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Derivation and Estimation of a New Keynesian Phillips Curve in a Small Open Economy
Holmberg, Karolina - Sveriges Riksbank - 2006
variable for Swedish inflation than the output gap. However, standard errors in the estimations are large and it is in fact … difficult to pin down a statistically significant relationship between either real marginal cost or the output gap and inflation. …
Persistent link: https://www.econbiz.de/10005649071
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Evaluating Microfoundations for Aggregate Price Rigidities: Evidence from Matched Firm- Level Data on Product Prices and Unit Labor Cost
Carlsson, Mikael; Nordström Skans, Oskar - Sveriges Riksbank - 2009
Using data on product-level prices matched to the producing firm´s unit labor cost, we reject the hypothesis of a full and immediate pass-through of marginal cost. Since we focus on idiosyncratic variation, this does not fit the predictions of the Ma´ckowiak and Wiederholt (2009) version of...
Persistent link: https://www.econbiz.de/10004963487
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Involuntary Unemployment and the Business Cycle
Christiano, Lawrence J.; Trabrandt, Mathias; Walentin, Karl - Sveriges Riksbank - 2010
Can a model with limited labor market insurance explain standard macro- and labor market data jointly? We seek to construct a monetary model in which: i) the unemployed are worse off than the employed, i.e. unemployment is involuntary and ii) the labor force participation rate varies with the...
Persistent link: https://www.econbiz.de/10008516098
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Introducing Financial Frictions and Unemployment into a Small Open Economy Model
Christiano, Lawrence J.; Trabandt, Mathias; Walentin, Karl - Sveriges Riksbank - 2007
Which are the main frictions and driving forces of business cycle dynamics in a small open economy? To answer this question we extend what is becoming the standard new Keynesian model in three dimensions. First, we incorporate frictions in the financing of the capital stock. Second, we model...
Persistent link: https://www.econbiz.de/10005034154
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Down or Out: Assessing The Welfare Costs of Household Investment Mistakes
Calvet, Laurent E.; Campbell, John Y.; Sodini, Paolo - Sveriges Riksbank - 2006
disaggregated wealth and income of the entire population of Sweden. The analysis focuses on two main sources of inefficiency in the …
Persistent link: https://www.econbiz.de/10005423737
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Financial Frictions, Investment and Tobin’s q
Lorenzoni, Guido; Walentin, Karl - Sveriges Riksbank - 2007
We develop a model of investment with financial constraints and use it to investigate the relation between investment and Tobin’s q. Afirm is financed partly by insiders, who control its assets, and partly by outside investors. When their wealth is scarce, insiders earn a rate of return higher...
Persistent link: https://www.econbiz.de/10005423739
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State Dependent Pricing and Exchange Rate Pass-Through
Flodén, Martin; Wilander, Fredrik - Sveriges Riksbank - 2004
. Finally, the presence of inflation can generate a substantial asymmetry in price adjustments. This asymmetry could lead to …
Persistent link: https://www.econbiz.de/10005649025
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Sticky Information vs. Sticky Prices: A Horse Race in a DSGE Framework
Trabandt, Mathias - Sveriges Riksbank - 2007
How can we explain the observed behavior of aggregate inflation in response to e.g. monetary policy changes? Mankiw and … view that i) inflation reacts with delay and gradually to a monetary policy shock, ii) announced and credible disinflations … are contractionary and iii) inflation accelerates with vigorous economic activity. I use a fully-fledged DSGE model with …
Persistent link: https://www.econbiz.de/10005649052
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An Alternative Explanation of the Price Puzzle
Giordani, Paolo - Sveriges Riksbank - 2001
This paper proposes a simple explanation for the frequent appearance of a price puzzle in VARs designed for monetary policy analysis. It suggests that the best method of solving the puzzle implies a close connection between theory and empirics rather than the introduction of a commodity price....
Persistent link: https://www.econbiz.de/10005649070
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The Quest for Prosperity Without Inflation
Orphanides, Athanasios - Sveriges Riksbank - 1999
In recent years, activist monetary policy rules responding to inflation and the level of economic activity have been … advanced as a means of achieving effective output stabilization without inflation. Advocates of such policies suggest that … capacity as the primary underlying cause of the 1970s inflation and suggests that apparent differences in the framework …
Persistent link: https://www.econbiz.de/10005649074