Showing 1 - 10 of 43
the Tornqvist index for food product groups: Cumulative food inflation over the period from 2007 through 2015 is reduced …
Persistent link: https://www.econbiz.de/10014322703
We develop and estimate a structural model of inflation that allows for a fraction of firms that use a backward looking … measures of arginal cost as the relevant determinant of inflation, as the theory suggests, instead of an ad-hoc output gap …. Real marginal costs are a significant and quantitatively important determinant of inflation. Backward looking price setting …
Persistent link: https://www.econbiz.de/10012471224
for the unemployment-inflation tradeoff and for the conduct of monetary policy.<br><br>We proceed in two steps. We first … setting by firms. We derive the relation between inflation and unemployment and discuss how it is influenced by the presence … of labor market frictions and real wage rigidities. We show the nature of the tradeoff between inflation and unemployment …
Persistent link: https://www.econbiz.de/10012464750
for the mild effects on inflation and economic activity of the recent increase in the price of oil: (a) good luck (i …
Persistent link: https://www.econbiz.de/10012465282
perspective on the linkages among monetary policy, inflation, and the business cycle. It is argued that the adoption of an …
Persistent link: https://www.econbiz.de/10012469948
as a tool to compare the characteristics of European inflation dynamics with those observed in the U.S. We also analyze … the factors underlying inflation inertia by examining the cyclical behavior of marginal costs, as well as that of its two … is substantial, but in line with survey evidence and U.S. estimates, (c) inflation dynamics in the Euro area appear to …
Persistent link: https://www.econbiz.de/10012470506
for the unemployment-inflation tradeoff and for the conduct of monetary policy.<br><br>We proceed in two steps. We first … setting by firms. We derive the relation between inflation and unemployment and discuss how it is influenced by the presence … of labor market frictions and real wage rigidities. We show the nature of the tradeoff between inflation and unemployment …
Persistent link: https://www.econbiz.de/10005248798
This paper shows how to generate the joint distribution of correlated random variables with specified marginal distributions. For cases where the marginal distributions are either normal or lognormal, it shows how to calculate analytically the correlation of the underlying normal distributions...
Persistent link: https://www.econbiz.de/10005248986
We describe some of the main features of the recent vintage macroeconomic models used for monetary policy evaluation. We point to some of the key differences with respect to the earlier generation of macro models, and highlight the insights for policy that these new frameworks have to offer. Our...
Persistent link: https://www.econbiz.de/10005084740
This paper explores alternative methods for adjusting price indices for quality change at scale. These methods can be applied to large-scale item-level transactions data that includes information on prices, quantities, and item attributes. The hedonic methods can take into account the changing...
Persistent link: https://www.econbiz.de/10014322697