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US Volatility Cycles of Output and Inflation, 1919-2004: A Money and Banking Approach to a Puzzle
Benk, Szilárd; Gillman, Max; Kejak, Michal - C.E.P.R. Discussion Papers - 2009
micro-based banking production, enables a contrasting characterization of the two great volatility cycles over the … historical period of 1919-2004, and enables this puzzle to be addressed more easily. The volatility divergence is explained by … the upswing in the credit volatility that kept money supply variability from translating into inflation and GDP volatility. …
Persistent link: https://www.econbiz.de/10005666738
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The inflation–output nexus: Empirical evidence from India, South Africa, and Brazil
Narayan, Seema; Narayan, Paresh Kumar - In: Research in International Business and Finance 28 (2013) C, pp. 19-34
volatility raises inflation; (2) the Friedman hypothesis that inflation raises inflation volatility; and (3) the Black hypothesis … that output volatility raises output growth, and that output volatility reduces inflation. For Brazil, we do not find any …
Persistent link: https://www.econbiz.de/10010616907
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Has the Fed improved U.S. economic performance?
Hogan, Thomas L. - In: Journal of Macroeconomics 43 (2015) C, pp. 257-266
This paper finds that U.S. economic performance has not generally improved under the Federal Reserve, with the possible exception of the Great Moderation. We analyze the Fed and pre-Fed periods in terms of the rates and volatilities of inflation and real GDP growth. Comparing the pre-Fed periods...
Persistent link: https://www.econbiz.de/10011194170
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The Cause of the Great Inflation: Interactions between the Government and the Monetary Policymakers
Harashima, Taiji - EconWPA - 2005
The paper offers a new explanation for the cause of the Great Inflation by constructing a model that explicitly separates the roles of government and monetary policymakers. A mechanism that inflation can accelerate even if an inflation target is low is uncovered. The model solves the puzzle of...
Persistent link: https://www.econbiz.de/10005124998
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The Distribution of Inflation among Austrian Households
Fessler, Pirmin; Fritzer, Friedrich - In: Monetary Policy & the Economy (2013) 3, pp. 12-28
We estimate the distribution of household-level inflation and show a strong and stable negative relationship between income and inflation that reflects the differences in consumption bundles along the income distribution (2010–2012). Inflation decreases as education levels increase. It is...
Persistent link: https://www.econbiz.de/10011015360
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Measuring Standard Error of Inflation in Pakistan: A Stochastic Approach
Iqbal, Javed; Hanif, Muhammad Nadim - Volkswirtschaftliche Fakultät, … - 2010
Stochastic approach to index number (and its change) has recently attracted renewed attention of researchers as it provides the standard error of index number (and its change). One of the most important uses of index number is in the case of measurement of the general price level in an economy...
Persistent link: https://www.econbiz.de/10009647453
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Measuring changes in the value of the numeraire
Reis, Ricardo; Watson, Mark W. - Institut für Weltwirtschaft (IfW) - 2007
This paper estimates a common component in many price series that has an equiproportional effect on all prices. Changes in this component can be interpreted as changes in the value of the numeraire since, by definition, they leave all relative prices unchanged. The first aim of the paper is to...
Persistent link: https://www.econbiz.de/10005755197
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Potenziale und Grenzen eines nutzenbasierten ökonomischen Leitbildes für die amtliche Inflationsmessung
Auer, Ludwig von - In: Journal of Economics and Statistics (Jahrbuecher fuer … 225 (2005) 3, pp. 283-302
Welche Bedeutung sollte dem ökonomischen Theorieansatz und damit insbesondere dem ökonomischen Kostenindex der Lebenshaltung (im Folgenden als "nutzenbasierter Ausgabenindex", NBA, bezeichnet) in der amtlichen Inflationsmessung eingeräumt werden? In diesem Beitrag werden die Potenziale des...
Persistent link: https://www.econbiz.de/10005837638
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The use of Robust Estimators as Measures of Core Inflation
Aucremanne, L. - de Nederlandsche Bank - 2001
This paper examines robust estimators of core inflation for Belgian historical CPI data, and for euro area Harmonised Indices of Consumer Prices. Evidence of fat tails in the cross-sections of price changes is provided by traditional measures, as well as by a robust measure of the tail weights...
Persistent link: https://www.econbiz.de/10004970717
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Relative Goods’ Prices and Pure Inflation
Reis, Ricardo; Watson, Mark W - C.E.P.R. Discussion Papers - 2007
This paper uses a dynamic factor model for the quarterly changes in consumption goods’ prices to separate them into three components: idiosyncratic relative-price changes, aggregate relative-price changes, and changes in the unit of account. The model identifies a measure of “pure”...
Persistent link: https://www.econbiz.de/10005067604