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Sticky Information Versus Sticky Prices : A Proposal to Replace the New Keynesian Phillips Curve

Mankiw, N. Gregory - 2001

This paper examines a model of dynamic price adjustment based on the assumption that information disseminates slowly throughout the population. Compared to the commonly used sticky-price model, this sticky-information model displays three, related properties that are more consistent with...

Persistent link: https://www.econbiz.de/10012470434

Near-Rationality and Inflation in Two Monetary Regimes

Ball, Laurence - 2000

Sticky-price models with rational expectations fail to capture the inertia in U.S. inflation. Models with backward-looking expectations capture current inflation behavior, but are unlikely to fit other monetary regimes. This paper seeks to overcome these problems with a near-rational model of...

Persistent link: https://www.econbiz.de/10012470750

Demand Variability, Supply Shocks and the Output-Inflation Tradeoff

Froyen, Richard T. - 1983

This paper examines the shift in the relation between the inflation rate and the rate of growth of real output which has occurred in the United States over the past three decades, and attempts to assess the relative importance of three possible lines of explanation: a) the new classical view of...

Persistent link: https://www.econbiz.de/10012478022

The Real Price of Oil and the 1970s World Inflation

Darby, Michael R. - 1981

This paper shows that the effects on real income and the price level of the 1973-1974 oil price increase are quite ambiguous on both theoretical and empirical grounds. The theoretical analysis reviews standard results and extends them to analyze the steady-state equilibrium and endogenous...

Persistent link: https://www.econbiz.de/10012478494

The Inflation-Output Trade-off with Downward Wage Rigidities

Benigno, Pierpaolo - 2010

consequences of their current wage choices, when facing both idiosyncratic and aggregate shocks. We derive a closed-form solution for a long-run Phillips curve which relates average output gap to average wage inflation: it is virtually vertical at high inflation and flattens at low inflation....

Persistent link: https://www.econbiz.de/10012462893

Inflation-Output Tradeoff as Equilibrium Outcome of Globalization

Binyamini, Alon - 2008

The paper provides an integrated analysis of globalization effects on the inflation-output tradeoff and monetary policy in the New-Keynesian framework. The prediction of the analysis is threefold. First, labor, goods, and capital mobility flatten the Phillips curve, the tradeoff between...

Persistent link: https://www.econbiz.de/10012464268

The Macroeconomic Effects of Oil Shocks : Why are the 2000s So Different from the 1970s?

Blanchard, Olivier J. - 2007

We characterize the macroeconomic performance of a set of industrialized economies in the aftermath of the oil price shocks of the 1970s and of the last decade, focusing on the differences across episodes. We examine four different hypotheses for the mild effects on inflation and economic...

Persistent link: https://www.econbiz.de/10012465282

Inflation Dynamics and the Great Recession

Ball, Laurence M. - 2011

This paper examines inflation dynamics in the United States since 1960, with a particular focus on the Great Recession. A puzzle emerges when Phillips curves estimated over 1960-2007 are used to predict inflation over 2008-2010: inflation should have fallen by more than it did. We resolve this...

Persistent link: https://www.econbiz.de/10012461614

Creative Accounting or Creative Destruction? Firm-level Productivity Growth in Chinese Manufacturing

Brandt, Loren - 2009

We present the first comprehensive set of firm-level total factor productivity estimates for China's manufacturing …

Persistent link: https://www.econbiz.de/10012463498

Are Currency Appreciations Contractionary in China?

Shi, Jianhuai - 2006

worry that RMB appreciations are contractionary thus have negative impact on China's economic growth and employment. The … purpose of this paper is to empirically assess the effects of RMB real exchange rate on China's output. The econometric … decline in China's output, suggesting that RMB appreciations are contractionary, and that (2) once the international finance …

Persistent link: https://www.econbiz.de/10012466112

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