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U.S. Inflation Dynamics : What Drives Them Over Different Frequencies?
Balakrishnan, Ravi - 2006
Persistent link: https://www.econbiz.de/10012691119
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U.S. Inflation Expectations During the Pandemic
Bae, Euihyun - 2024
This paper studies how and why inflation expectations have changed since the emergence of Covid-19. Using micro-level data from the University of Michigan Survey of Consumers, we show that the distribution of consumer expectations at one-year and five-ten year horizons has widened since the...
Persistent link: https://www.econbiz.de/10015058699
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Inflation Targeting Under Imperfect Policy Credibility
Fund, International Monetary - 2009
This paper presents a model for Inflation Targeting under imperfect policy credibility. It modifies the conventional … model in three ways: an endogenous policy credibility process, by which monetary policy can gain or lose credibility over … time; non-linearities in the inflation equation and in the credibility generating process; and an explicit loss function …
Persistent link: https://www.econbiz.de/10012677693
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The Consequences of Falling Behind the Curve: Inflation Shocks and Policy Delays Under Rational and Behavioral Expectations
Hakamada, Mai - 2024
Central banks in major industrialized economies were slow to react to the surge in inflation that began in early 2021. The proximate causes of this surge were the supply chain disruptions associated with the easing of COVID restrictions, fiscal policies designed to cushion the economic impact of...
Persistent link: https://www.econbiz.de/10015058631
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Can Fiscal Consolidation Announcements Help Anchor Inflation Expectations?
David, Antonio - 2024
In this paper, we use quarterly data and a novel database on fiscal policy consolidation announcements, for a sample of advanced economies and emerging markets to quantify the effects of fiscal tightening on inflation expectations. We find that fiscal consolidation announcements reduce inflation...
Persistent link: https://www.econbiz.de/10015058655
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Is High Debt Constraining Monetary Policy? Evidence from Inflation Expectations
Brandão-Marques, Luis - 2023
This paper examines whether high government debt levels pose a challenge to containing inflation. It does so by assessing the impact of government debt surprises on inflation expectations in advanced- and emerging market economies. It finds that debt surprises raise long-term inflation...
Persistent link: https://www.econbiz.de/10015059358
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Shocks to Inflation Expectations
Barrett, Philip - 2022
The consensus among central bankers is that higher inflation expectations can drive up inflation today, requiring tighter policy. We assess this by devising a novel method for identifying shocks to inflation expectations, estimating a semi-structural VAR where an expectation shock is identified...
Persistent link: https://www.econbiz.de/10015060466
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A New Measure of Central Bank Independence
Adrian, Tobias - 2024
This paper constructs a new index for measuring de jure central bank independence, the first entirely new index in three decades. The index draws on a comprehensive dataset from the IMF's Central Bank Legislation Database (CBLD) and Monetary Operations and Instruments Database (MOID) and...
Persistent link: https://www.econbiz.de/10015058647
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Measuring the Stances of Monetary and Fiscal Policy
Vitek, Francis - 2023
We derive measures of the stances of monetary and fiscal policy within the framework of an empirically plausible extension of the basic New Keynesian model, and jointly estimate them for the United States using a closed form multivariate linear filter. Our theoretical analysis reveals that the...
Persistent link: https://www.econbiz.de/10015059505
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Household production, services and monetary policy
Ngouana, Constant Lonkeng - 2012
A distinctive feature of market-provided services is that some of them have close substitutes at home. Households may therefore switch between consuming home and market services in response to changes in the real wage - the opportunity cost of working at home - and changes in the price of market...
Persistent link: https://www.econbiz.de/10009621655