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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
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
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
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
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
This paper is the second of two companion pieces. In the first we developed a model of competition between payment systems which extends that of Chakravorti and Roson (2006). Here we turn to the results which can be obtained from the Chakravorti and Roson model, from our extension of it, and...
Persistent link: https://www.econbiz.de/10005398616
This paper is the first of two companion pieces examining competition between payment systems. Here we develop a model of competing platforms which generalises that considered by Chakravorti and Roson (2006). In particular, our model allows for fully endogenous multi-homing on both the merchant...
Persistent link: https://www.econbiz.de/10005398648
Among the reforms to over-the-counter (OTC) derivative markets since the global financial crisis is a commitment to collateralise counterparty exposures and to clear standardised contracts via central counterparties (CCPs). The reforms aim to reduce interconnectedness and improve counterparty...
Persistent link: https://www.econbiz.de/10011202988