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In a collaborative project with ten central banks, we have investigated the causes of the post-pandemic global inflation, building on our earlier work for the United States. Globally, as in the United States, pandemic-era inflation was due primarily to supply disruptions and sharp increases in...
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Geldpolitik extrahiert, aber die Beziehungen zwischen den makroökonomischen Variablen im System unrestringiert läßt. Die Methode … eignet sich auch zur Konstruktion von Maßen über den Stand der Geldpolitik, welche die Schätzungen für die … den Gesamtreserven sind (Strongin), die beste Wahl zu sein. Wir entwickeln eine neues Maß für den Stand der Geldpolitik …
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We answer the question posed by the title by specifying and estimating a simple dynamic model of prices, wages, and short-run and long-run inflation expectations. The estimated model allows us to analyze the direct and indirect effects of product-market and labor-market shocks on prices and...
Persistent link: https://www.econbiz.de/10014322804
In low-rate environments, policy strategies that involve holding rates "lower for longer" (L4L) may mitigate the effects of the effective lower bound (ELB). However, these strategies work in part by managing the public's expectations, which is not always realistic. Using the Fed's large-scale...
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