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-have been carried out at no cost to output. After suggesting a new methodology that allows for long-lived effects and inflation … combination of circumstances-i.e. capital inflows, structural reforms and the peculiar recent inflation history-can explain that …
Persistent link: https://www.econbiz.de/10010293509
depress growth. There are other arguments related to more immediate effects of debt on inflation and national solvency …
Persistent link: https://www.econbiz.de/10010333044
level and the dynamics of inflation. I compare the model's predictions with those of a perfectly competitive, flexible price … rigidity delivers an extremely close approximation both of the price/unit labor cost ratio and of the inflation series, even …
Persistent link: https://www.econbiz.de/10010334295
This paper examines the global drivers of inflation in 55 countries over the 1970-2022 period. We estimate a Factor … domestic shocks. We report three main results. First, global shocks have explained about 26 percent of inflation variation in a … typical economy. Oil price shocks accounted for only about 4 percent of inflation variation, but they had a statistically …
Persistent link: https://www.econbiz.de/10014540885
cyclical movements in Treasury bond premia. Downward nominal rigidities create state-dependence in output and inflation … dynamics: a higher level of inflation makes prices more flexible, leading output and inflation to be more volatile, and bonds … to become more risky. The model matches well the relation between the level of inflation and a number of salient macro …
Persistent link: https://www.econbiz.de/10014581904
This paper studies the issue of whether money contains useful information about future inflation in a panel of nine … developed countries. A low frequency estimate of excess money growth is compared to an estimate of the inflation trend following … the discussion in Woodford (2007). The empirical analysis shows that money contains more information about future CPI-inflation …
Persistent link: https://www.econbiz.de/10013208533
This paper explores the evolution and determinants of public support for the euro since its creation in 1999 until the end of 2017, thereby covering the pre-crisis experience of the euro, the crisis years and the recent recovery. Using uniquely large macro and micro databases and applying...
Persistent link: https://www.econbiz.de/10013208809
(like professional forecasters) have responded to the COVID-19 pandemic by lowering their one-year-ahead inflation … expectations. These responses stand in stark contrast to that of household inflation expectations (as measured by the University of … Michigan or the New York Fed). Indeed, firms' one-year-ahead inflation expectations fell precipitously (to a series low …
Persistent link: https://www.econbiz.de/10012653483
Modern Money Theory (MMT) has generated considerable scrutiny and discussions over the past decade. While it has gained some acceptance in the financial sector and among some politicians, it has come under strong criticisms from all sides of the academic spectrum and from conservative political...
Persistent link: https://www.econbiz.de/10012818360
Global inflation has risen sharply from its lows in mid-2020, on rebounding global demand, supply bottlenecks, and … soaring food and energy prices, especially since the Russian Federation's invasion of Ukraine. Markets expect inflation to … developments, the risk of stagflation-a combination of high inflation and sluggish growth-has risen. The recovery from the …
Persistent link: https://www.econbiz.de/10013373857