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The Great Disconnect : The Decoupling of Wage and Price Inflation in Japan
Hoshi, Takeo; Kashyap, Anil K. - 2022
correlations between labor market tightness and wages weakened noticeably. This change was accompanied in a break in the … relationship between wages and prices, so wage inflation has become a much less important determinant of price inflation …
Persistent link: https://www.econbiz.de/10013298204
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Central Bank Credibility, Reputation and Inflation Targeting in Historical Perspective
Bordo, Michael D. - 2014
This paper examines the historical evolution of central bank credibility using both historical narrative and empirics for a group of 16 countries, both advanced and emerging. It shows how the evolution of credibility has gone through a pendulum where credibility was high under the classical gold...
Persistent link: https://www.econbiz.de/10013043621
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How the Bundesbank Conducts Monetary Policy
Clarida, Richard; Gertler, Mark - 2021
This paper analyzes German monetary policy in the post-Bretton Woods era. Despite the public focus on monetary targeting, in practice, German monetary policy involves the management of short term interest rates, as it does in the United States. Except during the mid to late 1970s, the Bundesbank...
Persistent link: https://www.econbiz.de/10013235581
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Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics
Mark, Nelson C. - 2021
When central banks set nominal interest rates according to an interest rate reaction function, such as the Taylor rule, and the exchange rate is priced by uncovered interest parity, the real exchange rate is determined by expected inflation differentials and output gap differentials. In this...
Persistent link: https://www.econbiz.de/10013237961
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Monetary Policy in Japan, Germany and the United States : Does One Size Fit All?
Chinn, Menzie David; Dooley, Michael P. - 2021
We study the post-war evidence for Japan to see if the same specification for both the economy and the monetary policy rule is useful for understanding Japan's economy and monetary policy. A recurrent theme in the literature on Japanese monetary policy is that there are significant differences...
Persistent link: https://www.econbiz.de/10013245712
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Central Bank Credibility : An Historical and Quantitative Exploration
Bordo, Michael D. - 2015
In this paper we provide empirical measures of central bank credibility and augment these with historical narratives from eleven countries. To the extent we are able to apply reliable institutional information we can also indirectly assess their role in influencing the credibility of the...
Persistent link: https://www.econbiz.de/10013030622
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Labor Market Slack and Monetary Policy
Blanchflower, David G. - 2015
exerts significant downward pressure on nominal wages. Finally, we consider the monetary policy implications of the …
Persistent link: https://www.econbiz.de/10013024163
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Staggered Wage Setting Without Money Illusion : Variations on a Theme of Taylor
Buiter, Willem H.; Jewitt, Ian - 2021
's assumption that wage bargainers are influenced by relative money wages rather than relative real wages. In Taylor's model money … that wage bargainers are influenced by relative real wages, which we consider somewhat more plausible, has some interesting … implications for the empirical estimation of models with staggered wage contracts (see especially Taylor, 1980b) …
Persistent link: https://www.econbiz.de/10013221541
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Estimating the Market-Perceived Monetary Policy Rule
Hamilton, James D. - 2010
We introduce a novel method for estimating a monetary policy rule using macroeconomic news. We estimate directly the policy rule agents use to form their expectations by linking news' effects on forecasts of both economic conditions and monetary policy. Evidence between 1994 and 2007 indicates...
Persistent link: https://www.econbiz.de/10013137598
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Specification and Analysis of a Monetary Policy Rule for Japan
McCallum, Bennett T. - 2010
This paper investigates the performance, in several small-scale models of the Japanese economy, of an operational monetary policy rule related to ones previously considered for the United States. The rule dictates settings of the monetary base that are designed to produce values of nominal GNP...
Persistent link: https://www.econbiz.de/10013138705