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Persistence and nominal inertia in a generalized Taylor economy: how longer contracts dominate shorter contracts
Dixon, Huw; Kara, Engin - 2005
In this paper we develop the Generalized Taylor Economy (GTE) in which there are many sectors with overlapping … longer contracts are present. We are able to solve the puzzle of why Calvo contracts appear to be more persistent than simple … Taylor contracts: it arises because of the distribution of contract lengths. When we choose a GTE with the same distribution …
Persistent link: https://www.econbiz.de/10011604535
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The distribution of contract durations across firms: a unified framework for understanding and comparing dynamic wage and price setting models
Dixon, Huw - 2006
distribution across firms of completed contract lengths. The distribution is consistent with a Generalised Taylor Economy or a … Generalised Calvo model with duration dependent reset probabilities. Equivalent distributions have different degrees of forward …
Persistent link: https://www.econbiz.de/10011604722
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From the ERM to the euro: new evidence on economic and policy convergence among EU countries
Angeloni, Ignazio; Dedola, Luca - 1999
Skeptic views on EMU are usually cast around three arguments. First, the EU does not satisfy 'Optimum Currency Area' (OCA) conditions. Second, heterogeneous economic and financial structures will produce differences in monetary transmission. Third, the shift from domestic to area-wide...
Persistent link: https://www.econbiz.de/10011604050
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House prices and the macroeconomy in Europe: Results from a structural var analysis
Iacoviello, Matteo - 2000
A structural vector autoregressive (SVAR) approach is used to identify the forces driving house prices fluctuations in France, Germany, Italy, Spain, Sweden and the UK over the period 1970-1998. Quarterly time series for real house prices, GDP, money, inflation and interest rates are...
Persistent link: https://www.econbiz.de/10011604064
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Business cycle and monetary policy analysis in a structural sticky-price model of the euro area
Casares, Miguel - 2001
Structural models are a powerful tool for business cycle and monetary policy analysis because they are invariant to either policy changes or external shocks. In this paper, we derive a Sidrauski-type model in which both the demand and supply side are structural in the sense that the behavioral...
Persistent link: https://www.econbiz.de/10011604095
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Optimal monetary policy with durable and non-durable goods
Erceg, Christopher J.; Levin, Andrew T. - 2002
-prescribed policy rules (such as strict5 price inflation targeting and Taylor's rule) perform very poorly in terms of social welfare. … that roughly matches the impulse response functions of the data. While the social welfare function involves sector …
Persistent link: https://www.econbiz.de/10011604225
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Monetary policy in a low pass-through environment
Monacelli, Tommaso - 2003
We study the effects on the optimal monetary policy design problem of allowing for deviations from the law of one price in import goods prices. We reach three basic results. First, incomplete pass-through renders the analysis of monetary policy of an open economy fundamentally different from the...
Persistent link: https://www.econbiz.de/10011604273
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Swiss monetary policy targeting 1974-1996: the role of internal policy analysis
Rich, Georg - 2003
After the switch to a floating exchange rate in 1973, the Swiss National Bank at first adopted annual monetary targets and in the 1990s shifted to a medium-term targeting strategy. In this paper I review the SNB's internal policy analysis, an aspect of Swiss monetary targeting that has received...
Persistent link: https://www.econbiz.de/10011604282
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Comparing economic dynamics in the EU and CEE accession countries
Süppel, Ralph - 2003
Persistent link: https://www.econbiz.de/10011604313
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Equilibrium unemployment, job flows and inflation dynamics
Trigari, Antonella - 2004
In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price rigidities. Then, it estimates a set of structural parameters...
Persistent link: https://www.econbiz.de/10011604350