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Market power and monetary policy transmission
Duval, Romain; Furceri, Davide; Lee, Raphael; Mendes … - 2021
We show that firms' market power dampens the response of their output to monetary policy shocks, using firm-level data for the United States and a large cross-country firm-level dataset for 14 advanced economies. The estimated impact of a firm's markup on its response to a monetary policy shock...
Persistent link: https://www.econbiz.de/10012605640
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Transparency and Monetary Policy with Imperfect Common Knowledge
Roca, Mauro - 2010
Is it desirable that central banks be more transparent in the communication of sensible information when agents have diverse private information? In practice, there exists some consensus about the benefits of acting in this way. However, other studies warn that increasing the precision of public...
Persistent link: https://www.econbiz.de/10014402814
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Imperfect Central Bank Communication : Information Versus Distraction
Orphanides, Athanasios - 2008
Much of the information communicated by central banks is noisy or imperfect. This paper considers the potential benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the value of communicating imperfect information is ambiguous....
Persistent link: https://www.econbiz.de/10014401641
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Monetary policy surprises and inflation expectation dispersion
Grigoli, Francesco; Gruss, Bertrand; Lizarazo, Sandra - 2020
Anchoring of inflation expectations is of paramount importance for central banks' ability to deliver stable inflation and minimize price dispersion. Relying on daily interest rates and inflation forecasts from major financial institutions in the United States, we calculate monetary policy...
Persistent link: https://www.econbiz.de/10012392613
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On the Optimal Adherence to Money Targets in a New-Keynesian Framework : An Application to Low-Income Countries
Berg, Andrew - 2010
Many low-income countries continue to describe their monetary policy framework in terms of targets on monetary aggregates. This contrasts with most modern discussions of monetary policy, and with most practice. We extend the new-Keynesian model to provide a role for “M” in the conduct of...
Persistent link: https://www.econbiz.de/10014402718
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Hysteresis and business cycles
Cerra, Valerie; Fatás, Antonio; Saxena, Sweta Chaman - 2020
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...
Persistent link: https://www.econbiz.de/10012251398
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The Austrian Theory of Business Cycles : Old Lessons for Modern Economic Policy?
Oppers, Stefan E. - 2002
This paper reviews the ""Austrian"" theory of the business cycle first proposed by Friedrich Hayek in the 1920s. His … theory claimed that credit creation by monetary authorities would push investment beyond society''s long-term willingness to … save, creating a mismatch between supply and demand that would inevitably cause recession. The theory argued, moreover …
Persistent link: https://www.econbiz.de/10014400055
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Inflation inertia in Egypt and its policy implications
Moriyama, Kenji - 2011
Persistent link: https://www.econbiz.de/10009424824
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Recoveries in the Middle East, North Africa, and Pakistan : Have Macroeconomic Policies Been Effective?
Grigoli, Francesco - 2010
This paper identifies and documents the properties of output gap recessions and recoveries in the Middle East, North Africa, and Pakistan (MENAP) during the 1980 to 2008 period. It goes on to investigate the key determinants of the recoveries. The duration of MENAP countries’ recessions and...
Persistent link: https://www.econbiz.de/10014402721
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Inflation Inertia in Egypt and its Policy Implications
Moriyama, Kenji - 2011
This paper investigates the degree of inflation inertia in Egypt and its determinants using the cross country data consisting of over 100 countries. Medium-unbiased estimator of inflation inertia in Egypt is high compared to other countries, as indicated by its location around the upper quartile...
Persistent link: https://www.econbiz.de/10014399142