Showing 1 - 10 of 2,663
high during 2016-2019, keeping inflation below the Reserve Bank's target band. Optimal monetary policy in 2016-2019 would …
Persistent link: https://www.econbiz.de/10013373260
-run inflation-unemployment tradeoff. …
Persistent link: https://www.econbiz.de/10011415107
employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to … persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation … ; matching models ; labor market search ; inflation persistence ; real wage rigidity …
Persistent link: https://www.econbiz.de/10003227218
predictive content of the traditional theory of competitive supply. A number of key results in the deterministic theory follow as … predictive content of the classical theory of competitive firm behavior from its a priori roots in profit maximization, while … subsuming the traditional theory as a special case. -- Supply aggregation ; stochastic supply function ; stochastic consistency …
Persistent link: https://www.econbiz.de/10003810898
distribution of jobs and its evolution over time. -- Microfoundations of production function ; tasks assignment ; technical change …
Persistent link: https://www.econbiz.de/10003652691
We study the impact of reputational incentives in markets characterized by moral hazard problems. Social preferences have been shown to enhance contract enforcement in these markets, while at the same time generating considerable wage and price rigidity. Reputation powerfully amplifies the...
Persistent link: https://www.econbiz.de/10003750306
In recent years there has been increasing concern about the identification of parameters in dynamic stochastic general equilibrium (DSGE) models. Given the structure of DSGE models it may be difficult to determine whether a parameter is identified. For the researcher using Bayesian methods, a...
Persistent link: https://www.econbiz.de/10009238657
Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In … our baseline calibration, the optimal rate of inflation is 2.1% and remains positive across a wide range of calibrations …. -- optimal monetary policy ; inflation targeting ; unemployment ; Phillips curve ; nominal inertia ; monetary policy …
Persistent link: https://www.econbiz.de/10009306325
contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high … incomes experience guilt. The former seek to raise their income, and latter seek to reduce it. The greater the inflation rate …, a rise in the inflation rate leads workers to supply more labor over the contract period, generating a significant …
Persistent link: https://www.econbiz.de/10009530187
state contingent inflation taxes/subsidies to smooth those rents. Hence, in the optimal Ramsey plan, inflation deviates from … zero and the optimal volatility of inflation is an increasing function of firing costs. The optimal rule should react to … employment alongside inflation. -- Optimal monetary policy ; hiring and firing costs ; labor market frictions ; policy trade-off …
Persistent link: https://www.econbiz.de/10003879356