Seit Frühjahr 2010 wurden die Nominalzinsen im Euroraum durch eine massive Politik des billigen Geldes auf historische Tiefstände gedrückt. Gerhard Rösl, Ostbayerische Technische Hochschule Regensburg und Karl-Heinz Tödter, Bundesbankdirektor a.D., beschäftigen sich mit den Kosten dieser...

Japan hat nicht nur 15 Jahre vor Europa einen Boom-und-Krisen-Zyklus durchschritten, sondern auch wichtige Erfahrungen mit Krisentherapien in Form von monetärer Lockerung, expansiver Finanzpolitik und Rekapitalisierung von Finanzinstituten gemacht. Japan hat die Nullzinsgrenze bereits 1999...

In this paper we incorporate the two most prominent approaches of inequality aversion, i.e. Fehr and Schmidt (1999) and Bolton and Ockenfels (2000) into an otherwise standard New Keynesian macro model and compare them with respect to their influence on the long-run effectiveness of monetary...

We study micro price dynamics and their macroeconomic implications using daily scanner data from 1988 to 2013. We provide five facts. First, posted prices in Japan are ten times as flexible as those in the U.S. scanner data. Second, regular prices are almost as flexible as those in the U.S. and...

After the collapse of the asset price bubble, especially over the period of declining prices of goods and services from the latter 1990s until recently, it is said that certain Japanese firms have been working to stimulate demand by active price adjustment. Nevertheless, over the same period,...

The paper provides estimates for the New Keynesian Phillips curve (NKPC) in Lithuania. The paper considers the baseline and hybrid NKPC, the latter accounting for inflation inertia, under the closed and open economy frameworks. The estimates highlight the importance of expected and lagged...

Using business survey data, we estimate an ordered probit model to explain the occurrence of producer price increases and decreases in the French manufacturing industry. Our results show that changes in intermediate input prices are the main driver of producer price changes. Changes in firms'...

This paper investigates price setting when firms produce with increasing returns and customers are imperfectly informed about prices but customers can search. It is shown that there exists a unique randomization equilibrium where each customer is offered a random price by each firm known to him....

There is much evidence that price-adjustment frequencies vary widely across industries. This paper shows that inflation persistence is lower with heterogeneity in price stickiness than without it, taking as given the degree of persistence in variables affecting inflation. Differences in the...

Using millions of individual gasoline prices collected at a daily frequency, we examine the speed at which market refined oil prices are transmitted to consumer liquid fuel prices. We find that on average gasoline prices are modified once a week and the distribution of price changes displays a...