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Monetary Policy, Price Setting, and Credit Constraints
Balleer, Almut - 2019
We estimate the effects of monetary policy on price-setting behavior in administrative micro data underlying the German producer price index. We find a strong degree of monetary non-neutrality. After expansionary monetary policy, the mass of additional price adjustments is economically small and...
Persistent link: https://www.econbiz.de/10012857905
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Does immigration affect the Phillips curve?: some evidence for Spain
Bentolila, Samuel; Dolado, Juan José; Jimeno, Juan F. - 2007
The Phillips curve has flattened in Spain over 1995-2006: unemployment has fallen by 15 percentage points, with roughly constant inflation. This change has been more pronounced than elsewhere. We argue that this stems from the immigration boom in Spain over this period. We show that the New...
Persistent link: https://www.econbiz.de/10010273772
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The New Keynesian Phillips Curve and the role of expectations : evidence from the Ifo world economic survey
Henzel, Steffen; Wollmershäuser, Timo - 2006
We provide evidence on the fit of the hybrid New Keynesian Phillips curve for selected euro zone countries, the US and the UK. Instead of imposing rational expectations and estimating the Phillips curve by the Generalized Method of Moments, we follow Roberts (1997) and Adam and Padula (2003) and...
Persistent link: https://www.econbiz.de/10010261432
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Strategic Inattention, Inflation Dynamics, and the Non-Neutrality of Money
Afrouzi, Hassan - 2020
How does competition affect information acquisition of firms and thus the response of inflation and output to monetary policy shocks? This paper addresses these questions in a new dynamic general equilibrium model with both dynamic rational inattention and oligopolistic competition. In the...
Persistent link: https://www.econbiz.de/10012836931
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Domestic and Global Output Gaps as Inflation Drivers : What Does the Phillips Curve Tell?
Jasova, Martina - 2019
We study how domestic and global output gaps affect CPI inflation. We use a New-Keynesian Phillips curve framework which controls for nonlinear exchange rate movements for a panel of 26 advanced and 22 emerging economies covering the 1994Q1-2017Q4 period. We find broadly that both global and...
Persistent link: https://www.econbiz.de/10012892246
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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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A Theory of Price Adjustment under Loss Aversion
Ahrens, Steffen; Pirschel, Inske; Snower, Dennis J. - 2014
We present a new partial equilibrium theory of price adjustment, based on consumer loss aversion. In line with prospect … theory, the consumers' perceived utility losses from price increases are weighted more heavily than the perceived utility … an otherwise standard dynamic neoclassical model of monopolistic competition. The resulting theory of price adjustment is …
Persistent link: https://www.econbiz.de/10010398564
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Employment growth, inflation and output growth: Was Phillips right? Evidence from a dynamic panel
Caporale, Guglielmo Maria; Škare, Marinko - 2011
growth, giving support to Phillips' Golden Triangle theory. …
Persistent link: https://www.econbiz.de/10010277380
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The Globalisation of Inflation: The Growing Importance of Global Value Chains
Auer, Raphael A.; Borio, Claudio; Filardo, Andrew - 2017
Greater international economic interconnectedness over recent decades has been changing inflation dynamics. This paper presents evidence that the expansion of global value chains (GVCs), ie cross-border trade in intermediate goods and services, is an important channel through which global...
Persistent link: https://www.econbiz.de/10011657108
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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/10013470361