Central bankers' conventional wisdom suggests that nominal interest rates should be raised to implement a lower inflation target. In contrast, I show that the standard New Keynesian monetary model predicts that nominal interest rates should be decreased to attain this goal. Real interest rates,...

We revise previous literature about Fisher Effect, in order to check if the majority of nominal interest rates movements are caused by inflation rate fluctuations, remaining constant the real interest rate. Finally, we analyse the Fisher Effect in the Spanish case with a preliminary analysis in...

В статье показано влияние учета инфляции на эффективность проекта сооружения электростанции, имеющей длительный срок эксплуатации. Рассмотрены различные...

The aim of this paper is to study whether price level or inflation targeting would be appropriate monetary policy regimes for Japan. A necessary condition for such regimes is that the rate of interest remain a positive tool of monetary policy. Using VAR and SVAR approaches, we investigate...

This paper analyzes the cost of disinflations under real wage rigidities in a micro-founded New Keynesian model. The consensus is that real wage rigidities can be a useful mechanism to induce the inflation persistence that is absent in the standard Calvo model. Real wage rigidities thus generate...