Showing 1 - 10 of 253
This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth," describing the … able to work themselves out fully. In this context, monetary shocks have a gradual and delayed effect on inflation and … permanent nominal rigidities, and no departure from rational expectations, there is a long-run inflation-unemployment tradeoff. …
Persistent link: https://www.econbiz.de/10010281025
Since 2000 U.S. inflation has remained both below target and silent to domestic slack and monetary interventions. A … inflation. The trend analysis shows that, starting from the '90s, despite very well-anchored expectations, slow-moving imported … "cost-push" factors induced deflationary pressure keeping trend inflation below target. The cycle block provides evidence in …
Persistent link: https://www.econbiz.de/10013373827
This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in …, we construct an empirical model of the Spanish economy and, in this context, we evaluate the long-run inflation …
Persistent link: https://www.econbiz.de/10010281024
An apparent disconnect has taken place between inflation and economic activity in the US over the last 25 years, with … price inflation remaining remarkably stable in spite of large fluctuations in the output gap and other measures of economic … unconditional variation in US macro data into the components driven by demand and supply disturbances, and confront the inflation …
Persistent link: https://www.econbiz.de/10014551721
explaining the deviations of household inflation and unemployment expectations from the rational expectations benchmark … demographic groups have sharply different predictions for macroeconomic aggregates like the inflation rate …
Persistent link: https://www.econbiz.de/10010293481
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
fraction of price changes increases with inflation. In addition, in the presence of strategic complementarities, they predict …
Persistent link: https://www.econbiz.de/10015189257
, consistent with the evidence, increases with inflation. Because we assume that firms sell multiple products and choose how many … inflation accelerator-a feedback loop between inflation and the fraction of price changes-that significantly increases the slope … of the Phillips curve during periods of high inflation. Applied to the U.S. time series, our model predicts that the …
Persistent link: https://www.econbiz.de/10015189310
The objective of this paper is to provide an optimizing model of wage and price setting consistent with U.S. data. The paper first investigates the predictions of an optimizing labor supply model for the aggregate nominal wage, taking as given the evolution of prices and quantities. In this part...
Persistent link: https://www.econbiz.de/10010318359
inflation. Taking as given the paths of nominal labor compensation and labor productivity to approximate the evolution of …
Persistent link: https://www.econbiz.de/10010318369