In this paper the authors report the results of the estimation of a rich dynamic stochastic general equilibrium (DSGE) model of the U.S. economy with both stochastic volatility and parameter drifting in the Taylor rule. They use the results of this estimation to examine the recent monetary...

Die vorliegende Dissertation leistet einen Beitrag zur gegenwärtigen Diskussion um nach unten starre Nominallöhne. Die Arbeit besteht aus drei eigenständigen Aufsätzen. Der erste Aufsatz, Ausmaß und reale Konsequenzen nach unten starrer Nominallöhne: Eine Untersuchung für den deutschen...

This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth", describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...

Artículo de revista ; This article analyses the link between the changes in and the drivers of inflation in a broad range of advanced economies, with special emphasis on those of the euro area. Inflation rates are seen to be highly synchronised across countries, especially in the euro area...

En este documento se ofrece una panorámica de la evolución de la inflación a escala global en la última década y se trata de descubrir qué factores podrían explicar los niveles muy bajos de inflación durante la recuperación de la Gran Recesión. Se hace una revisión de la literatura...

Ein "aktivierender", die Selbstständigkeit und Eigenverantwortlichkeit der BürgerInnen anrufender Staat, der gleichzeitig auf Verunsicherung, Spaltung, Kontrolle und Bestrafung setzt - gegenwärtige Politiken des Sozialen in Deutschland erweisen sich augenscheinlich als paradox. In dieser...

The per iodic structure of business cycles suggests that significant asymmetries are present over different phases of the cycle. This paper uses markov regime-switching models with fixed and duration dependent transition probabilities to directly model expansions, contractions and durations in...

We demonstrate that the process of generating smooth transitions Call be viewed as a natural result of the filtering operations implied in the generation of discrete-time series observations from the sampling of data from an underlying continuous time process that has undergone a process of...

This paper examines the impact that a currency target zone has on short-term interest rates. For a number of countries in the European Monetary System, we characterize the short rate using a regime-switching model that allows fbr a differently parameterized mean-reverting square-root process in...