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Nominal and Real Interest Rates during an Optimal Disinflation in New Keynesian Models

Hagedorn, Marcus - Institut für Volkswirtschaftslehre, … - 2007

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,...

Persistent link: https://www.econbiz.de/10005627779

The Fisher Effect in the Spanish Case: A Preliminary Study

Jareño, Francisco; Tolentino, Marta - In: Asian Economic and Financial Review 2 (2012) 7, pp. 841-857

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...

Persistent link: https://www.econbiz.de/10010598043

ВЛИЯНИЕ УЧЕТА ИНФЛЯЦИИ НА ОБОСНОВАНИЕ ЭФФЕКТИВНОСТИ ИНВЕСТИЦИОННЫХ ПРОЕКТОВ В ЭНЕРГЕТИКЕ

Малинина Т.В.; Шульгинов Р.Н. - In: Проблемы современной экономики (2012) 3, pp. 322-324

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

Persistent link: https://www.econbiz.de/10011239218

A quantitative exploration of the opportunistic approach to disinflation

Aksoy, Yunus; Orphanides, Athanasios; Small, David; … - Center for Financial Studies - 2005

inflation and its target, and the gap between output and its potential. Under the opportunistic approach to disinflation a …

Persistent link: https://www.econbiz.de/10010986427

The Non-Monetary Side of the Global Disinflation

Schwerhoff, Gregor; Sy, Mouhamadou - In: Open Economies Review 25 (2014) 2, pp. 337-371

The dramatic decline in inflation across the world over the last 20 years has been largely credited to improved monetary policy. The universal nature of the phenomenon, however, indicates that globalization, which occurred simultaneously, also played a role. We build a model based on Melitz (<CitationRef...</citationref>

Persistent link: https://www.econbiz.de/10010988444

Unemployment in Latin America and the Caribbean

Ball, Laurence; Roux, Nicolás; Hofstetter, Marc - In: Open Economies Review 24 (2013) 3, pp. 397-424

This study constructs a new data set on unemployment rates in Latin America and the Caribbean and then explores the determinants of unemployment. We compare different countries, finding that unemployment is influenced by the size of the rural population and that the effects of government...

Persistent link: https://www.econbiz.de/10010988465

High inflation and the sacrifice ratio

Mazumder, Sandeep - In: European Economic Letters 2 (2013) 2, pp. 71-76

percentage point, known as the sacrifice ratio. Ball (1994)’s episodic method of selecting disinflation episodes and calculating … the sacrifice ratio is the most widely-used method of measuring these output costs of disinflation. However, this method … constrains the disinflation episodes to be ones where trend inflation at the start of an episode is low or moderate. All cases of …

Persistent link: https://www.econbiz.de/10010991525

Disinflationary Booms?

Merkl, Christian - Institut für Weltwirtschaft (IfW) - 2013

This paper shows that announced credible disinflations under inflation targeting lead to a boom in a standard New Keynesian model (i.e. a disinflationary boom). This finding is robust with respect to various parameterizations and disinflationary experiments. Thus, it differs from previous...

Persistent link: https://www.econbiz.de/10010886897

Credible Disinflation and Delayed Slumps under Real Wage Rigidity

Tesfaselassie, Mewael F. - Institut für Weltwirtschaft (IfW) - 2014

The paper studies the effects of credible disinflation in the presence of real wage rigidity, comparing the Calvo and …, gradual disinflation is shown to lead to a delayed slump in output along the transition path. The delayed-slump result is …

Persistent link: https://www.econbiz.de/10010886956

Disinflation with labor market frictions

Shin, Jong Kook; Subramanian, Chetan - In: Journal of Macroeconomics 41 (2014) C, pp. 1-15

This paper studies disinflationary shocks in a non-linear New Keynesian model with search and matching frictions and moral hazard in the labor markets. Our focus is on understanding the wage formation process as well as welfare costs of disinflations in the presence of such labor market frictions.

Persistent link: https://www.econbiz.de/10010907073

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