Similar Search Results

Global liquidity, world savings glut and global policy coordination

Belke, Ansgar; Gros, Daniel - 2010

drivers of asset prices are global liquidity conditions. Central banks flooded the markets with ample liquidity. Mopping up … this excess liquidity will be one major task for central banks worldwide, which needs to be done in a coordinated fashion …. Moreover, our analysis has shown that liquidity will first show up in asset price inflation and only later in consumer goods …

Persistent link: https://www.econbiz.de/10010271353

Firm-Specific Capital and the New-Keynesian Phillips Curve

Woodford, Michael - 2005

A relation between inflation and the path of average marginal cost (often measured by unit labor cost) implied by the Calvo (1983) model of staggered pricing --- sometimes referred to as the "new-Keynesian Phillips curve"--- has been the subject of extensive econometric estimation and testing....

Persistent link: https://www.econbiz.de/10012467536

Imperfect Common Knowledge and the Effects of Monetary Policy

Woodford, Michael - 2001

This paper reconsiders the Phelps-Lucas hypothesis, according to which temporary real effects of purely nominal disturbances result from imperfect information, but departs from the assumptions of Lucas (1973) in two crucial respects. Due to monopolistically competitive pricing, higher-order...

Persistent link: https://www.econbiz.de/10012470042

Doing Without Money : Controlling Inflation in a Post-Monetary World

Woodford, Michael - 1997

This paper shows that it is possible to analyze equilibrium inflation determination without any reference to either money supply or demand, as long as one specifies policy in terms of a Wicksellian' interest-rate feedback rule. This approach should be of considerable interest, as central banks...

Persistent link: https://www.econbiz.de/10012472626

Inflation Forecasts and Monetary Policy

Bernanke, Ben - 1997

Proposals for 'inflation targeting' as a strategy for monetary policy leave open the important operational question of how to determine whether current policies are consistent with the long-run inflation target. An interesting possibility is that the central bank might target current...

Persistent link: https://www.econbiz.de/10012472657

Monetary policy, global liquidity and commodity price dynamics

Belke, Ansgar; Bordon, Ingo G.; Hendricks, Torben W. - 2010

, money (defined as a global liquidity aggregate) is still a key factor to determine the long-run homogeneity of commodity … considerations. The inclusion of commodity prices helps to identify a significant monetary transmission process from global liquidity … clear empirical pattern it appears justified to argue that global liquidity merits attention in the same way as the …

Persistent link: https://www.econbiz.de/10010271369