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Natural rate doubts
Beyer, Andreas; Farmer, Roger E. A. - 2002
We study the low frequency comovements in unemployment, inflation and the federal funds rate in the U.S. From 1970 through 1979 all three series trended up together; after 1979 they all trended down. The conventional explanation for the buildup of inflation in the 1970's is that the Fed reacted...
Persistent link: https://www.econbiz.de/10011604167
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Real price and wage rigidities in a model with matching frictions
Kuester, Keith - 2007
This paper incorporates search and matching frictions in the labor market into a New Keynesian model. In contrast to the literature, the labor market activity takes place in the (Calvo-staggered) price-setting sector. Matching frictions lead price-setting firms to negotiate wage rates with their...
Persistent link: https://www.econbiz.de/10011604766
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Real Price and Wage Rigidities in a Model with Matching Frictions
Kuester, Keith - 2021
This paper incorporates search and matching frictions in the labor market into a New Keynesian model. In contrast to the literature, the labor market activity takes place in the (Calvo-staggered) price-setting sector. Matching frictions lead price-setting firms to negotiate wage rates with their...
Persistent link: https://www.econbiz.de/10013317251
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An inflation-predicting measure of the output gap in the euro area
Jarociński, Marek; Lenza, Michele - 2016
Using a small Bayesian dynamic factor model of the euro area we estimate the deviations of output from its trend that are consistent with the behavior of inflation. We label these deviations the output gap. In order to pin-down the features of the model, we evaluate the accuracy of real-time...
Persistent link: https://www.econbiz.de/10011606011
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The Phillips curve and long-term unemployment
Llaudes, Ricardo - 2005
propose a new specification of the Phillips Curve that contains different unemployment lengths in a time-varying NAIRU setting … maker: It produces more accurate forecasts of inflation and more precise estimates of the NAIRU. …
Persistent link: https://www.econbiz.de/10011604487
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Exchange rate shocks and inflation comovement in the euro area
Leiva-Leon, Danilo; Martínez-Martín, Jaime; Ortega, Eva - 2020
This paper decomposes the time-varying effect of exogenous exchange rate shocks on euro area countries in ation into country-specific (idiosyncratic) and region-wide (common) components. To do so, we propose a exible empirical framework based on dynamic factor models subject to drifting...
Persistent link: https://www.econbiz.de/10012422045
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Exchange Rate Shocks and Inflation Comovement in the Euro Area
Leiva‐Leon, Danilo - 2020
This paper decomposes the time-varying effect of exogenous exchange rate shocks on euro area countries inflation into country-specific (idiosyncratic) and region-wide (common) components. To do so, we propose a flexible empirical framework based on dynamic factor models subject to drifting...
Persistent link: https://www.econbiz.de/10012838756
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A system approach for measuring the euro area NAIRU
Fabiani, Silvia; Mestre, Ricardo - 2001
This paper addresses the issue of measuring the NAIRU for the euro area and assessing the robustness and precision of … cyclical unemployment and the output gap with a Phillips curve and stochastic laws of motion for the NAIRU and potential output … the systems themselves. The results obtained point to an estimate of the area-wide NAIRU that is robust to changes in the …
Persistent link: https://www.econbiz.de/10011604111
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Joint Estimation of the Natural Rate of Interest, the Natural Rate of Unemployment, Expected Inflation, and Potential Output
Benati, Luca; Vitale, Giovanni - 2021
We jointly estimate the natural rate of interest, the natural rate of unemployment, expected inflation, and potential output for the Euro area, the United States, Sweden, Australia, and the United Kingdom. Particular attention is paid to time-variation in (i) the data-generation process for...
Persistent link: https://www.econbiz.de/10013316896
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The Global Dimension of Inflation - Evidence from Factor-Augmented Phillips Curves
Eickmeier, Sandra - 2009
We examine the global dimension of inflation in 24 OECD countries between 1980 and 2007 in a traditional Phillips curve framework. We decompose output gaps and changes in unit labor costs into common (or global) and idiosyncratic components using a factor analysis and introduce these components...
Persistent link: https://www.econbiz.de/10012765190