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Mind the output gap : the disconnect of growth and inflation during recessions and convex Phillips curves in the euro area
Groß, Marco; Semmler, Willi - Task Force on Low Inflation (LIFT) - 2017
We develop a theoretical model that features a business cycle-dependent relation between out- put, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … pronounced convex relationship between inflation and the output gap, meaning that the coefficient in the Phillips curve on the …
Persistent link: https://www.econbiz.de/10011636803
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Product quality, measured inflation and monetary policy
Rodnyansky, Alexander; Van der Ghote, Alejandro; Wales, … - 2022
This paper proposes a tractable New Keynesian (NK) economy with endogenous adjustment in product quality that nests the canonical framework. Endogenous quality choice reduces the slope of the traditional NK Phillips curve and ampliffes the economy's response to productivity shocks. This leads to...
Persistent link: https://www.econbiz.de/10013277166
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The long-term distribution of expected inflation in the euro area : what has changed since the great recession?
Dovern, Jonas; Kenny, Geoff - Task Force on Low Inflation (LIFT) - 2017
This paper analyses the distribution of long-term inflation expectations in the euro area using individual density …
Persistent link: https://www.econbiz.de/10011636332
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Necessity as the mother of invention : monetary policy after the crisis
Blinder, Alan S.; Ehrmann, Michael; Haan, Jakob de; … - 2017
We ask whether recent changes in monetary policy due to the financial crisis will be temporary or permanent. We present evidence from two surveys - one of central bank governors, the other of academic specialists. We find that central banks in crisis countries are more likely to have resorted to...
Persistent link: https://www.econbiz.de/10011635320
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Inflation volatility in small and large advanced open economies
Mozzanica, Mirco Balatti - 2020
Inflation volatility is clearly important for structural analysis, forecasting and policy purposes, yet it is often …
Persistent link: https://www.econbiz.de/10012249671
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Monetary policy with judgment
Gelain, Paolo; Manganelli, Simone - 2020
Two approaches are considered to incorporate judgment in DSGE models. First, Bayesian estimation indirectly imposes judgment via priors on model parameters, which are then mapped into a judgmental interest rate decision. Standard priors are shown to be associated with highly unrealistic...
Persistent link: https://www.econbiz.de/10012216402
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A framework for collateral risk control determination
Cossin, Didier; Huang, Zhijiang; Auron-Nerin, Daniel; … - 2003
This paper derives a general framework for collateral risk control determination in repurchase transactions or repos. The objective is to treat consistently heterogeneous collateral so that the collateral taker has a similar risk exposure whatever the collateral pledged. The framework measures...
Persistent link: https://www.econbiz.de/10009639858
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National prices and wage setting in a currency union
Sánchez, Marcelo - 2009
of wage-setting institutions and the cross-country distribution of technology and demand shocks. -- Inflation ; Trade …
Persistent link: https://www.econbiz.de/10003866562
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Forbearance vs foreclosure in a general equilibrium model
Barbaro, Bianca; Tirelli, Patrizio - 2021
We build a business cycle model characterized by endogenous firms dynamics, where banks may prefer debt renegotiation, i.e. non-performing exposures, to outright borrowers default. We find that debt renegotiations only do not have adverse effects in the event of financial crisis episodes, but a...
Persistent link: https://www.econbiz.de/10012488660
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The ECB press conference : a textual analysis
Pavelkova, Andrea - 2022
The aim of central bank communication is to provide information on monetary policy and the economic outlook in a timely manner to the public. While research on central bank communication and specifically the European Central Bank's press conference has shown that it has the potential to move...
Persistent link: https://www.econbiz.de/10013448668