Similar Search Results

Is forward-looking inflation targeting destabilizing? The role of policy's response to current output under endogenous investment

Huang, Kevin X. D.; Meng, Qinglai - 2007

in response solely to future inflation induce real indeterminacy of equilibrium. Applying the Samuelson … by itself has a quantitatively negligible effect and almost all strict inflation-targeting rules lead to indeterminacy … stickiness, indeterminacy is much less likely to occur as policy also responds to output. With estimated labor supply elasticity …

Persistent link: https://www.econbiz.de/10010260586

Distance to Frontier and the Big Swings of the Unemployment Rate: What Room is Left for Monetary Policy?

Huang, Kevin X.D.; Meng, Qinglai - Institut für Weltwirtschaft (IfW) - 2007

in response solely to future in°ation induce real indeterminacy of equilibrium. Applying the Samuelson … by itself has a quantitatively negligible effect and almost all strict inflation-targeting rules lead to indeterminacy … stickiness, indeterminacy is much less likely to occur as policy also responds to output. With estimated labor supply elasticity …

Persistent link: https://www.econbiz.de/10005755151

Technology, Preference Structure, and the Growth Effect of Money Supply

Itaya, Jun-ichi; Mino, Kazuo - Graduate School of Economics, Osaka University - 2005

This paper studies the growth effect of money supply in the presence of increasing returns and endogenous labor supply. By using a simple model of endogenous growth with a cash-in-advance constraint, it is shown that the growth effect of money supply depends on the specifications of preference...

Persistent link: https://www.econbiz.de/10005773270

Do expectations matter? The Great Moderation revisited

Canova, Fabio; Gambetti, Luca - Department of Economics and Business, Universitat … - 2007

We examine the role of expectations in the Great Moderation episode. We derive theoretical restrictions in a New-Keynesian model and test them using measures of expectations obtained from survey data, the Greenbook and bond markets. Expectations explain the dynamics of inflation and of interest...

Persistent link: https://www.econbiz.de/10005827517

News versus sunspot shocks in a New Keynesian model

Karnizova, Lilia - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-19, pp. 1-27

Separately, news and sunspot shocks have been shown empirically to be determinants of changes in expectations. This … forecast errors is not unique, and the dynamics induced by news and sunspot shocks can be observationally equivalent. If …

Persistent link: https://www.econbiz.de/10010300732

Stabilizing an unstable economy: on the choice of proper policy measures

Asada, Toichiro; Chiarella, Carl; Flaschel, Peter; … - 2009

Currently, many monetary and fiscal policy measures are aimed at preventing the financial market meltdown that started in the US subprime sector and has spread worldwide as a great recession. Although some slow recovery appears to be on the horizon, it is worthwhile exploring the fragility and...

Persistent link: https://www.econbiz.de/10010299486

Stabilizing an unstable economy: On the choice of proper policy measures

Asada, Toichiro; Chiarella, Carl; Flaschel, Peter; … - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-21, pp. 1-43

In the last months, the world's economies were confronted with the largest economic recession since the Great Depression. The occurrence of a worldwide financial market meltdown as a consequence originally stemming from of the crisis in the US subprime housing sector was only prevented by...

Persistent link: https://www.econbiz.de/10010300733

Monetary Policy, Trend Inflation and Inflation Persistence

Yao, Fang - 2011

This paper presents a new mechanism through which monetary policy rules affect inflation persistence. When assuming that price reset hazard functions are not constant, backward-looking dynamics emerge in the NKPC. This new mechanism makes the traditional demand channel of monetary transmission...

Persistent link: https://www.econbiz.de/10010305953

Price setting and price adjustment in some European Union countries: Introduction to the special issue

Levy, Daniel; Smets, Frank - 2010

This introductory essay briefly summarizes the eleven empirical studies of price setting and price adjustment that are included in this special issue. The studies, which use data from several European countries, were conducted as part of the European Central Bank's Inflation Persistence Network.

Persistent link: https://www.econbiz.de/10010336066

A behavioral macroeconomic model of exchange rate fluctuations with complex market expectations formation

Flaschel, Peter; Hartmann, Florian; Malikane, Chris; … - 2013

The paper investigates the emergence of complex market expectations (opinion dynamics) around nominal exchange rate adjustments using a macro-financial model of a small open economy featuring heterogeneous expectation formation (chartists and fundamentalists) and gradual adjustment processes in...

Persistent link: https://www.econbiz.de/10010343286

1
2
3
4
5
6
7
8
9
10
Next
Last