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Do falling iceberg costs explain recent U.S. export growth?
Alessandria, George; Choi, Horag - Federal Reserve Bank of Philadelphia - 2010
Superseded by Working Paper 12-20 ; The authors study the rise in U.S. manufacturing exports from 1987 to 2002 through the lens of a monopolistically competitive model with heterogeneous producers and sunk costs of exporting. Using the model, they infer that iceberg costs fell nearly 27 percent...
Persistent link: https://www.econbiz.de/10008616947
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A transitional analysis of the welfare cost of inflation
Burdick, Clark A. - 1997
This paper applies new computational methods for studying nonstationary dynamics to reevaluate the welfare cost of inflation. A dynamic stochastic general equilibrium model with heterogeneous agents is studied. Incomplete markets induce agents to hold a fiat currency as insurance against...
Persistent link: https://www.econbiz.de/10010397549
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Modest policy interventions
Leeper, Eric M.; Zha, Tao - 2003
The authors present a theoretical and empirical framework for computing and evaluating linear projections conditional on hypothetical paths of monetary policy. A modest policy intervention does not significantly shift agents' beliefs about policy regime and does not induce the changes in...
Persistent link: https://www.econbiz.de/10010397582
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Inflation and economic activity in a multiple matching model of money
Laing, Derek; Li, Victor E.; Wang, Ping - Federal Reserve Bank of St. Louis - 1998
frictions play in determining the extent to which inflation distorts relative prices, and the effect of money growth on firm …
Persistent link: https://www.econbiz.de/10005360588
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Inflation persistence: how much can we explain?
Rabanal, Pau; Rubio-Ramirez, Juan F. - In: Economic Review (2003) Q2, pp. 43-55
rationally. The simplest version of such models includes only one type of nominal rigidity, either sticky prices or sticky wages …-that is, prices or wages that adjust only slowly to market shortages or surpluses. But these simple models have a drawback … rate persistence is assumed. The findings also show that a model with both sticky prices and sticky wages can replicate …
Persistent link: https://www.econbiz.de/10005361141
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The inflation/output variability trade-off revisited
Taylor, John B. - In: Conference Series ; [Proceedings] 38 (1994), pp. 21-24
Persistent link: https://www.econbiz.de/10005361220
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Monetary aggregates targeting in a low-inflation economy
Poole, William - In: Conference Series ; [Proceedings] 38 (1994), pp. 87-135
Persistent link: https://www.econbiz.de/10005361274
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Inflation targeting under imperfect knowledge
Orphanides, Athanasios; Williams, John C. - Federal Reserve Bank of San Francisco - 2006
A central tenet of inflation targeting is that establishing and maintaining well-anchored inflation expectations are essential. In this paper, we reexamine the role of key elements of the inflation targeting framework towards this end, in the context of an economy where economic agents have an...
Persistent link: https://www.econbiz.de/10005361476
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Time-varying U.S. inflation dynamics and the New-Keynesian Phillips curve
Lansing, Kevin J. - Federal Reserve Bank of San Francisco - 2006
This paper introduces a form of boundedly-rational expectations into an otherwise standard New-Keynesian Phillips curve. The representative agent's forecast rule is optimal (in the sense of minimizing mean squared forecast errors), conditional on a perceived law of motion for inflation and...
Persistent link: https://www.econbiz.de/10005361487
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Optimal inflation persistence: Ramsey taxation with capital and habits
Chugh, Sanjay - Federal Reserve Board (Board of Governors of the … - 2005
Ramsey models of fiscal and monetary policy with perfectly-competitive product markets and a fixed supply of capital predict highly volatile inflation with no serial correlation. In this paper, we show that an otherwise-standard Ramsey model that incorporates capital accumulation and habit...
Persistent link: https://www.econbiz.de/10005368152