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The Phillips Curve is Alive and Well: Inflation and the NAIRU During the Slow Recovery
Gordon, Robert J. - National Bureau of Economic Research (NBER) - 2013
ideas. The coroner's evidence consists of the small standard deviation of the core inflation rate in the past two decades … despite substantial volatility of the unemployment rate, and in particular the common tendency of PC inflation equations to … predict ever greater amounts of negative inflation (i.e., deflation) over the years of labor-market slack since 2008 …
Persistent link: https://www.econbiz.de/10010951448
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Amerisclerosis? The Puzzle of Rising U.S. Unemployment Persistence
Coibion, Olivier; Gorodnichenko, Yuriy; Koustas, Dmitri - National Bureau of Economic Research (NBER) - 2013
The persistence of U.S. unemployment has risen with each of the last three recessions, raising the specter that future U.S. recessions might look more like the Eurosclerosis experience of the 1980s than traditional V-shaped recoveries of the past. In this paper, we revisit possible explanations...
Persistent link: https://www.econbiz.de/10010885297
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Market Deregulation and Optimal Monetary Policy in a Monetary Union
Fiori, Giuseppe; Ghironi, Fabio; Cacciatore, Matteo - National Bureau of Economic Research (NBER) - 2013
The wave of crises that began in 2008 reheated the debate on market deregulation as a tool to improve economic performance. This paper addresses the consequences of increased flexibility in goods and labor markets for the conduct of monetary policy in a monetary union. We model a two-country...
Persistent link: https://www.econbiz.de/10010696624
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The Making Of A Great Contraction With A Liquidity Trap and A Jobless Recovery
Schmitt-Grohé, Stephanie Schmitt-Grohe; Uribe, Martín - National Bureau of Economic Research (NBER) - 2012
The great contraction of 2008 pushed the U.S. economy into a protracted liquidity trap (i.e., a long period with zero nominal interest rates and inflationary expectations below target). In addition, the recovery was jobless (i.e., output growth recovered but unemployment lingered). This paper...
Persistent link: https://www.econbiz.de/10010969402
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Dynamic Debt Deleveraging and Optimal Monetary Policy
Benigno, Pierpaolo; Eggertsson, Gauti B.; Romei, Federica - National Bureau of Economic Research (NBER) - 2014
shortening the duration of the crisis and a binding zero bound. Inflation should be front loaded. Fiscal-policy multipliers can …
Persistent link: https://www.econbiz.de/10010950697
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A Model of Secular Stagnation
Eggertsson, Gauti B.; Mehrotra, Neil R. - National Bureau of Economic Research (NBER) - 2014
We propose an overlapping generations New Keynesian model in which a permanent (or very persistent) slump is possible without any self-correcting force to full employment. The trigger for the slump is a deleveraging shock, which creates an oversupply of savings. Other forces that work in the...
Persistent link: https://www.econbiz.de/10010950933
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The Macroeconomic Effects of Interest on Reserves
Ireland, Peter - National Bureau of Economic Research (NBER) - 2012
interest on reserves. While their effects on output and inflation are small, these policies require major adjustments in the …
Persistent link: https://www.econbiz.de/10011262796
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Labor Markets and Monetary Policy: A New-Keynesian Model with Unemployment
Blanchard, Olivier; Gali, Jordi - National Bureau of Economic Research (NBER) - 2008
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
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Macroeconomic Modeling for Monetary Policy Evaluation
Gali, Jordi; Gertler, Mark - National Bureau of Economic Research (NBER) - 2007
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
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Monetary Policy and Business Cycles with Endogenous Entry and Product Variety
bilbiie, florin o.; Ghironi, Fabio; Melitz, Marc J. - National Bureau of Economic Research (NBER) - 2007
condition links the price of equity (the value of products) with marginal cost and markups, and hence with inflation dynamics …
Persistent link: https://www.econbiz.de/10005084786