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Price Rigidities, Asymmetries, and Output Fluctuations
Caballero, Ricardo J.; Engel, Eduardo M. R. A. - 2021
decreases with core inflation and varies non-monotonically with aggregate uncertainty, (ii) there is an asymmetry in the … response of output to aggregate demand expansions and contractions, which increases with core inflation and decreases with … data from 37 moderate-low inflation countries for the period 1960-1982, we find support for the basic implications of the …
Persistent link: https://www.econbiz.de/10013213432
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Sticky-Price Models of the Business Cycle : Specification and Stability
Ireland, Peter N. - 2022
which adjustment costs apply to the price level but not to the inflation rate. Formal hypothesis test detect instability in …
Persistent link: https://www.econbiz.de/10014163566
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Sticky Prices, Money and Business Fluctuations
King, Robert G.; Haubrich, Joseph G. - 2021
Can nominal contracts make a difference for the neutrality of money if these arise endogenously in general equilibrium? This paper utilizes aversion of Lucas's seminal equilibrium business cycle theory to address this question. However, we depart from Lucas in assuming that (1) agents have...
Persistent link: https://www.econbiz.de/10013230816
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Money, Interest and Prices
Fischer, Stanley - 2021
Twenty five years after the publication of the second edition, this paper describes and evaluates the Contributions to monetary and macroeconomics made in Don Patinkin's Money, Interest, and Prices (MIP). Its first accomplishment was to settle definitively many issues, such as the valid and...
Persistent link: https://www.econbiz.de/10013230788
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New Perspectives on Monetary Policy, Inflation, and the Business Cycle
Galí, Jordi - 2021
perspective on the linkages among monetary policy, inflation, and the business cycle. It is argued that the adoption of an …
Persistent link: https://www.econbiz.de/10013223311
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Firm-Specific Capital, Nominal Rigidities and the Business Cycle
Altig, David; Christiano, Lawrence J.; Lindé, Jesper; … - 2021
inflation is inertial. Microeconomic data indicate that firms change prices frequently. We formulate and estimate a model which … resolves this apparent micro - macro conflict. Our model is consistent with post-war U.S. evidence on inflation inertia even …
Persistent link: https://www.econbiz.de/10013245531
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Prices, Output and Hours : An Empirical Analysis Based on a Sticky Price Model
Rotemberg, Julio J. - 2022
policy designed to stabilize expected inflation …
Persistent link: https://www.econbiz.de/10013309226
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Accounting for Incomplete Pass-Through
Nakamura, Emi - 2010
Recent theoretical work has suggested a number of potentially important factors in causing incomplete pass-through of exchange rates to prices, including markup adjustment, local costs and barriers to price adjustment. We empirically analyze the determinants of incomplete pass-through in the...
Persistent link: https://www.econbiz.de/10013151361
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Price Stickiness in Ss Models : New Interpretations of Old Results
Engel, Eduardo M. R. A. - 2007
What is the relation between infrequent price adjustment and the dynamic response of the aggregate price level to monetary shocks? The answer to this question ranges from a one-to-one link (Calvo, 1983) to no connection whatsoever (Caplin and Spulber, 1987). The purpose of this paper is to...
Persistent link: https://www.econbiz.de/10012777455
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Currency Misalignments and Optimal Monetary Policy : A Reexamination
Engel, Charles M. - 2021
currency misalignments are inefficient and lower world welfare. We find that optimal policy must target not only inflation and … targeting rule may involve only the CPI inflation rate. This result illustrates how examination of "instrument rules" may hide … model also gives a rationale for targeting CPI, rather than PPI, inflation …
Persistent link: https://www.econbiz.de/10013220086