Showing 1 - 10 of 141
Ball and Sheridan (forthcoming) show that OECD countries with a history of high inflation before the 1990s have … subsequently experienced a larger degree of disinflation than countries with a history of low inflation. They label this process … ‘regression to the mean’, and argue that it explains why those OECD countries which adopted inflation targeting experienced larger …
Persistent link: https://www.econbiz.de/10005423647
. These include the distinction between the short and long-run trade-offs between inflation and unemployment, and the changing … level of the non-accelerating inflation rate of unemployment (NAIRU), particularly in the 1970s. We estimate Phillips curves … discussion of the changing role of the Phillips curve in the intellectual framework used to analyse inflation within the Reserve …
Persistent link: https://www.econbiz.de/10005426716
information about inflation expectations – that survey measures of expectations are inconsistent with rational expectations, but … less so for financial markets than households; that actual and expected inflation interact with each other; and that the … foreign exchange market anticipates tighter monetary policy when inflation is higher than expected. The second half of the …
Persistent link: https://www.econbiz.de/10005423502
low-inflation policies that have been adopted by a number of central banks in recent years. This credibility problem is … particularly severe for those countries that have a history of high inflation. Gaining credibility is often viewed in the context … aspect of credibility – at least for long-term inflation expectations – may be public views about how future changes in …
Persistent link: https://www.econbiz.de/10005423584
the headline CPI, exclusion-based ‘cores’, and trimmed means as measures of underlying inflation. Overall, we find that … support to the use of trimmed means as useful measures of underlying inflation at the current juncture where the growth of … China and other emerging markets is having two offsetting effects on global inflation. Whereas some central banks have …
Persistent link: https://www.econbiz.de/10005426687
favour of the SIPC over the low-inflation period. Parameter estimates are sensitive to inflation measures and sample periods … the fact that inflation has become difficult to model since the introduction of inflation targeting. Over sample periods …
Persistent link: https://www.econbiz.de/10011265303
This paper estimates a range of single-equation models of inflation for Australia. We find that traditional models …-Keynesian Phillips curve (NKPC) in explaining trimmed mean inflation, both in terms of in-sample fit and significance of coefficients … including a direct measure of inflation expectations, but we still find that the unemployment rate or growth in marginal costs …
Persistent link: https://www.econbiz.de/10008505436
This paper examines the effect of inflation on productivity growth in Australia. Broad historical correlations suggest … a negative relationship between inflation and aggregate productivity growth. The low-frequency nature of the … significant results with industry-level inflation explaining industry productivity. We also find that the relationship varies by …
Persistent link: https://www.econbiz.de/10005423531
prices are indexed to past inflation. These problems arise because of a type of misspecification and a lack of suitable …
Persistent link: https://www.econbiz.de/10008565770
include that a positive output gap would be less inflationary, but the cost of reducing inflation, once established, would …
Persistent link: https://www.econbiz.de/10005232576