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Welfare costs of inflation and the circulation of US currency abroad
Calza, Alessandro; Zaghini, Andrea - 2011
Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet … minimized for a positive but moderate value of the inflation rate, thereby justifying a deviation from the Friedman rule in … favour of the Fed's current policy. - Welfare costs of inflation ; flow of funds data ; US currency abroad …
Persistent link: https://www.econbiz.de/10009006654
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Price setting and the steady-state effects of inflation
Casares, Miguel - 2002
Persistent link: https://www.econbiz.de/10001670907
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Sectoral money demand and the great disinflation in the US
Calza, Alessandro; Zaghini, Andrea - 2010
Estimates of the welfare costs of inflation based on Bailey (1956) are typically computed using aggregate money demand … Great Inflation to the present regime of low and stable inflation. For this purpose, we estimate different functional … the benefits were significant for both sectors. - Welfare cost of inflation ; flow of funds data ; demand for money …
Persistent link: https://www.econbiz.de/10003983675
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The effects of climate change on the natural rate of interest : a critical survey
Mongelli, Francesco Paolo; Pointner, Wolfgang; End, … - 2022
This survey reviews the literature about the impact of climate change on the natural rate of interest (r*), an important yardstick for monetary policy. Economic and financial developments can lower r* in scenarios with increasing climate-related damages and uncertainty that reduce productivity...
Persistent link: https://www.econbiz.de/10013448676
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Indeterminacy and search theory
Giammarioli, Nicola - 2003
This paper investigates a dynamic general equilibrium model with search. In particular, search externalities are reßected by an increasing returns to scale matching function, which may imply an indeterminate equilibrium. Hence, the model is capable to generate business ßuctuations, driven by...
Persistent link: https://www.econbiz.de/10009635902
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The cyclical behavior of equilibrium unemployment and vacancies revisited
Hagedorn, Marcus (contributor);  … - 2008
Recently, a number of authors have argued that the standard search model cannot generate the observed business-cycle-frequency fluctuations in unemployment and job vacancies, given shocks of a plausible magnitude. We use data on the cost of vacancy creation and cyclicality of wages to identify...
Persistent link: https://www.econbiz.de/10003636083
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Productivity and job flows : heterogeneity of new hires and continuing jobs in the business cycle
Kilponen, Juha; Vanhala, Juuso - 2009
This paper focuses on tenure driven productivity dynamics of a firm-worker match as a potential explanation of "unemployment volatility puzzle". We let new matches and continuing jobs differ by their productivity levels and by their sensitivity to aggregate productivity shocks. As a result, new...
Persistent link: https://www.econbiz.de/10003963735
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Quantitative easing and the price-liquidity trade-off
Ferdinandusse, Marien; Freier, Maximilian; Ristiniemi, … - 2020
We consider the effects of quantitative easing on liquidity and prices of bonds in a search- and matching model. The model explicitly distinguishes between demand and supply effects of central bank asset purchases. Both are shown to lead to a decline in yields, while they have opposite effects...
Persistent link: https://www.econbiz.de/10012212850
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Search-based endogenous asset liquidity and the macroeconomy
Cui, Wei; Radde, Sören - 2016
Persistent link: https://www.econbiz.de/10011618413
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Measuring the time-inconsistency of US monetary policy
Surico, Paolo - 2003
This paper offers an alternative explanation for the behavior of postwar US inflation by measuring a novel source of … end up generating a systematic inflation bias through the private sector expectations of a larger policy response in … recessions than in booms. Reduced-form estimates of US monetary policy rules indicate that while the inflation target declines …
Persistent link: https://www.econbiz.de/10009635891