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The Domestic and Foreign Price Gaps in the P-Star Model : Evidence From Spain
García-Herrero, Alicia - 1999
Spanish inflation. The domestic price gap turns out to be the major explanatory variable for inflation, even after the …
Persistent link: https://www.econbiz.de/10014400204
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Long Memory Processes and Chronic Inflation : Detecting Homogeneous Components in a Linear Rational Expectation Model
Scacciavillani, Fabio - 1994
This paper is an empirical study of the links between monetary variables and inflation based on Cagan’s equation and … differenced model overcomes Evans’ critique of this test and that chronic inflation is essentially a monetary phenomenon caused by …
Persistent link: https://www.econbiz.de/10014398740
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Modeling and Forecasting Inflation in India
Callen, Tim - 1999
The Reserve Bank of India (RBI) has moved away from a broad money target toward a “multiple indicators” approach to the … has been de-emphasized, developments in the monetary aggregates remain an important indicator of future inflation. The … exchange rate and import prices are also relevant, particularly for inflation in the manufacturing sector …
Persistent link: https://www.econbiz.de/10014400729
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Taxes and the Price Level : A Further Examination of the PPP Hypothesis
Kleiman, Ephraim - 1993
The effects of taxation on the general price level have traditionally been regarded as reflecting monetary policy, rather than fiscal factors. This view abstracted from the possible endogeneity of monetary expansion with respect to tax hikes, and from the effects which taxation may have on the...
Persistent link: https://www.econbiz.de/10014398726
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Cointegration and Long-Horizon Forecasting
Diebold, Francis X. - 1997
Imposing cointegration on a forecasting system, if cointegration is present, is believed to improve long-horizon forecasts. Contrary to this belief, at long horizons nothing is lost by ignoring cointegration when the forecasts are evaluated using standard multivariate forecast accuracy measures....
Persistent link: https://www.econbiz.de/10014400530
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A Simple Forecasting Accuracy Criterion Under Rational Expectations : Evidence From the World Economic Outlook and Time Series Models
Barrionuevo, José M. - 1992
the World Economic Outlook projections of growth and inflation for the seven major industrial countries. Time series … model is examined. A number of empirical tests suggest that the year ahead projections of growth and inflation in the World …
Persistent link: https://www.econbiz.de/10014396084
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The Use of Encompassing Tests for Forecast Combinations
Kisinbay, Turgut - 2007
The paper proposes an algorithm that uses forecast encompassing tests for combining forecasts. The algorithm excludes a forecast from the combination if it is encompassed by another forecast. To assess the usefulness of this approach, an extensive empirical analysis is undertaken using a U.S....
Persistent link: https://www.econbiz.de/10014401070
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Optimal Price Indices for Targeting Inflation Under Incomplete Markets
Anand, Rahul - 2010
In models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating …-maximizing central bank should adopt flexible headline inflation targeting a target for headline CPI inflation with some weight on the …
Persistent link: https://www.econbiz.de/10014397170
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Money targeting in a modern forecasting and policy analysis system : an application to Kenya
Andrle, Michal; Berg, Andrew; Berkes, Enrico; Morales, … - 2013
We extend the framework in Andrle and others (2013) to incorporate an explicit role for money targets and target misses in the analysis of monetary policy in low-income countries (LICs), with an application to Kenya. We provide a general specification that can nest various types of money...
Persistent link: https://www.econbiz.de/10012667479
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A closed form multivariate linear filter
Boadway, Robin W.; Vitek, Francis - 2018
This paper considers the problem of jointly decomposing a set of time series variables into cyclical and trend components, subject to sets of stochastic linear restrictions among these cyclical and trend components. We derive a closed form solution to an ordinary problem featuring homogeneous...
Persistent link: https://www.econbiz.de/10011978601