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of the two elements leads to an inflation bias that is independent of the standard time-inconsistency bias. Secondly, we … an independent monetary policy. We find that inflation was the main determinant of central bank credit prior to 2007 …
Persistent link: https://www.econbiz.de/10010343285
to support the standard objection to such policies: that they will lead to uncontrollable inflation. Theoretical models … support for a relationship between monetary financing and inflation. The findings lend support to recent calls for explicit …
Persistent link: https://www.econbiz.de/10011545308
unemployment. Our model succeeds in replicating the empirical fact of a downward sloping Phillips curve for low inflation rates and … an upward sloping curve for high inflation rates. The reason is that low inflation rates make saving, as opposed to …, when inflation exceeds a certain threshold, money is too costly to hold, which results in a decrease in output and an …
Persistent link: https://www.econbiz.de/10012026513
We analyze empirical links between the perceived tail-risk of inflation, the policy rate, longer-term interest rates … always in reaction to Fed announcements; and, (v) our impulse responses demonstrate that odds of extreme inflation outcomes …
Persistent link: https://www.econbiz.de/10012030329
adamant about preventing a rise in inflation? The large fiscal imbalance brings about inflationary pressures, triggering a … spiral of higher inflation, output contraction, and further debt accumulation. A coordinated commitment to inflate away the …
Persistent link: https://www.econbiz.de/10012030336
We use scanner data to estimate inflation rates at the household level. Households' inflation rates have an annual … inflation, but most cross-sectional variation is uncorrelated with observables. Households' deviations from aggregate inflation … exhibit only slightly negative serial correlation. Almost all variability in a household's inflation rate comes from …
Persistent link: https://www.econbiz.de/10012030342
We analyze the transmission of producer price in inflation shocks across the U.S. manufacturing industries from 1947 to …-causes the producer price inflation connectedness across industries. The input-output network and the inflation connectedness …-wide inflation connectedness in the first half of 2018, due to shocks mostly transmitted from tariff-targeted industries, namely …
Persistent link: https://www.econbiz.de/10012060215
Emerging market and developing economies (EMDEs) have experienced an extraordinary decline in inflation since the early … 1970s. After peaking in 1974 at 17.3 percent, inflation in these economies declined to 3.5 percent in 2017. Despite a … checkered history of managing inflation among many EMDEs, disinflation occurred across all regions. This paper presents a …
Persistent link: https://www.econbiz.de/10012060219
This paper presents a comprehensive examination of the determination and evolution of inflation expectations, with a … focus on emerging market and developing economies (EMDEs). The results suggest that long-term inflation expectations in …. Indeed, in EMDEs, long-term inflation expectations are more sensitive to both domestic and global inflation shocks. However …
Persistent link: https://www.econbiz.de/10012060221
The purpose of the paper is to introduce the framework for decomposing the forecast of headline inflation, obtained by … core inflation. The model for inflation decomposition is a small structural model, set up in state space framework. Kalman … filter procedure is applied to filter the future paths of CPI components, given projected headline inflation obtained by …
Persistent link: https://www.econbiz.de/10012109773