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Product Turnover and Deflation : Evidence from Japan
Ueda, Kozo - 2016
an opportunity to take back the price decline that occurred during the life of its predecessor under deflation; (ii) a … provides a plausible story to explain why Japan's deflation during the lost decades was mild …
Persistent link: https://www.econbiz.de/10012977723
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An Estimated DSGE Model with a Deflation Steady State
Hirose, Yasuo - 2014
Benhabib, Schmitt-Grohé, and Uribe (2001) argue for the existence of a deflation steady state when the zero lower bound …-scale DSGE model with a deflation steady state for the Japanese economy during the period from 1999 to 2013, when the Bank of … equilibrium indeterminacy around the deflation steady state, a set of specific equilibria is selected by Bayesian methods …
Persistent link: https://www.econbiz.de/10013050423
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Threshold Pricing in a Noisy World
Henckel, Timo - 2010
We propose that the formation of beliefs be treated as statistical hypothesis tests, and label such beliefs inferential expectations. If a belief is overturned due to sufficient contrarian evidence, we assume agents switch to the rational expectation. We build a state dependent Phillips curve,...
Persistent link: https://www.econbiz.de/10013138727
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Private News and Monetary Policy - Forward Guidance As Bayesian Persuasion
Fujiwara, Ippei - 2019
When the central bank has information that can help the private sector predict the future better, should it communicate such information to the public? In a simple New Keynesian model, such Delphic forward guidance unambiguously reduces ex ante welfare by increasing the variability of inflation...
Persistent link: https://www.econbiz.de/10012857768
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What Is New about Cryptocurrencies? A Visual Analysis
Kavuri, Anil Savio - 2019
In the context of recent developments with cryptocurrencies, as well as the potential rise of central bank digital currencies, we present a new visualisation of money. Using three novel figures, we distinguish between the relevant mechanisms, technologies, recordkeeping, and transactions of...
Persistent link: https://www.econbiz.de/10012860773
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Factors Behind Foreign Currency Holding by Household in Cambodia
Siregar, Reza - 2014
Cambodia has never officially adopted the U.S. dollar or other foreign currency as means for transaction, unit account or store of value. Yet, over the past decade, the country has become one of the most "dollarized" economies in the world. The objective of this study is to provide some insights...
Persistent link: https://www.econbiz.de/10013048169
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What Drives the Global Official/Policy Interest Rate?
Ratti, Ronald A. - 2015
We construct a GFAVAR model with newly released global data from the Federal Reserve Bank of Dallas to investigate the drivers of official/policy interest rate. We find that 62% of movement in global official/policy interest rates is attributed to changes in global monetary aggregates (21%), oil...
Persistent link: https://www.econbiz.de/10013018400
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Financial Factors and Monetary Policy : Determinacy and Learnability of Equilibrium
Kitney, Paul - 2016
This paper contributes to the debate whether central banks should respond to asset prices, credit spreads and other financial factors in setting monetary policy, by evaluating determinacy and expectational stability of equilibria under various monetary policy rules. With adaptive learning,...
Persistent link: https://www.econbiz.de/10012987763
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Understanding the Deviations of the Taylor Rule : A New Methodology with an Application to Australia
Hudson, Kerry - 2014
This investigation aims to explain and quantify the deviations of the Taylor Rule. A novel three-step econometric procedure designed to reflect the data-rich environment in which central banks operate is proposed using information for 229 macroeconomic series. This procedure can be applied to...
Persistent link: https://www.econbiz.de/10013040076
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Financial Stability in Open Economies
Fujiwara, Ippei - 2014
Do financial frictions call for policy cooperation? This paper investigates the implications of financial frictions for monetary policy in the open economy. Welfare analysis shows that there are long-run gains which result from cooperation, but, dynamically, financial frictions per se do not...
Persistent link: https://www.econbiz.de/10013062366