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Reconciling narrative monetary policy disturbances with structural VAR model shocks?
Kliem, Martin; Kriwoluzky, Alexander - 2013
investigate whether employing the narrative monetary shock account as a proxy variable in a VAR model aligns both shock series. We …
Persistent link: https://www.econbiz.de/10009771126
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The macroeconomic effects of inflation uncertainty
Metiu, Norbert; Prieto, Esteban - 2023
increase after a positive shock to core inflation uncertainty in a vector autoregression. Endogenous changes in household … inflation expectations help to understand the transmission mechanism through which an inflation uncertainty shock generates …
Persistent link: https://www.econbiz.de/10014436184
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On household labour supply in sticky-wage HANK models
Gerke, Rafael; Giesen, Sebastian; Lozej, Matija; … - 2024 - November 24, 2023
Heterogeneous-agent New Keynesian models with sticky nominal wages usually assume that wage-setting unions demand the same amount of hours from all households. As a result, unions do not take account of the fact that (i) households are heterogeneous in their willingness to work, and that (ii)...
Persistent link: https://www.econbiz.de/10014467926
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Product turnover and endogenous price flexibility in uncertain times
Khalil, Makram; Lewis, Vivien - 2024
Price setting has become more flexible following a string of large adverse shocks (Covid-19, the Ukraine War). We argue that a shift to a high-uncertainty regime incentivizes firms to invest in their ability to adjust prices. We formalize this idea in a general equilibrium model with endogenous...
Persistent link: https://www.econbiz.de/10014558815
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Do exchange rates absorb demand shocks at the ZLB?
Hoffmann, Mathias; Hürtgen, Patrick - 2021
appreciates in response to an asymmetric negative demand shock at the zero lower bound (ZLB) and exacerbates the adverse … at the ZLB. In sharp contrast to the full information model: (i) A negative demand shock concentrated in the home country … causes a real exchange rate depreciation that partially absorbs the demand shock. (ii) A VAR with an identified demand shock …
Persistent link: https://www.econbiz.de/10012510174
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Sources of German unemployment : evidence from a structural VAR model
Linzert, Tobias - 2001
, however, wage and technology shocks do not seem to play a dominant role. …
Persistent link: https://www.econbiz.de/10013428423
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Inflation expectations and the Phillips curve : an encompassing framework
Maka, Alexis; Barbosa, Fernando de Holanda - 2017
This paper contrasts empirically four leading models of inflation dynamics - the accelerationist Phillips curve (APC), new Keynesian Phillips curve (NKPC), hybrid Phillips curve (HPC) and sticky information Phillips curve (SIPC). We employ an encompassing Phillips curve specification that allows...
Persistent link: https://www.econbiz.de/10012061245
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Disagreement and monetary policy
Falck, Elisabeth; Hoffmann, Mathias; Hürtgen, Patrick - 2017
dispersed information New Keynesian model predicts that a contractionary monetary policy shock leads to a short-run rise in ….S. data shows significantly different responses in inflation and inflation expectations consistent with theory. …
Persistent link: https://www.econbiz.de/10011740252
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Optimal trend inflation
Adam, Klaus; Weber, Henning - 2017
We present a sticky-price model incorporating heterogeneous firms and systematic firm-level productivity trends. Aggregating the model in closed form, we show that it delivers radically different predictions for the optimal inflation rate than canonical sticky price models featuring homogenous...
Persistent link: https://www.econbiz.de/10011712837
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Would households understand average inflation targeting?
Hoffmann, Mathias; Pavlova, Lora; Mönch, Emanuel; … - 2022
Yes, they would. In a randomized control trial, we provide groups of respondents from the Bundesbank Online Panel Households with information about a hypothetical alternative ECB monetary policy regime akin to the Federal Reserve’s flexible average inflation targeting (AIT). Inflation...
Persistent link: https://www.econbiz.de/10013205445