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Inflation volatility in small and large advanced open economies
Mozzanica, Mirco Balatti - 2020
Inflation volatility is clearly important for structural analysis, forecasting and policy purposes, yet it is often overlooked in the literature. This paper compares in ation volatility among advanced open economies with in ation targeting monetary policy frameworks. The results of the empirical...
Persistent link: https://www.econbiz.de/10012422110
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Estimates of the open economy New Keynesian Phillips curve for euro area countries
Rumler, Fabio - 2005
input costs they tend to adjust their prices more frequently. However, when the model is estimated in its general …
Persistent link: https://www.econbiz.de/10011604542
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Definition of price stability, range and point inflation targets: the anchoring of long-term inflation expectations
Rodriguez-Palenzuela, Diego; Castelnuovo, Efrem; … - 2003
Persistent link: https://www.econbiz.de/10011604319
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Price setting and inflation persistence: did EMU matter?
Angeloni, Ignazio; Aucremanne, Luc; Ciccarelli, Matteo - 2006
Surprisingly it did not, or at least not directly. Using micro data on consumer prices and sectoral inflation rates …
Persistent link: https://www.econbiz.de/10011604643
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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 persistence in Canada, Sweden and New Zealand, and estimates of the indexation parameter in hybrid New Keynesian Phillips curves are either equal to zero, or very low, in all...
Persistent link: https://www.econbiz.de/10011604897
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EMU and the adjustment to asymmetric shocks: the case of Italy
Amisano, Gianni; Giammarioli, Nicola; Stracca, Livio - 2009
In this paper we address the question on whether EMU has amplified or dampened intra euro area divergencies, by looking at a time-varying VAR model of Italy’s relative performance compared with the rest of the euro area, spanning from 1976 to 2009. Our main result is that EMU does not appear...
Persistent link: https://www.econbiz.de/10011605174
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Time variation in U.S. wage dynamics
Hofmann, Boris; Straub, Roland; Peersman, Gert - 2010
This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates …", technology shocks in contrast triggered wage-price spirals, moving nominal wages and prices in the same direction at longer … horizons, thus counteracting the required adjustment of real wages, amplifying the ultimate repercussions on prices and hence …
Persistent link: https://www.econbiz.de/10011605276
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Is quantity theory still alive?
Teles, Pedro; Uhlig, Harald - 2013
This paper investigates whether the quantity theory of money is still alive. We demonstrate three insights. First, for countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best. Second, the fit markedly improves, when correcting...
Persistent link: https://www.econbiz.de/10011605650
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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 underlying the capacity constraint theory (Macklem...
Persistent link: https://www.econbiz.de/10011606049
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Monetary policy strategies to navigate post-pandemic inflation: An assessment using the ECB's New Area-Wide Model
Darracq Pariès, Matthieu; Kornprobst, Antoine; … - 2024
We evaluate how the euro area economy would have performed since mid-2021 under alternative monetary policy strategies. We use the ECB's workhorse estimated DSGE model and contrast actual policy conduct against alternative strategies which differ in their "lower-for-longer" commitment as well as...
Persistent link: https://www.econbiz.de/10014543599