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Short-Run and Long-Run Effects of Milton Friedman's Presidential Address
Hall, Robert E. - 2017
expectations, together with the experience of the 1970s, came to agree with Friedman that the shift was by the full amount. The …
Persistent link: https://www.econbiz.de/10012453565
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The Phillips Curve Now and Then
Gordon, Robert J. - 1990
any mention of "expectations." The model identifies the ultimate source of inflation as nominal GNP growth in excess of …
Persistent link: https://www.econbiz.de/10012475640
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The Phillips Curve is Back? Using Panel Data to Analyze the Relationship Between Unemployment and Inflation in an Open Economy
DiNardo, John - 1999
panel data to estimate the textbook 'expectations augmented' Phillips curve with a market-based and observable measure of … inflation expectations. We develop this measure using assumptions common in economic analysis of open economies. Using quarterly … functional form for the 1970s, 1980s, and 1990s. Our analysis suggests that although changing expectations played a role in …
Persistent link: https://www.econbiz.de/10012471456
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Optimal Inflation and the Identification of the Phillips Curve
McLeay, Michael - 2019
Several academics and practitioners have pointed out that inflation follows a seemingly exogenous statistical process, unrelated to the output gap, leading some to argue that the Phillips curve has weakened or disappeared. In this paper we explain why this seemingly exogenous process arises, or,...
Persistent link: https://www.econbiz.de/10012479841
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The Neo-Fisher Effect : Econometric Evidence from Empirical and Optimizing Models
Uribe, Martín - 2018
This paper investigates whether permanent monetary tightenings increase inflation in the short run. It estimates, using U.S. data, an empirical and a New-Keynesian model driven by transitory and permanent monetary and real shocks. Temporary increases in the nominal interest-rate lead, in...
Persistent link: https://www.econbiz.de/10012480740
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The Reversal Interest Rate
Brunnermeier, Markus K. - 2018
The "reversal interest rate" is the rate at which accommodative monetary policy reverses its intended effect and becomes contractionary for lending. It occurs when banks' asset revaluation from duration mismatch is more than offset by decreases in net interest income on new business, lowering...
Persistent link: https://www.econbiz.de/10012481053
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The Supply-Side Effects of Monetary Policy
Baqaee, David; Farhi, Emmanuel; Sangani, Kunal - National Bureau of Economic Research - 2021
We propose a supply-side channel for the transmission of monetary policy. We study an economy with heterogeneous firms, sticky prices, and endogenous markups. We show that if, as is consistent with the empirical evidence, bigger firms have higher markups and lower pass-throughs than smaller...
Persistent link: https://www.econbiz.de/10012482563
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Involuntary Unemployment and the Business Cycle
Christiano, Lawrence J. - 2010
We propose a monetary model in which the unemployed satisfy the official US definition of unemployment: they are people without jobs who are (i) currently making concrete efforts to find work and (ii) willing and able to work. In addition, our model has the property that people searching for...
Persistent link: https://www.econbiz.de/10012462849
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Imperfect Information and Aggregate Supply
Mankiw, N. Gregory - 2010
This paper surveys the research in the past decade on imperfect information models of aggregate supply and the Phillips curve. This new work has emphasized that information is dispersed and disseminates slowly across a population of agents who strategically interact in their use of information....
Persistent link: https://www.econbiz.de/10012462878
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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