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Producer Prices in the Transition to a Common Currency
Andrén, Niclas; Oxelheim, Lars - 2006
We analyze producer price developments in the transition from a national exchange rate regime to a monetary union. The focus is on the European Economic and Monetary Union (EMU). Stylized facts witness about an exploding gaps in producer-price inflation during the years immediately following the...
Persistent link: https://www.econbiz.de/10010320173
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Aggregation and the PPP puzzle in a sticky-price model
Carvalho, Carlos; Nechio, Fernanda - 2008
with a counterfactual one-sector world economy that features the same average frequency of price changes and is otherwise … identical to the multisector world economy. When simulated with a sectoral distribution of price stickiness that matches the …
Persistent link: https://www.econbiz.de/10010283517
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Sticky Information vs. Sticky Prices : A Horse Race in a DSGE Framework
Trabandt, Mathias - 2003
Mankiw and Reis (2002) have proposed sticky information as an alternative to Calvo sticky prices in order to model the conventional view that i) inflation reacts with delay and gradually to a monetary policy shock, ii) announced and credible disinflations are contractionary and iii) inflation...
Persistent link: https://www.econbiz.de/10010296476
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Sticky information vs. sticky prices: A horse race in a DSGE framework
Trabandt, Mathias - 2007
How can we explain the observed behavior of aggregate inflation in response to e.g. monetary policy changes? Mankiw and Reis (2002) have proposed sticky information as an alternative to Calvo sticky prices in order to model the conventional view that i) inflation reacts with delay and gradually...
Persistent link: https://www.econbiz.de/10010320800
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Exchange rate uncertainty and deviations from purchasing power parity: Evidence from the G7 area
Arghyrou, Michael G.; Gregoriou, Andros; Pourpourides, … - 2009
Arghyrou, Gregoriou and Pourpourides (2009) argue that exchange rate uncertainty causes deviations from the law of one price. We test this hypothesis on aggregate data from the G7-area. We find that exchange rate uncertainty explains to a significant degree deviations from Purchasing Power Parity.
Persistent link: https://www.econbiz.de/10010288807
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Exchange Rate Policies: Fact or Fiction in the Rise of High Performance Asian Economies
Subaşat, Turan - 2008
Many economists believe that the nature of exchange rate management was an important reason for rapid economic growth in East Asia. In this view, Asian countries avoided extreme exchange rate appreciations and kept their nominal exchange rates close to market clearing levels. In contrast, the...
Persistent link: https://www.econbiz.de/10011807188
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Nominal exchange rate flexibility and real exchange rate adjustment : evidence from dual exchange rates in developing countries
Cheung, Yin-Wong; Lai, Kon-Sun - 2005
This study investigates whether exchange rate flexibility aids real exchange rate adjustment based on intra-period data … produces faster or slower real exchange rate adjustment than the much less flexible official rate does. Half-life estimates of … adjustment speeds are obtained using fractional time series analysis. We find no systematic evidence that greater exchange rate …
Persistent link: https://www.econbiz.de/10010274493
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Fairness, Price Stickiness, and History Dependence in Decentralized Trade
Korth, Christian; Napel, Stefan - 2009
The paper investigates price formation in a decentralized market with random matching. Agents are assumed to have subdued social preferences: buyers, for example, prefer a lower price to a higher one but experience reduced utility increases below a reference price which serves as a common...
Persistent link: https://www.econbiz.de/10010294752
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Sticky prices, competition and the Phillips curve
Mikosch, Heiner Felix - 2012
weak competition. In line with the theory, prices of products, that face very strong competition, are also less likely to …
Persistent link: https://www.econbiz.de/10010319699
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Heterogeneous households in a sticky-price model
Lee, Jae Won - 2009
This paper introduces heterogeneous households into an otherwise standard sticky-price model with industry-specific labor markets. Households differ in labor incomes and asset markets are incomplete. I show that household heterogeneity affects equilibrium dynamics nontrivially by amplifying...
Persistent link: https://www.econbiz.de/10010282838