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Simple Pricing Rules, the Phillips Curve and the Microfoundations of Inflation Persistence
Mash, Richard - Money Macro and Finance Research Group - 2007
Models in which pricing decisions depend on indexing or rule of thumb behaviour have become prominent in the monetary … degree of indexing such that firms move closer to constrained optimal prices and find that the degree of indexing depends … which the degree of indexing is fixed are vulnerable to the Lucas critique since that parameter will change in different …
Persistent link: https://www.econbiz.de/10004978131
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Endogenous Indexing and Monetary Policy Models
Mash, Richard - Institut für Weltwirtschaft (IfW) - 2007
Models in which firms use rules of thumb or partial indexing in their price setting have become prominent in the recent …
Persistent link: https://www.econbiz.de/10005818884
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Simple Pricing Rules, the Phillips Curve and the Microfoundations of Inflation Persistence
Mash, Richard - Society for Computational Economics - SCE - 2005
We analyze the microfoundations of the Phillips curve, a key relationship in general macroeconomics and models of … Evans (JPE, 2005) and Gali and Gertler (JME, 1999) have attempted to provide such microfoundations through the assumption of … indexing or rule of thumb behaviour. We question the nature of the indexing rules or rules of thumb assumed and re-derive these …
Persistent link: https://www.econbiz.de/10005342993
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Optimising Microfoundations for Inflation Persistence
Mash, Richard - Department of Economics, Oxford University - 2004
based on optimising microfoundations and consistent with the data, especially observed persistence in inflation and output …
Persistent link: https://www.econbiz.de/10004977859
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Optimising Microfoundations for Inflation Persistence
Mash, Richard - Society for Computational Economics - SCE - 2006
We connect two major strands of the recent monetary policy literature, i) the search for well microfounded optimising models consistent with macroeconomic data, especially persistence in inflation, and ii) the wealth of newly available microeconomic data on price changing behaviour from the...
Persistent link: https://www.econbiz.de/10005132602
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Monetary Policy with an Endogenous Capital Stock when Inflation is Persistent
Mash, Richard - Department of Economics, Oxford University - 2002
The paper presents a monetary policy model with an endogenous capital stock when a backward looking element in wage setting causes inflation persistence. We analyse how the endogeneity of the capital stock changes the macroeconomic dynamics with which policy interacts and its implications for...
Persistent link: https://www.econbiz.de/10005051081
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Money, Regulation & Growth: financing new growth in Europe
BASTIDON, Cécile; Cukierman, Alex; Kane, Edward J.; … - SUERF - The European Money and Finance Forum
On June 4-5, 2014, SUERF and Baffi Finlawmetrics jointly organised a Colloquium/Conference “Money, Regulation and Growth: Financing New Growth in Europe” at Bocconi University, Milan. The present SUERF Study includes a selection of papers based on the authors’ contributions to the Milan...
Persistent link: https://www.econbiz.de/10011212146
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New Keynesian Microfoundations Revisited: A Calvo-Taylor-Rule-of-Thumb Model and Optimal Monetary Policy Delegation
Mash, Richard - Department of Economics, Oxford University - 2003
We analyze the microfoundations of the Phillips curve and the close links between that relationship and results … robust to relatively minor changes in its microfoundations. …
Persistent link: https://www.econbiz.de/10005090658
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On the Implications of Different Cash-in-Advance Constraints With Endogenous Labour
Mansoorian, Arman; Mohsin, Mohammed - Department of Economics, York University - 2002
It is shown that, in contrast to models with fixed labour, a change in monetary policy involving an increase in the inflation rate would have the same qualitative effects on steady state capital, consumption, and employment, regardless of whether only consumption or both consumption and...
Persistent link: https://www.econbiz.de/10005558040
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Monetary Policy and the Hybrid Phillips Curve
Milas, Costas; Martin, Christopher - Rimini Centre for Economic Analysis (RCEA) - 2007
This paper argues that existing empirical models of interest rate rules are too simplistic. The hybrid Phillips curve implies that policymakers should respond to both current and expected future inflation rates, in contrast to existing models. We provide evidence that UK policymakers do this.
Persistent link: https://www.econbiz.de/10005069756