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Interest Rate Bands of Inaction and Play-Hysteresis in Domestic Investment : Evidence for the Euro Area
Belke, Ansgar Hubertus - 2019
The interest rate represents an important monetary policy tool to steer investment in order to reach price stability. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank's effectiveness in a low interest rate environment...
Persistent link: https://www.econbiz.de/10012863789
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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 the flexible price equilibrium. In this paper, we develop a two-sector two-good closed economy new Keynesian model to study the optimal choice of price index in markets with...
Persistent link: https://www.econbiz.de/10013139035
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Hyperbolic Discounting and Positive Optimal Inflation
Graham, Liam - 2011
The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...
Persistent link: https://www.econbiz.de/10013125143
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The Impact of Inflation Targeting on Inflation and Growth : How Robust is the Evidence?
Junankar, P. N. Raja - 2020
authors have used different estimation methods on different samples of data. Some of the differences in results may also be … due to the different time periods (or different frequencies of data) used in the estimation. In this paper, we provide … estimation methods on panel data on a large sample of countries. We note that the results depend critically on the sample …
Persistent link: https://www.econbiz.de/10012833231
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The Impact of Labor Markets on the Transmission of Monetary Policy in an Estimated DSGE Model
Christoffel, Kai Philipp; Kuester, Keith; Linzert, Tobias - 2021
Real wages are a key determinant of marginal costs. The latter themselves are a driving force of inflation. We ask how wages and labor market shocks feed into the inflation process. We model search and matching frictions in the labour market in an otherwise standard New-Keynesian closed economy...
Persistent link: https://www.econbiz.de/10013318057
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What Measure of Inflation Should a Developing Country Central Bank Target?
Anand, Rahul - 2015
In closed or open economy models with complete markets, targeting core inflation enables monetary policy to maximize welfare by replicating the flexible price equilibrium. We analyze this result in the context of developing economies, where a large proportion of households are credit constrained...
Persistent link: https://www.econbiz.de/10013016274
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Phillips Curves and Unemployment Dynamics : A Critique and a Holistic Perspective
Karanassou, Marika; Sala, Hector; Snower, Dennis J. - 2021
reaction theory (CRT), should be used to jointly explain the evolution of inflation and unemployment. A further attraction of …
Persistent link: https://www.econbiz.de/10013317465
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Tests of Hypotheses Arising in the Correlated Random Coefficient Model
Heckman, James J. - 2010
This paper examines the correlated random coefficient model. It extends the analysis of Swamy (1971, 1974), who pioneered the uncorrelated random coefficient model in economics. We develop the properties of the correlated random coefficient model and derive a new representation of the variance...
Persistent link: https://www.econbiz.de/10013137514
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Infections, Accidents and Nursing Overtime in a Neonatal Intensive Care Unit : A Bayesian Semiparametric Panel Data Logit Model
Beltempo, Marc - 2020
The paper investigates the effects of nursing overtime on nosocomial infections and medical accidents in a neonatal intensive care unit (NICU). The literature lacks clear evidence on this issue and we conjecture that this may be due to empirical and methodological factors. We thus focus on a...
Persistent link: https://www.econbiz.de/10012838501
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Bayesian Panel Quantile Regression for Binary Outcomes with Correlated Random Effects : An Application on Crime Recidivism in Canada
Bresson, Georges - 2020
This article develops a Bayesian approach for estimating panel quantile regression with binary outcomes in the presence of correlated random effects. We construct a working likelihood using an asymmetric Laplace (AL) error distribution and combine it with suitable prior distributions to obtain...
Persistent link: https://www.econbiz.de/10012842061