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Batini, Nicoletta; Greenslade, Jennifer V. - 2003

This paper derives alternative measures of the short-run NAIRU (SRN) for the UK, the rate for unemployment at which inflation will neither increase nor decrease in the short-run. We estimate the NAIRU jointly with price equations by using the Kalman filter. Our work suggests that both structural...

Persistent link: https://www.econbiz.de/10011517881

Inflation expectations and climate concern

Meinerding, Christoph; Poinelli, Andrea; Schüler, Yves - 2022

Using survey data from German households, we find that individuals with lower climate concern tend to have higher inflation expectations up to five years ahead. This correlation is most pronounced among individuals with extremely high inflation expectations. Evaluating candidate explanations, we...

Persistent link: https://www.econbiz.de/10013171786

Inflation, deflation, and uncertainty : what drives euro area option-implied inflation expectations and are they still anchored in the sovereign debt crisis?

Scharnagl, Michael; Stapf, Jelena - 2014

study framework despite the short sample period from 2009 to 2013. Due to renewed fears of deflation we compare option …-implied and statistical density functions to gain insight into deflation risk. Inflation expectations show a decreasing mean but … influence of monetary policy announcements on inflation expectations diminished. Tail events such as deflation although still …

Persistent link: https://www.econbiz.de/10010415789

Hitting the elusive inflation target

Bianchi, Francesco; Melosi, Leonardo; Rottner, Matthias - 2021

Since the 2001 recession, average core inflation has been below the Federal Reserve’s 2% target. This deflationary bias is a predictable consequence of a symmetric monetary policy strategy that fails to recognize the risk of encountering the zero-lower-bound. An asymmetric rule according to...

Persistent link: https://www.econbiz.de/10012651566

Consumption-led expansions are toxic for future output growth

Virén, Matti E. E. - 2022

When assessing future growth prospects, does it matter how the economy grows now? In other words, does the current structure of demand affect future growth? This question is analyzed in our paper by using global and EU panel data. The result is quite striking: consumption-led growth - either in...

Persistent link: https://www.econbiz.de/10014551580

Discussion on the Inconsistency of Central Bank Independence Measures

Maslowska, Aleksandra - 2007

In recent years, a number of countries have modified their monetary institutions, focusing, in many cases, on increasing of the independence of national central banks. This attracted attention of academics and policymakers, who have shown continuing interest in various monetary institutions with...

Persistent link: https://www.econbiz.de/10012502975

Quest for the best: How to measure central bank independence and show its relation with inflation?

Maslowska, Aleksandra - 2008

We use several numerical tests in order to receive answers to our three questions. First, this paper aims to indicate, which measure of central bank independence explains economic changes the most accurately, and hence gives the most exact guidance onto institutional design of monetary...

Persistent link: https://www.econbiz.de/10012502991

Keeping Up with the Joneses and the Welfare Effects of Monetary Policy

Tervala, Juha - 2011

This paper examines the implications of "keeping up with the Joneses" preferences (jealousy) for the welfare effects of monetary policy. I develop a New Keynesian model, where households are jealous and the central bank follows the Taylor rule. I show that the welfare effects of monetary policy...

Persistent link: https://www.econbiz.de/10012503019

The intraday interest rate : what’s that?

Abbassi, Puriya; Fecht, Falko; Tischer, Johannes - 2015

We study the intraday interest rate in a CCP-based GC pooling repo market and its key determinants. Since collateral used in this market is identical to collateral eligible for the daylight overdraft facility of the Eurosystem, any intraday rate in this market cannot be a result of collateral...

Persistent link: https://www.econbiz.de/10011308459

Traditional banks, shadow banks and the US credit boom : credit origination versus financing

Unger, Robert - 2016

The US credit boom has been identified as one of the causes of the global financial crisis and the resulting debt overhang is seen as the primary reason for the weak economic recovery. Most of the existing literature links the credit boom to the emergence of the shadow banking system. This paper...

Persistent link: https://www.econbiz.de/10011456517

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