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Monetary Growth, Inflation, and Economic Activity in a Dynamic Macro Model
Turnovsky, Stephen J. - 2007
This paper analyzes the effects of an increase in the monetary growth rate within a dynamic optimizing macroeconomic model. Both the short-run and long-run effects, and therefore the adjustments along the transitional path, depend critically upon the tax structure and the firm's corresponding...
Persistent link: https://www.econbiz.de/10012777378
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Inflation and Unemployment in the Long Run
Berentsen, Aleksander - 2010
We study the long-run relation between money, measured by inflation or interest rates, and unemployment. We first …
Persistent link: https://www.econbiz.de/10012759405
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The Effects of Inflation and Money Supply Announcements on Interest Rates
Urich, Thomas; Wachtel, Paul - 2021
This paper examines the impact of the money supply and inflation rate announcements on interest rates. Survey data on …
Persistent link: https://www.econbiz.de/10013217228
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Monetary Overhang and Reforms in the 1940s
Wolf, Holger C.; Dornbusch, Rudiger - 2021
Post-1945 Europe had many of the traits observed today in Eastern Europe and the Soviet Union: price controls, shortages, black markets and a monetary overhang. The policy response in most countries was monetary reform - - the deliberate immobilization of liquid assets and in many instances an...
Persistent link: https://www.econbiz.de/10013223857
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The Dynamics of High Inflation
Ball, Laurence - 2021
This paper presents a model of a high-inflation economy. The model includes the government budget constraint and money … demand equation of Cagan's 1956 model; an accelerationist Phillips curve that captures inflation inertia; and an aggregate …-spending equation that accounts for the effects of the inflation tax. The paper derives the dynamic effects of fiscal policy, incomes …
Persistent link: https://www.econbiz.de/10013252317
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Inflation, Monetary Velocity, and Welfare
Krugman, Paul R.; Persson, Torsten; Svensson, Lars E. O. - 2021
inflation, and that the optimal monetary policy is that which maximizes real balances. We also show that the real rate of … interest is not invariant to monetary policy: inflation lowers the real rate …
Persistent link: https://www.econbiz.de/10013212922
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Monetary Policy Lessons of Recent Inflation and Disinflation
Poole, William - 2011
The decline of velocity in the 1980s is a surprise that should not have been. Economists unwisely relied on a velocity trend of 3 percent per year when they should have insisted on an economic explanation for rising velocity. An analysis of velocity and interest rates from 1915 to 1986 suggests...
Persistent link: https://www.econbiz.de/10012756883
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Money and Inflation in the Euro Area : A Case for Monetary Indicators?
Gerlach, Stefan; Svensson, Lars E. O. - 2021
This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data … power for future inflation. The real money gap contains more information about future inflation than the output gap and the … Eurosystem's money-growth indicator is an inferior indicator of future inflation …
Persistent link: https://www.econbiz.de/10013312477
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Modeling Money
Christiano, Lawrence J.; Eichenbaum, Martin; Evans, … - 2021
We develop and implement a limited information diagnostic strategy for assessing the plausibility of monetary business cycle models. Our strategy focuses on a model's ability to reproduce empirical estimates of an actual economy's response to monetary policy shocks. A key input to this...
Persistent link: https://www.econbiz.de/10013313233
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The Band Pass Filter
Christiano, Lawrence J.; Fitzgerald, Terry J. - 2021
illustrate the use of this approximation, we use it to characterize the change in the nature of the Phillips curve and the money-inflation … change in money growth-inflation relation …
Persistent link: https://www.econbiz.de/10013230362