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Firm-Specific Production Factors in a DSGE Model with Taylor Price Setting
de Walque, Gregory; Smets, Frank; Wouters, Rafael - 2021
This paper compares the Calvo model with a Taylor contracting model in the context of the Smets-Wouters (2003) Dynamic Stochastic General Equilibrium (DSGE) model. In the Taylor price setting model, we introduce firm-specific production factors and discuss how this assumption can help to reduce...
Persistent link: https://www.econbiz.de/10013317568
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Estimates of the open economy New Keynesian Phillips curve for euro area countries
Rumler, Fabio - 2005
This paper extends the existing literature on the open economy New Keynesian Phillips Curve by incorporating three different factors of production, domestic labor and imported as well as domestically produced intermediate goods, into a general model which nests existing closed economy and open...
Persistent link: https://www.econbiz.de/10011604542
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Inflation Volatility in Small and Large Advanced Open Economies
Balatti, Mirco - 2020
Inflation volatility is clearly important for structural analysis, forecasting and policy purposes, yet it is often … overlooked in the literature. This paper compares inflation volatility among advanced open economies with inflation targeting …, the volatility of inflation was similar among countries, even when controlling for monetary policy activity and other …
Persistent link: https://www.econbiz.de/10012827759
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Openness and Optimal Monetary Policy
Lombardo, Giovanni - 2010
We show that the composition of imports has important implications for the optimal volatility of the exchange rate. Using input-output data for 25 countries we document substantial differences in the import and non-tradable content of final demand components, and in the role played by imported...
Persistent link: https://www.econbiz.de/10013135279
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Are 'Intrinsic Inflation Persistence' Models Structural in the Sense of Lucas (1976)?
Benati, Luca - 2009
Following Fuhrer and Moore (1995), several authors have proposed alternative mechanisms to 'hardwire' inflation … European Monetary Union, of inflation-targeting countries, and of the new Swiss monetary policy regime, I show that, in the …), the parameters encoding the 'intrinsic' component of inflation persistence are not invariant across monetary policy …
Persistent link: https://www.econbiz.de/10012764450
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Forecasting with DSGE Models
Christoffel, Kai Philipp - 2010
on the estimation of their predictive distributions, with special attention being paid to the mean and the covariance …
Persistent link: https://www.econbiz.de/10013144596
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Demographics and Inflation in the Euro Area : A Two-Sector New Keynesian Perspective
Lis, Eliza - 2020
Can the aging process affect inflation? The prolonged decline of fertility and mortality rates induces a persistent … downward pressure on the natural interest rate. If this development is not internalized by the monetary policy rule, inflation … inflation found in the data for the euro area. In this model, continuing to follow the same rule makes inflation to be on a …
Persistent link: https://www.econbiz.de/10012838759
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A Phillips Curve for the Euro Area
Ball, Laurence - 2020
This paper asks whether a textbook Phillips curve can explain the behavior of core inflation in the euro area. A … critical feature of the analysis is that we measure core inflation with the weighted median of industry inflation rates, which … is less volatile than the common measure of inflation excluding food and energy prices. We find that fluctuations in core …
Persistent link: https://www.econbiz.de/10012844630
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Will US Inflation Awake from the Dead? The Role of Slack and Non-Linearities in the Phillips Curve
Albuquerque, Bruno - 2017
The response of US inflation to the high levels of spare capacity during the Great Recession of 2007-09 was rather muted … inflation, and either the closing of this gap or non-linearities in the Phillips curve could lead to a sudden pick-up in … inflation. We revisit these issues by estimating Phillips curves over 1992Q1 to 2015Q1. Our main findings suggest that a Phillips …
Persistent link: https://www.econbiz.de/10012963919
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Inflation Persistence in the European Union, the Euro Area, and the United States
Gadzinski, Gregory - 2011
In this paper we report results on inflation persistence using 79 inflation series covering the EU countries, the euro … area and the US for five different inflation variables. The picture that emerges is one of moderate inflation persistence … across the board. In particular we find euro area inflation persistence to be broadly in line with US inflation persistence …
Persistent link: https://www.econbiz.de/10013120765