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Investigating Inflation Persistence Across Monetary Regimes
Benati, Luca - 2021
Under inflation targeting inflation exhibits negative serial correlation in the United Kingdom, and little or no …, inflation appears to be (nearly) purely forward-looking, so that no mechanism introducing backward-looking components is … necessary to fit the data. These results question the notion that the intrinsic inflation persistence found in post-WWII U …
Persistent link: https://www.econbiz.de/10013316644
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Investigating inflation persistence across monetary regimes
Benati, Luca - 2008
Under inflation targeting inflation exhibits negative serial correlation in the United Kingdom, and little or no …, inflation appears to be (nearly) purely forward-looking, so that no mechanism introducing backward-looking components is … necessary to fit the data. These results question the notion that the intrinsic inflation persistence found in post-WWII U …
Persistent link: https://www.econbiz.de/10011604897
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Monetary policy with judgment: forecast targeting
Svensson, Lars E. O. - 2005
“Forecast targeting,” forward-looking monetary policy that uses central-bank judgment to construct optimal policy projections of the target variables and the instrument rate, may perform substantially better than monetary policy that disregards judgment and follows a given instrument rule....
Persistent link: https://www.econbiz.de/10011604522
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What measure of inflation should a central bank target?
Mankiw, N. Gregory; Reis, Ricardo - 2002
This paper assumes that a central bank commits itself to maintaining an inflation target and then asks what measure of … the inflation rate the central bank should use if it wants to maximize economic stability. The paper first formalizes this …
Persistent link: https://www.econbiz.de/10011604216
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Mind the output gap: the disconnect of growth and inflation during recessions and convex Phillips curves in the euro area
Gross, Marco; Semmler, Willi - 2017
We develop a theoretical model that features a business cycle-dependent relation between out- put, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … pronounced convex relationship between inflation and the output gap, meaning that the coefficient in the Phillips curve on the …
Persistent link: https://www.econbiz.de/10011606049
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Mind the Output Gap : The Disconnect of Growth and Inflation During Recessions and Convex Phillips Curves in the Euro Area
Gross, Marco - 2017
We develop a theoretical model that features a business cycle-dependent relation between output, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … pronounced convex relationship between inflation and the output gap, meaning that the co-efficient in the Phillips curve on the …
Persistent link: https://www.econbiz.de/10012963916
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Monetary Policy and Core Inflation
Lenza, Michele - 2021
This paper studies optimal monetary policy responses in an economy featuring sectorial heterogeneity in the frequency of price adjustments. It shows that a central bank facing heterogeneous nominal rigidities is more likely to behave less aggressively than in a fully sticky economy. Hence, the...
Persistent link: https://www.econbiz.de/10013316741
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The Economics of Central Bank Digital Currency
Ahnert, Toni; Assenmacher, Katrin; Hoffmann, Peter; … - 2022
This paper provides a structured overview of the burgeoning literature on the economics of CBDC. We document the economic forces that shape the rise of digital money and review motives for the issuance of CBDC. We then study the implications for the financial system and discuss of a number of...
Persistent link: https://www.econbiz.de/10013403003
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The Relationship between Central Bank Auctions and Bill Market Liquidity
Bats, Joost; Hoondert, Jurian J.A - 2022
This paper investigates the relationship between central bank (reverse) auctions and bill market liquidity. The analysis includes data on the purchases of bills in the auctions by the Dutch Central Bank under the European Central Bank’s Pandemic Emergency Purchase Programme (PEPP). The results...
Persistent link: https://www.econbiz.de/10013403023
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CBDC and Business Cycle Dynamics in a New Monetarist New Keynesian Model
Assenmacher, Katrin; Bitter, Lea; Ristiniemi, Annukka - 2023
To study implications of an interest-bearing CBDC on the economy, we integrate a New Monetarist-type decentralised market that explicitly accounts for the means-of-exchange function of bank deposits and CBDC into a New Keynesian model with financial frictions. The central bank influences the...
Persistent link: https://www.econbiz.de/10014354929