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Trade openness, market competition, and inflation: Some sectoral evidence from OECD countries
Binici, Mahir; Cheung, Yin-Wong; Lai, Kon S. - 2011
This study evaluates the role market competition plays in determining inflation based on sector-level data from OECD … countries. In theory, trade openness can affect inflation through changes in market competitiveness and productivity … of market competition. This study shows that inflation decreases with greater market competitiveness even after …
Persistent link: https://www.econbiz.de/10010280812
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The Asymmetric Impact of Economic Policy and Oil Price Uncertainty on Inflation: Evidence from Developed and Emerging Economies
Anderl, Christina; Caporale, Guglielmo Maria - 2023
inflation by using a Nonlinear ARDL (NARDL) model, which is compared to a benchmark linear ARDL one. Using monthly data from the …, especially negative ones, have a stronger impact on inflation than OPU ones and capture some of the monetary policy uncertainty …, thereby reducing the direct effect of interest rate changes on inflation. Since EPU shocks reflect, at least to some extent …
Persistent link: https://www.econbiz.de/10014290186
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The Asymmetric Impact of Economic Policy and Oil Price Uncertainty on Inflation : Evidence from Developed and Emerging Economies
Anderl, Christina; Caporale, Guglielmo Maria - 2023
inflation by using a Nonlinear ARDL (NARDL) model, which is compared to a benchmark linear ARDL one. Using monthly data from the …, especially negative ones, have a stronger impact on inflation than OPU ones and capture some of the monetary policy uncertainty …, thereby reducing the direct effect of interest rate changes on inflation. Since EPU shocks reflect, at least to some extent …
Persistent link: https://www.econbiz.de/10014260984
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Hartz IV and the Decline of German Unemployment : A Macroeconomic Evaluation
Hochmuth, Brigitte; Kohlbrecher, Britta; Merkl, Christian; … - 2021
This paper proposes a new approach to evaluate the macroeconomic effects of the “Hartz IV” reform, which reduced the generosity of long-term unemployment benefits. We propose a model with different unemployment durations, where the reform initiates both a partial effect and an equilibrium...
Persistent link: https://www.econbiz.de/10013239563
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Public Employment Agency Reform, Matching Efficiency, and German Unemployment
Merkl, Christian; Sauerbier, Timo - 2023
Our paper analyzes the role of public employment agencies in job matching, in particular the effects of the restructuring of the Federal Employment Agency in Germany (Hartz III labor market reform) for aggregate matching and unemployment. Based on two microeconomic datasets, we show that the...
Persistent link: https://www.econbiz.de/10014358809
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Pass-Through of Cost-Push Shocks
Gödl-Hanisch, Isabel; Menkhoff, Manuel - 2023
This paper examines the pass-through of cost-push shocks to customers at a granular level. Using unique firm-level survey data, we document five facts about pass-through across firms, sectors, and over time. We highlight a new channel relevant for pass-through: beliefs about the expected...
Persistent link: https://www.econbiz.de/10014377494
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Pass-Through of Cost-Push Shocks
Gödl-Hanisch, Isabel; Menkhoff, Manuel - 2023
This paper examines the pass-through of cost-push shocks to customers at a granular level. Using unique firm-level survey data, we document five facts about pass-through across firms, sectors, and over time. We highlight a new channel relevant for pass-through: beliefs about the expected...
Persistent link: https://www.econbiz.de/10014347021
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Long-run determinants of sovereign yields
Afonso, António; Rault, Christophe - 2010
We study sovereign bond yields in OECD countries with a dynamic panel by checking for cross-section dependence …; assessing panel cointegration; and estimating panel error-correction models. The results show that markets consider budgetary … and external imbalances and inflation as relevant determinants of sovereign yields. …
Persistent link: https://www.econbiz.de/10010270876
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Is the Slope of the Euro Area Phillips Curve Steeper than it Seems? Heterogeneity and Identification
Schuffels, Johannes; Kool, Clemens; Lieb, Lenard; van … - 2022
Heterogeneity in Phillips Curve slopes among members of a monetary union can lead to downward biases to estimates of the union-wide slope in reduced form regressions. The intuition is that in a monetary union with heterogeneous regional Phillips Curve slopes, the central bank, aiming at...
Persistent link: https://www.econbiz.de/10014241318
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The role of political institutions for the effectiveness of central bank independence
Hielscher, Kai; Markwardt, Gunther - 2011
independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible … country's inflation performance. Examining a cross-section of up to 69 countries, we are able to show that granting a central … bank more autonomy does not necessarily lead to better inflation performance. To lower inflation by increasing independence …
Persistent link: https://www.econbiz.de/10010274749