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expected inflation. To test this question two sets of inflation forecasts for the U.S. and five European countries were … generated: 1) from time series of past inflation rates;2) by forecasting real rates from time series of past real rates and … subtracting these forecasts from nominal rates. The accuracy of the two sets of inflation forecasts was compared. The results …
Persistent link: https://www.econbiz.de/10012477544
This paper investigates an economy in which there are short-term wage contracts that are re-negotiated under certain conditions. This paper determines the optimal frequency of wage re-negotiation and shows that it depends positively on measures of aggregate variability and Phillips curve slope....
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This paper reports on an empirical investigation of the distribution of inflation rates across households. The study …
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We argue that the Great Inflation experienced by both the United Kingdom and the United States in the 1970s has an … common doctrine underlying the systematic monetary policy choices in each country. The nonmonetary approach to inflation …
Persistent link: https://www.econbiz.de/10012463753
-sample estimation. In contrast to Orphanides (2002, 2003), I find that the Fed's response to the real-time forecast of inflation was … (2000). However, the response to inflation was strong before 1973 and gradually regained strength from the early 1980's …
Persistent link: https://www.econbiz.de/10012467369
We define the Fisherian Golden Rule measure of bond market inflation expectations as the difference between bond rates … and trend real GDP growth rates. The concept is based on the Fisherian theory that an increase in longer-term inflation … rates of interest would equal the growth rate of real output. We compare the bond market inflation experiences of 13 …
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In a previous attempt to articulate the costs of inflation (Leigh-Pemberton (1992)), the Bank of England outlined the … following costs of a fully-anticipated inflation: - the cost of economising on real money balances -- so-called shoe … these costs when moving from 2% inflation to price stability in the U.S. Feldstein concluded that the permanent welfare …
Persistent link: https://www.econbiz.de/10012472151