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The efficiency wages Phillips curve: Closed economy versus open economy
Vaona, Andrea - 2011
The paper extends the efficiency wages Phillips curve from a closed economy context to an open economy one with both commodity trade and capital mobility. Opening the trade account does not alter the slope of the Phillips curve, but it makes its position a function of the change of foreign and...
Persistent link: https://www.econbiz.de/10010277343
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The damage from clean floats: From an anti-inflationary monetary policy
Pope, Robin; Selten, Reinhard; Kaiser, Johannes; Kube, … - 2007
embeds a new theory of exchange rate determination involving the uncontroversial power of fully cooperating central banks to … totally fix the exchange rate. The new model is within a broader theory that includes risk effects normally excluded, SKAT …, the Stages of Knowledge Ahead Theory. We use SKAT to analyse outliers in our experimental results, and indicate some new …
Persistent link: https://www.econbiz.de/10010274161
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The European Monetary Union as a commitment device for new EU member states
Ravenna, Federico - 2005
This paper shows that the credibility gain from permanently committing to a fixed exchange rate by joining the European Monetary Union can outweigh the loss from giving up independent monetary policy. When the central bank enjoys only limited credibility a pegged exchange rate regime yields a...
Persistent link: https://www.econbiz.de/10011604562
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The timeless perspective vs. discretion: theory and monetary policy implications for an open economy
Guender, Alfred V. - 2007
This paper proposes an open-economy Phillips Curve that features a real exchange rate channel. The resulting target rule under optimal policy from a timeless perspective (TP) involves additional history dependence in the form of lagged inflation. The target rule also depends on the discount...
Persistent link: https://www.econbiz.de/10010295866
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Endogenous Indexing and Monetary Policy Models
Mash, Richard - 2007
Models in which firms use a rule of thumb or partial indexing in price setting are prominent in the recent monetary policy literature. The extent to which these firms adjust their prices to lagged inflation has been taken as fixed. We consider the implications of firms choosing the optimal...
Persistent link: https://www.econbiz.de/10010295244
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Multiple Causation and the Measurement of Unemployment
Rodenburg, Peter - 2004
The establishment of appropriate policy measures for fighting unemployment has always been difficult since causes of unemployment are hard to identify. This paper analyses an approach used mainly in the 1960s and 1970s in economics, in which classification is used as a way to deal with such a...
Persistent link: https://www.econbiz.de/10010325353
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Nominal wage adjustment, demand shortage and economic policy
Ono, Yoshiyasu; Ishida, Junichiro - 2009
We formulate nominal wage adjustment by incorporating various concepts of fairness. By applying it into a continuous-time money-in-utility model we examine macroeconomic dynamics with and without a liquidity trap and obtain the condition for persistent unemployment, and that for temporary...
Persistent link: https://www.econbiz.de/10010332224
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Determinacy of equilibrium under various Phillips curves
Ono, Yoshiyasu - 2008
Determinacy of equilibrium under the original, the backward-looking, the forward-looking and the hybrid Phillips curves is examined. If the monetary authority keeps the nominal money stock to be constant, the equilibrium path is always determinate under the original Phillips curve and the...
Persistent link: https://www.econbiz.de/10010332226
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Is There a Long-Run Trade-Off between Inflation and Unemployment?
Axell, Bo; Lang, Harald - 1985
How are inflation and unemployment related in the long run? Are they negatively correlated, as in the so-called naive Phillips curve theories or uncorrelated, 'as in the neo-liberals' view or are they positively correlated as Friedman suggested in his Nobel lecture? In this paper inflation is...
Persistent link: https://www.econbiz.de/10010334647
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Search Theory, Downward Money Wage Rigidity and the Micro Foundations of the Phillips Curve
Schager, Nils Henrik - 1988
expected horizon is met. Hence search theory predicts the existence of a micro Phillips relation under plausible assumptions. …
Persistent link: https://www.econbiz.de/10010334990