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Simple Pricing Rules, the Phillips Curve and the Microfoundations of Inflation Persistence
Mash, Richard - Money Macro and Finance Research Group - 2007
Models in which pricing decisions depend on indexing or rule of thumb behaviour have become prominent in the monetary … degree of indexing such that firms move closer to constrained optimal prices and find that the degree of indexing depends … which the degree of indexing is fixed are vulnerable to the Lucas critique since that parameter will change in different …
Persistent link: https://www.econbiz.de/10004978131
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Money, Regulation & Growth: financing new growth in Europe
BASTIDON, Cécile; Cukierman, Alex; Kane, Edward J.; … - SUERF - The European Money and Finance Forum
On June 4-5, 2014, SUERF and Baffi Finlawmetrics jointly organised a Colloquium/Conference “Money, Regulation and Growth: Financing New Growth in Europe” at Bocconi University, Milan. The present SUERF Study includes a selection of papers based on the authors’ contributions to the Milan...
Persistent link: https://www.econbiz.de/10011212146
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On the Implications of Different Cash-in-Advance Constraints With Endogenous Labour
Mansoorian, Arman; Mohsin, Mohammed - Department of Economics, York University - 2002
It is shown that, in contrast to models with fixed labour, a change in monetary policy involving an increase in the inflation rate would have the same qualitative effects on steady state capital, consumption, and employment, regardless of whether only consumption or both consumption and...
Persistent link: https://www.econbiz.de/10005558040
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Monetary Policy and the Hybrid Phillips Curve
Martin, Christopher; Milas, Costas - Centre for Economic Research, School of Economics and … - 2007
This paper argues that existing empirical models of interest rate rules are too simplistic. The hybrid Phillips curve implies that policymakers should respond to both current and expected future inflation rates, in contrast to existing models. We provide evidence that UK policymakers do this.
Persistent link: https://www.econbiz.de/10005416684
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The Rise and Fall of U.S. Inflation Persistence
Beechey, Meredith; Österholm, Pär - Nationalekonomiska Institutionen, Uppsala Universitet - 2007
This paper estimates the path of inflation persistence in the United States over the last 50 years and draws implications about the evolution of the Federal Reserve's monetary-policy preferences. Standard models of central bank optimization predict that the central bank's preference for output...
Persistent link: https://www.econbiz.de/10005196923
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Sources of Inflation Persistence in the Euro Area
Cournède, Boris; Janovskaia, Alexandra; Noord, Paul van den - Economics Department, Organisation de Coopération et … - 2005
In recent years, inflation in the euro area has failed to decelerate decisively while cyclical slack built up in the economy. Is this phenomenon more than a peculiarity in recent data? Is it related to structural policy settings? Econometric analysis conducted on two decades of quarterly data...
Persistent link: https://www.econbiz.de/10005045977
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Inflation persistence, inflation expectations, and monetary policy in China
Zhang, Chengsi - In: Economic Modelling 28 (2011) 1, pp. 622-629
This paper constructs a quarterly series of GDP deflator inflation for China from 1979 to 2009 and tests for a structural break with an unknown change point in the dynamic inflation process. Empirical results suggest a significant structural change in inflation persistence. Employing a...
Persistent link: https://www.econbiz.de/10010573373
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The Time Inconsistency of Monetary Policy with Inflation Persistence
Mash, Richard - Department of Economics, Oxford University - 2000
In a monetary policy model incorporating partial persistence in inflation it is shown that inflation bias is reduced and the response to shocks improved if the policy maker has a discount rate lower than its true social value. Thus a patient central banker is shown to be a third mechanism for...
Persistent link: https://www.econbiz.de/10010820341
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Heterogeneity in Inflation Persistence and Monetary Policy in a Monetary Union
Menguy, Séverine - In: Brussels Economic Review 52 (2009) 2, pp. 121-141
In the context of a new Keynesian macroeconomic model, this paper studies the monetary policy that should be conducted by the common central bank of a monetary union. In the event of inflationary supply shocks, the optimal monetary policy should be all the more contractionary as the inflation...
Persistent link: https://www.econbiz.de/10008876542
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Robust monetary policy under model uncertainty and inflation persistence
Qin, Li; Sidiropoulos, Moïse; Spyromitros, Eleftherios - In: Economic Modelling 30 (2013) C, pp. 721-728
In this paper, we examine the inflation persistence puzzle by applying the robust control approach of Hansen and Sargent (2008). In line with the literature suggesting that inflation persistence may be affected by the monetary policy design and its institutional characteristics, we find that...
Persistent link: https://www.econbiz.de/10011048922