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The optimal inflation rate and firm-level productivity growth
Weber, Henning - 2012
Empirical data show that firms tend to improve their ranking in the productivity distribution over time. A stickyprice model with firm-level productivity growth fits this data and predicts that the optimal long-run inflation rate is positive and between 1.5% and 2% per year. In contrast, the...
Persistent link: https://www.econbiz.de/10010286841
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Identification of animal spirits in a bounded rationality model: An application to the euro area
Jang, Tae-Seok; Sacht, Stephen - 2012
In this paper we empirically examine a heterogenous bounded rationality version of a hybrid New-Keynesian model. The model is estimated via the simulated method of moments using Euro Area data from 1975Q1 to 2009Q4. It is generally assumed that agents' beliefs display waves of optimism and...
Persistent link: https://www.econbiz.de/10010290034
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Trend growth and learning about monetary policy rules
Tesfaselassie, Mewael F. - 2011
The paper examines the effect of trend productivity growth on the determinacy and learnability of equilibria under alternative monetary policy rules. It shows that under a policy rule that responds to current period inflation and the output gap a higher trend growth rate relaxes the conditions...
Persistent link: https://www.econbiz.de/10010279379
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Liquidity Traps, Learning and Stagnation
Evans, George W.; Guse, Eran; Honkapohja, Seppo - 2007
We examine global economic dynamics under learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. Under normal monetary and fiscal policy, the intended steady state is locally but not globally stable. Large pessimistic shocks to expectations can lead...
Persistent link: https://www.econbiz.de/10010260581
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Is forward-looking inflation targeting destabilizing? The role of policy's response to current output under endogenous investment
Huang, Kevin X. D.; Meng, Qinglai - 2007
in response solely to future inflation induce real indeterminacy of equilibrium. Applying the Samuelson … by itself has a quantitatively negligible effect and almost all strict inflation-targeting rules lead to indeterminacy … stickiness, indeterminacy is much less likely to occur as policy also responds to output. With estimated labor supply elasticity …
Persistent link: https://www.econbiz.de/10010260586
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Confronting the representative consumer with household-size heterogeneity
Koulovatianos, Christos; Schröder, Carsten; Schmidt, Ulrich - 2010
Much analysis in macroeconomics empirically addresses economy-wide incentives behind consumer/investment choices by using insights from the way a single representative household would behave. Heterogeneity at the micro level can jeopardize attempts to back up the representative consumer...
Persistent link: https://www.econbiz.de/10010278011
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Asymmetric Price Adjustment in the Small
Levy, Daniel C.; Chen, Haipeng (Allan); Ray, Sourav; … - 2007
Analyzing a large weekly retail transaction price dataset, we uncover a surprising regularity'small price increases occur more frequently than small price decreases for price changes of up to about 10 cents, while there is no such asymmetry for larger price changes. The asymmetry holds for the...
Persistent link: https://www.econbiz.de/10010260591
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Emergence of a core-periphery structure in a simple dynamic model of the interbank market
Lux, Thomas - 2014
This paper studies a simple dynamic model of interbank credit relationships. Starting from a given balance sheet structure of a banking system with a realistic distribution of bank sizes, the necessity of establishing interbank credit connections 3merges from idiosyncratic liquidity shocks....
Persistent link: https://www.econbiz.de/10010352025
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What drives patentees to bypass TTOs? Evidence from a large PRO
Goel, Rajeev K.; Göktepe-Hultén, Devrim - 2017
This paper provides insights into the behavior of academic patentees who choose to bypass in-house Technology Transfer Offices (TTOs). TTOs have gained favor in recent years as academic institutions have tried to increase commercialization of their inventions. Using a large sample of researchers...
Persistent link: https://www.econbiz.de/10011645082
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Informal intellectual collaboration with central colleagues
Georg, Co-Pierre; Opolot, Daniel C.; Rose, Michael E. - 2017
When preparing a research article, academics engage in informal intellectual collaboration by asking their colleagues for feedback. This collaboration gives rise to a social network between academics. We study whether informal intellectual collaboration with an academic who is more central in...
Persistent link: https://www.econbiz.de/10011664920