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The present paper uses survey data on expected consumer price developments to analyse the role of inflation … expectations in the inflation process. The survey measures of price expectations are derived from the European Commission … estimates of the New Keynesian inflation model presented here underscore the importance of inflation expectations for the short …
Persistent link: https://www.econbiz.de/10001782903
The present paper uses survey data on expected consumer price developments to analyse the role of inflation … expectations in the inflation process. The survey measures of price expectations are derived from the European Commission … estimates of the New Keynesian inflation model presented here underscore the importance of inflation expectations for the short …
Persistent link: https://www.econbiz.de/10011419361
rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and …-term inflation expectations, monetary targeting introduces inertia and history-dependence into the …
Persistent link: https://www.econbiz.de/10012991152
In the present paper we question the mainstream diagnosis of Germany's post-2000 stagnation as well as the prescribed remedies. We show that the "institutional sclerosis" view of Germany's stagnation is unfounded and that therefore the political measures proposed and actually taken are...
Persistent link: https://www.econbiz.de/10003744530
Persistent link: https://www.econbiz.de/10003387301
Persistent link: https://www.econbiz.de/10001543833
Persistent link: https://www.econbiz.de/10012991346
The German debt brake is often regarded as a great success story, and has therefore served as a role model for the Euro area and its fiscal compact. In this paper we fundamentally criticize the debt brake. We show that (1) it suffers from serious shortcomings, and its success is far from certain...
Persistent link: https://www.econbiz.de/10010187671
Using firm-level survey data from Germany, this paper asks how do supply constraints propagate monetary policy shocks? To answer this question, we first offer a general discussion on the measurement of supply constraints. We show that capacity utilization, a widely accepted measure of...
Persistent link: https://www.econbiz.de/10013540705
Beschränkungen in Zeiten einer lockeren Geldpolitik einen erheblichen Inflationsdruck ausüben. …
Persistent link: https://www.econbiz.de/10014466940