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Inflation targeting and monetary analysis in Chile and Mexico
Sanchez-Fung, Jose R - Royal Economic Society - RES - 2003
This paper studies the role of monetary and open economy indicators in inflation targeting (IT) economies through the analysis of a nested Phillips curve/ P-star model for Chile and Mexico. For Chile a real money gap and a money growth indicator are found to be relevant in predicting deviations...
Persistent link: https://www.econbiz.de/10005577133
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The Price-Price Phillips Curve in Small Open Economies and Monetary Unions: Theory and Empirics
Vaona, Andrea - Institut für Weltwirtschaft (IfW) - 2014
This paper extends the efficiency wages/partially adaptive expectations Phillips curve, otherwise known as the price-price Phillips curve, from a closed economy context to an open economy one with both commodity trade and capital mobility. We also consider the case of a monetary union (a...
Persistent link: https://www.econbiz.de/10010886968
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Natural Rate Doubts
Farmer, Roger E A - C.E.P.R. Discussion Papers - 2000
This paper provides evidence for a low frequency relationship between unemployment, inflation and the nominal interest rate. I show that in the United States from 1959.1 to 1991.3, the unemployment rate, the inflation rate and the federal funds rate can be modelled as non stationary time series...
Persistent link: https://www.econbiz.de/10005792534
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On the Temporal Causal Relationship between Macroeconomic Variables: Empirical Evidence from India
P., Srinivasan; M., Kalaivani - Volkswirtschaftliche Fakultät, … - 2013
bounds test for cointegration, Johansen and Juselius (1990) multivariate cointegration test, Granger causality …
Persistent link: https://www.econbiz.de/10011112036
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Economia sintetica
Vildosola, Luis - EconWPA - 1998
Theoretical study identifying one modality with conditions necesary for the financial stabilization of an inherently unstable system; and 5040 other unstable dynamic modes. It draws on knowledge made available by the academic field of Control Engineering.
Persistent link: https://www.econbiz.de/10005125628
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A Resolution of the Fisher Effect Puzzle: A Comparison of Estimators
Panopoulou, E. - Department of Economics, National University of Ireland - 2005
This paper attempts a resolution of the Fisher effect puzzle in terms of estimator choice. Using both short-term and long-term interest rates for 14 OECD countries, we find ample evidence supporting the existence of a long-run Fisher effect in which interest rates move oneto- one with inflation....
Persistent link: https://www.econbiz.de/10005656667
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residual-Based Tests for Cointegration in Models with Regime Shifts
Gregory, Allan w.; Hansen, Bruce E. - Economics Department, Queen's University - 1992
In this paper we examine tests for cointegration which allow for the possibility of regime shifts. We propose augmented … Dickey-Fuller (ADF) and Phillips type tests designed to test the null of no cointegration against the alternative of … cointegration in the presence of a possible regime shift. In particular we consider cases where the intercept and/or slope …
Persistent link: https://www.econbiz.de/10005688254
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Productivity and the Natural Rate of Unemployment
Slacalek, Jiri - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2004
I propose an econometric model that improves upon existing methods of estimating the natural rate of unemployment (NAIRU) by using information contained in the trend of productivity growth. My approach enhances the recently proposed model of Staiger, Stock and Watson (1997) in several respects....
Persistent link: https://www.econbiz.de/10004963765
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La répression financière est-elle la solution pour « liquider » la dette publique dans la zone euro ?
Drut, Bastien - Centre Emile Bernheim, Solvay Brussels School of … - 2013
The recent rise of the public debt limits governments’ room for manoeuvre in terms of economic policy and it seems urgent to try to slow down its progression. This paper shows that even if financial repression appears as an appealing solution for the so called peripheral countries of the euro...
Persistent link: https://www.econbiz.de/10010968987
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High Frequency Identification of Monetary Non-Neutrality
Nakamura, Emi; Steinsson, Jon - National Bureau of Economic Research (NBER) - 2013
We provide new evidence on the response of real interest rates and inflation to monetary shocks. Our measure of monetary policy shocks is based on unexpected changes in interest rates over a 30-minute window surrounding scheduled Federal Reserve announcements. Our estimates indicate that nominal...
Persistent link: https://www.econbiz.de/10010969387