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Optimal price indices for targeting inflation under incomplete markets
Anand, Rahul; Prasad, Eswar S. - 2010
-constrained consumers' access to financial markets make demand insensitive to interest rate fluctuations. The demand of credit … price sector influence aggregate demand and, for monetary policy to have its desired effect, the central bank has to …
Persistent link: https://www.econbiz.de/10008810538
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Economic surplus and derived demand
Schlicht, Ekkehart (contributor) - 2006
Most demand -- especially labor demand -- is derived from the demand for some other product. This note demonstrates … case of derived demand. -- derived demand ; indirect demand ; consumers's surplus ; economic rent …
Persistent link: https://www.econbiz.de/10003333109
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Closed-form likelihood approcimation and estimation of jump-diffusions with an application to the realignment risk of the Chinese Yuan
Yu, Jialin - In: Journal of econometrics 141 (2007) 2, pp. 1245-1280
Persistent link: https://www.econbiz.de/10003571451
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A search model of unemployment and inflation
Lehmann, Etienne (contributor) - 2006
In this paper, I introduce money in the standard labor-matching model (Mortensen and Pissarides 1999, Pissarides 2000). A double coincidence problem makes Fiat Money necessary as a medium of exchange. In the long-run, a rise in the rate of money growth leads to higher inflation and higher...
Persistent link: https://www.econbiz.de/10003344604
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What measure of inflation should a developing country central bank target?
Anand, Rahul; Prasad, Eswar S.; Zhang, Boyang - 2015
In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of developing economies, where a large proportion of households are credit constrained...
Persistent link: https://www.econbiz.de/10011307888
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Distributional effects of monetary policy in emerging market economies
Prasad, Eswar S.; Zhang, Boyang - 2015
We develop a two-sector, heterogeneous-agent model with incomplete financial markets to study the distributional effects and aggregate welfare implications of alternative monetary policy rules in emerging market economies. Relative to inflation targeting, exchange rate management benefits...
Persistent link: https://www.econbiz.de/10011309046
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The impact of inflation targeting on inflation and growth: how robust is the evidence?
Junankar, Pramod N.; Wong, Chun Yee - 2020
This paper evaluates the success of Inflation Targeting on inflation and growth on a large panel data set of both developing and developed countries. Earlier studies have found contradictory results depending on the methodology used, different authors have used different estimation methods on...
Persistent link: https://www.econbiz.de/10012227388
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Firm dynamics with frictional product and labor markets
Kaas, Leo; Kimasa, Bihemo - 2018
productivity and demand shocks have distinct implications for the firms' output and price adjustments. Using panel data on prices … productivity and demand for the labor market and the dispersions of prices and labor productivity. We further analyze the impact of … shocks to the first and second moments of idiosyncratic risk on macroeconomic outcomes. An increase in demand uncertainty …
Persistent link: https://www.econbiz.de/10011896893
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Hyperbolic discounting and positive optimal inflation
Graham, Liam; Snower, Dennis J. - 2011
The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...
Persistent link: https://www.econbiz.de/10009306325
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Sind Nominallöhne starr? : Neuere Evidenz und wirtschaftspolitische Implikationen
Beissinger, Thomas (contributor);  … - 2003 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10001766987