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The Exchange Rate Pass - Through to Import and Export Prices : The Role of Nominal Rigidities and Currency Choice
Choudhri, Ehsan U. - 2012
emphasized markup adjustment in response to exchange rate changes. This paper suggests an alternative explanation based on the …
Persistent link: https://www.econbiz.de/10013098580
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Designing a Simple Loss Function for Central Banks : Does a Dual Mandate Make Sense?
Debortoli, Davide - 2018
Yes, it makes a lot of sense. This paper studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity,...
Persistent link: https://www.econbiz.de/10012928629
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Monetary Policy and the Relative Price of Durable Goods
Cantelmo, Alessandro - 2018
In a SVAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new-house and nondurables prices. These findings are rationalized via the estimation of a...
Persistent link: https://www.econbiz.de/10012929918
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Price Subsidies and the Conduct of Monetary Policy
Ben Aissa, Mohamed Safouane - 2015
This paper investigates optimized monetary policy rules in the presence of government intervention to stabilize prices of certain categories of goods and services. The paper estimates a small-scale, structural equilibrium model with a sticky-price sector and a subsidized price sector for a large...
Persistent link: https://www.econbiz.de/10013037251
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Uncertainty, Financial Frictions and Nominal Rigidities : A Quantitative Investigation
Cesa-Bianchi, Ambrogio - 2017
Are uncertainty shocks a major source of business cycle fluctuations? This paper studies theeffect of a mean preserving shock to the variance of aggregate total factor productivity(macro uncertainty) and to the dispersion of entrepreneurs' idiosyncratic productivity (microuncertainty) in a...
Persistent link: https://www.econbiz.de/10012944962
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No Pain, All Gain? Exchange Rate Flexibility and the Expenditure-Switching Effect
Carriere-Swallow, Yan - 2018
exchange rate flexibility. Moreover, results show that flexible exchange rates allow for significant adjustment in relative … prices, which in turn lowers the burden of adjustment on demand for domestic goods and, in some cases, facilitates a faster … and more durable external adjustment process. These results, which are robust to accounting for possible non …
Persistent link: https://www.econbiz.de/10012907952
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Implications of Food Subsistence for Monetary Policy and Inflation
Portillo, Rafael - 2016
We introduce subsistence requirements in food consumption into a simple new-Keynesianmodel with flexible food and sticky non-food prices. We study how the endogenous structuraltransformation that results from subsistence affects the dynamics of the economy, the design ofmonetary policy, and the...
Persistent link: https://www.econbiz.de/10012982444
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Price Statistics Compilation in 196 Economies : The Relevance for Policy Analysis
Berry, Francien - 2019
The consumer price index (CPI) is a key economic indicator used to gauge inflation, adjust wages, pensions, and social benefits. The producer prices index (PPI) is used for forecasting and deflating GDP estimates. Both indexes are used by the Fund, policymakers, and researchers for global,...
Persistent link: https://www.econbiz.de/10012864105
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Geopolitical Risk on Stock Returns : Evidence from Inter-Korea Geopolitics
Jung, SeungHo; Lee, Jongmin; Lee, Seohyun - 2022
We investigate how corporate stock returns respond to geopolitical risk in the case of South Korea, which has experienced large and unpredictable geopolitical swings that originate from North Korea. To do so, a monthly index of geopolitical risk from North Korea (the GPRNK index) is constructed...
Persistent link: https://www.econbiz.de/10013306737
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Tariff Passthrough at the Border
Gopinath, Gita - 2019
We use micro data collected at the border and at retailers to characterize the effects brought by recent changes in US trade policy - particularly the tariffs placed on imports from China - on importers, consumers, and exporters. We start by documenting that the tariffs were almost fully passed...
Persistent link: https://www.econbiz.de/10012858385