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Inflation Persistence: Revisited
Gamber, Edward N.; Liebner, Jeffrey P.; Smith, Julie K. - Department of Economics, George Washington University - 2013
This paper presents evidence on the persistence of inflation in the United States over the period 1947- 2010. Of particular interest is whether the persistence of inflation has changed over that time period. We use a reduced form approach to measuring inflation persistence, modeling inflation as...
Persistent link: https://www.econbiz.de/10010878555
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ESTIMATING OUTPUT GAP, CORE INFLATION, AND THE NAIRU FOR PERU, 1979-2007
RODRIGUEZ, Gabriel - In: Applied Econometrics and International Development 10 (2010) 1
Following Doménech and Gómez (2006), and using quarterly Peruvian data for 1970:1-2007:4, I estimate a model that exploits the information contained in the inflation, unemployment and private investment rates in order to estimate non-observable variables as output gap, the NAIRU and the core...
Persistent link: https://www.econbiz.de/10008468252
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Estimating Output Gap, Core Inflation, and the NAIRU for Peru
Rodríguez, Gabriel - Banco Central de Reserva del Perú - 2009
Following Doménech and Gómez (2006), and using quarterly Peruvian data for 1970:1-2007:4, I estimate a model that exploits the information contained in the inflation, unemployment and private investment rates in order to estimate non-observable variables as output gap, the NAIRU and the core...
Persistent link: https://www.econbiz.de/10005056571
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The Markup and the Business Cycle Reconsidered.
Banerjee, A.; Russell, B. - Department of Economics, European University Institute - 2000
A fresh interpretaion is provided of the influential finding that the markup of prices over marginal costs is counter-cyclical. Using Rotemberg and Woodford's data set we argue that the markup is best modelled as a variable that is integrated of order one. A consequence of this finding is that...
Persistent link: https://www.econbiz.de/10005744315
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The Long-Run Phillips Curve and Non-Stationary Inflation
Russell, Bill; Banerjee, Anindya - Department of Economics, European University Institute - 2006
Modern theories of inflation incorporate a vertical long-run Phillips curve and are usually estimated using techniques that ignore the non-stationary behaviour of inflation. Consequently, the estimates obtained are imprecise and are unable to distinguish between competing models of inflation and...
Persistent link: https://www.econbiz.de/10005744361
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Competition, the Lisbon Strategy and the Euro
Banerjee, Anindya; Russell, Bill - Department of Economics, European University Institute - 2004
This paper considers whether the Euro-area economies have become more competitive since the introduction of the Euro and the implementation of the Lisbon strategy. Using a measure of the markup as a proxy for competition we show that while the markup has varied considerably over the past 25...
Persistent link: https://www.econbiz.de/10005697713
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Which nonlinearity in the Phillips curve? The absence of accelerating deflation in Japan
Veirman, Emmanuel De - Reserve Bank of New Zealand - 2007
why large negative output gaps in Japan during the period 1998-2002 did not lead to accelerating deflation, but instead …
Persistent link: https://www.econbiz.de/10005395324
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Unobserved Component Models of the Phillips Relation in the ASEAN Economy
Wongwachara, Warapong; Minphimai, Anusorn - In: Journal of Economics and Management 5 (2009) 2, pp. 241-256
The subject of this paper is the estimation of the Phillips relation ¡V the inflation-output gap tradeoff ¡V for ASEAN countries. Unobserved component (UC) models are employed in order to extract the output gap from GDP data. We also obtain stylised facts on macroeconomic cycles namely, (i)...
Persistent link: https://www.econbiz.de/10008555943
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Deflation and Relative Prices: Evidence from Japan and Hong Kong
Gerlach, Stefan; Kugler, Peter - Verein für Socialpolitik - VfS - 2011
We test the menu cost model of Ball and Mankiw (1994, 1995) on data from the inflation and deflation periods in Japan … during both inflation and deflation, is strongly supported. The data are less clear on, but does not reject, the hypothesis … that the parameter on the standard deviation changes sign between inflation and deflation periods. …
Persistent link: https://www.econbiz.de/10010957306
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Japan´s lost decade: on the development of the Japanese economy in the 1990s
Stuchlíková, Zuzana - In: Medzinarodne vztahy (Journal of International Relations) 10 (2012) 4, pp. 129-152
of other complicated processes in the economy, especially of the protracted deflation and insufficient final domestic …
Persistent link: https://www.econbiz.de/10011026653