-level productivity and scale effects. I show here that the incorporation of theory-based endogenous markups into AGE models is not …

We study the effects of globalisation on the slope of the New Keynesian Phillips curve for CPI inflation, based on a … generally has a significant positive effect on inflation, but that this effect decreases as integration in the global economy …

-driven theory of dynamic pricing in which the Phillips curve slope is endogenous to systematic aspects of monetary policy. In our … attention to changes in their input costs, which leads to a flatter Phillips curve and more anchored inflation expectations …

We study how domestic and global output gaps affect CPI inflation. We use a New-Keynesian Phillips curve framework …1-2017Q4 period. We find broadly that both global and domestic output gaps are significant drivers of inflation both in … output gaps on inflation …

Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In … our baseline calibration, the optimal rate of inflation is 2.1% and remains positive across a wide range of calibrations. …

We measure the economic risk of epidemics at a geo-spatially detailed resolution. In addition to data about the …'s resilience (its ability of the recover rapidly from the shock). We find that the economic risk of epidemics is particularly high …

This paper studies the impact of financial sector size and leverage on the business cycle and risk-free rates dynamics …. We develop a general equilibrium model of a productive economy where financial intermediaries provide costly risk … cycle fluctuations, while providing households with a risk-free asset whose real return is pro-cyclical and possibly …

first-order approximated solution built by perturbation methods accounts for risk. We show that risk matters economically in … a real business cycle (RBC) model with habit formation and capital adjustment costs and that neglecting risk leads to …