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Estimated general equilibrium models for the evaluation of monetary policy in the US and Europe
Leith, Campbell B.; Malley, James R. - 2002
of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In …
Persistent link: https://www.econbiz.de/10011409738
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Imperfect exchange rate passthrough : strategic pricing and menu costs
Ghosh, Atish R.; Wolf, Holger C. - 2001
A large body of literature finds that exporters do not pass nominal exchange rate movements fully through to destination market prices over short time horizons. This imperfect passthrough has been widely attributed to strategic pricing-to-market , whereby exporters deliberately accept changes in...
Persistent link: https://www.econbiz.de/10011398066
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A sectoral analysis of price-setting behavior in US manufacturing industries
Leith, Campbell B.; Malley, James R. - 2003
In this paper we develop a multi-sector model of firms pricing behaviour under imperfect competition. We allow for the fact that some goods sold will be for final consumption, while others will be used as intermediate goods in further production. We assume that price setters are constrained by...
Persistent link: https://www.econbiz.de/10011508076
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Is there a European business cycle?
Artis, Michael J. - 2003
The paper uses quarterly GDP data for some 30 years up to and including 2001, to examine the identity and development of the European business cycle. Cycles are identified by using a band-pass filter version of the Hodrick-Prescott filter and affiliations are examined using clustering techniques...
Persistent link: https://www.econbiz.de/10011509523
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Measuring the social discount rate under uncertainty : a methodology and application
Ahsan, Syed; Tsigaris, Panagiotis Demetrios - 2002
It is well recognised that the issue of the social rate of discount applies only to the gains from public investment that accrues to the public sector. When it comes to measurement, however, there is a problem: public investment in infrastructure and the like do not usually yield direct...
Persistent link: https://www.econbiz.de/10011514079
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Dynamics of endogenous business cycles and exchange rate volatility
Böhm, Volker; Kikuchi, Tomoo - 2002
This paper studies dynamics of endogenous business cycles and exchange rate volatility in a small open economy. Without market imperfections, domestic price and wage adjustments respond sluggishly to disequilibrium situations on real domestic markets while prices on international capital markets...
Persistent link: https://www.econbiz.de/10011538984
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Some evolutionary foundations for price level rigidity
Saint-Paul, Gilles - 2002
This paper shows that price rigidity evolves in an economy populated by imperfectly rational agents who experiment with alternative rules of thumb. In the model, firms must set their prices in face of aggregate demand shocks. Their payoff depends on the level of aggregate demand, as well as on...
Persistent link: https://www.econbiz.de/10011409938
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Sufficient statistics for frictional wage dispersion and growth
Vejlin, Rune Majlund; Veramendi, Gregory - 2020
This paper develops a sufficient statistics approach for estimating the role of search frictions in wage dispersion and lifecycle wage growth. We show how the wage dynamics of displaced workers are directly informative of both for a large class of search models. Specifically, the correlation...
Persistent link: https://www.econbiz.de/10012319318
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Risk and heterogeneity in benefits from vocational versus general secondary-education : estimates for early and mature career stages in Portugal
Hartog, Joop; Raposo, Pedro; Reis, Hugo - 2023
We estimate a dynamic model of individual labour market careers (turnover and search, wage development) on Portuguese panel data of graduates from vocational and general secondary education. We find that vocational graduates benefit more from the internal labour market than from the external...
Persistent link: https://www.econbiz.de/10014309585
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Monetary policy and nominal rigidities under low inflation
Holden, Steinar - 2001
stronger bargaining position when they try to prevent a cut in money wages. If inflation is so low that some money wages have … to be cut, workers stronger bargaining position requires higher unemployment in equilibrium. However, inflation is more … stable when money wage rigidity binds, providing an incentive for monetary policy makers to choose a low target for inflation …
Persistent link: https://www.econbiz.de/10011398859