-run inflation is one percent higher, the number of individuals with negative real pay growth increases by …

Persistent link: https://www.econbiz.de/10010746590

Do financial crises erode potential output? evidence from OECD inflation responses

Bijapur, Mohan - London School of Economics (LSE) - 2012

This paper presents evidence from a panel investigation of OECD countries that inflationary pressures tend to be stronger during recovery from financial crises compared to recovery from non-crisis economic downturns, indicating impairment in productive potential.

Persistent link: https://www.econbiz.de/10011126125

Are credit crunches supply or demand shocks?

Bijapur, Mohan - London School of Economics (LSE) - 2013

inflation to rise in the short term. Our results also suggest that the effects on aggregate supply have grown stronger in recent …

Persistent link: https://www.econbiz.de/10011126591

A model of money with multilateral matching

Galenianos, Manolis; Kircher, Philipp - London School of Economics (LSE) - 2008

We develop a model of decentralized monetary exchange to examine the distributional effects of inflation across …. Inflation acts as a regressive tax. …

Persistent link: https://www.econbiz.de/10010745403

The role of money in the transmission mechanism of monetary policy: evidence from Thailand

Sunirand, Pojanart - London School of Economics (LSE) - 2003

Meltzer (2001b) argues that the current trend for downgrading the role of money in standard macro models is erroneous as it masks those monetary transmission channels which operate through changes in relative yields of assets. This paper shows that the scope of these changes can be empirically...

Persistent link: https://www.econbiz.de/10010746182