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External monetary shocks and monetary integration : evidence from the Bulgarian currency board
Minea, Alexandru; Rault, Christophe - 2011
Starting July the 1st 1997, Bulgaria adopted a Currency Board (CB) monetary system. This paper aims at investigating if the adoption of the CB monetary system, which involves the cost of loosing monetary autonomy, has provided a relatively better (with respect to other CEEC) monetary integration...
Persistent link: https://www.econbiz.de/10009309508
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Forward guidance and household expectations
Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, … - 2020
of inflation, mortgage rates, and unemployment to the effects of communication about future inflation in a randomized … then provide 22 different forms of information regarding past, current and/or future inflation and interest rates … beyond one year do not have any additional impact on forecasts. Exogenous variation in inflation expectations transmits into …
Persistent link: https://www.econbiz.de/10012177886
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Drivers of the underground economy around the millienium : a long term look for the United States
Goel, Rajeev K.; Saunoris, James W.; Schneider, Friedrich - 2017
bigger government reduced it, with the effects of inflation being statistically insignificant. Politically, the efficacy of …
Persistent link: https://www.econbiz.de/10011694815
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Extraordinary labor market developments and the 2022-23 disinflation
Davis, Steven J. - 2024
Two extraordinary U.S. labor market developments facilitated the sharp disinflation in 2022-23 without raising the unemployment rate. First, pandemic-driven infection worries and social distancing intentions caused a sizable drag on labor force participation that began to reverse in the first...
Persistent link: https://www.econbiz.de/10014550371
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Bubble economics and structural change : the cases of Spain and France compared
Agnese, Pablo; Hromcová, Jana - 2015
This paper delves into the recent events that led to the formation of the housing bubble in Spain and the resulting structural change that is arguably needed to put the economy back into the right track. For this purpose we calibrate a model with different equilibria descriptive of the labor...
Persistent link: https://www.econbiz.de/10010502798
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Interest rate hysteresis in macroeconomic investment under uncertainty
Belke, Ansgar; Göcke, Matthias - 2019
The interest rate is generally considered as an important driver of macroeconomic investment. As an innovation, this paper derives the exact shape of the "hysteretic" impact of changes in the interest rate on macroeconomic investment under the scenarios of both certainty and uncertainty. We...
Persistent link: https://www.econbiz.de/10012099522
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Interest rate bands of inaction and play-hysteresis in domestic investment : evidence for the Euro area
Belke, Ansgar; Frenzel Baudisch, Coletta; Göcke, Matthias - 2019
The interest rate represents an important monetary policy tool to steer investment in order to reach price stability. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank's effectiveness in a low interest rate environment...
Persistent link: https://www.econbiz.de/10012099559
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Demography and provisions for retirement : the pension composition, a behavioral approach
Praag, Bernard M. S. van; Hop, J. Peter - 2020
Pensions may be provided for in a modern society by a mix of several methods, namely by voluntary individual savings, mandatory fully-funded occupational pension systems, mandatory social security financed by pay-as-you-go, and old-fashioned hoarding in cash. Here, we call the specific mixture...
Persistent link: https://www.econbiz.de/10012160984
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Inflation and welfare in long-run equilibrium with firm dynamics
Janiak, Alexandre; Monteiro, Paulo Santos - 2009
We analyze the welfare cost of inflation in a model with cash-in-advance constraints and an endogenous distribution of … establishments' productivities. Inflation distorts aggregate productivity through firm entry dynamics. The model is calibrated to the … United States economy and the long-run equilibrium properties are compared at low and high inflation. We find that, when the …
Persistent link: https://www.econbiz.de/10003916989
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Some evidence on the importance of sticky wages
Barattieri, Alessandro; Basu, Susanto; Gottschalk, Peter - 2010
consumer price inflation rate. -- Wage stickiness ; micro-level evidence ; measurement error …
Persistent link: https://www.econbiz.de/10003985883