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Inflation Persistence or the Protracted Effects of Commodity Price Changes?
Pollan, Wolfgang - 2013
last three decades. Are lagged dependent variables - traditionally interpreted as proxies for inflation expectations - just … proxies for oil and commodity prices? To answer this question a simple Phillips curve, which includes energy prices, is … as predicted by the traditional Phillips curve analysis? Furthermore, the empirical results assign a much feebler role to …
Persistent link: https://www.econbiz.de/10011435359
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The Brazilian connection in Milton Friedman's 1967 presidential address and 1976 Nobel lecture
Boianovsky, Mauro - 2018
acceleration and a shifting Phillips curve. Friedman's interest in the Brazilian inflationary economy prompted him to visit the …The paper investigates the role played by Friedman's interpretation of the Brazilian inflation in his 1967 formulation … countries, Friedman found in the Brazilian 1964-66 stabilization episode significant support for his argument about inflation …
Persistent link: https://www.econbiz.de/10011893098
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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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Money in monetary policy design under uncertainty: the Two-Pillar Phillips Curve versus ECB-style cross-checking
Beck, Günter W.; Wieland, Volker - 2007
output or inflation as in the empirical "two-pillar" Phillips curves estimated in some recent contributions, it would be …
Persistent link: https://www.econbiz.de/10010295857
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Money in monetary policy design under uncertainty: The two-pillar Phillips curve versus ECB-style cross-checking
Beck, Günter W.; Wieland, Volker - 2006
output or inflation as in the empirical 'two-pillar' Phillips curves estimated in some recent contributions, it would be …
Persistent link: https://www.econbiz.de/10010298366
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Money in monetary policy design under uncertainty: A formal characterization of ECB-style cross-checking
Beck, Günter W.; Wieland, Volker - 2006
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard model of the monetary transmission process that underlies...
Persistent link: https://www.econbiz.de/10010298367
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How Important is Money in the Conduct of Monetary Policy?
Woodford, Michael - 2006
of "two-pillar Phillips curves" of the kind proposed by Gerlach (2003).) And fourth, I consider reasons why a monetary … policy strategy based solely on short-run inflation forecasts derived from a Phillips curve may not be a reliable way of …
Persistent link: https://www.econbiz.de/10011940718
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The European Phillips curve: does the NAIRU exist?
Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2003
This paper has two aims. First, it provides simple theoretical models that highlight two channels whereby monetary shocks have permanent real effects and the interactions between these channels. Second, it presents an empirical dynamic model, covering a panel of EU countries, and derives the...
Persistent link: https://www.econbiz.de/10010265404
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Hyperbolic discounting and the Phillips curve
Graham, Liam; Snower, Dennis J. - 2007
Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables.
Persistent link: https://www.econbiz.de/10010272966
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Hyperbolic discounting and the Phillips curve
Graham, Liam; Snower, Dennis J. - 2008
Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables.
Persistent link: https://www.econbiz.de/10010278020