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Over the last two centuries, the cross-spectral coherence between either narrow or broad money growth and inflation at … other countries, thus implying that the fraction of inflation’s long-run variation explained by long-run money growth has … correspondence with the inflationary outbursts associated with World War I and the Great Inflation–but not World War II …
Persistent link: https://www.econbiz.de/10011605073
This paper studies the role of credit-supply factors in business cycle fluctuations. For this purpose, we introduce an imperfectly competitive banking sector into a DSGE model with financial frictions. Banks issue collateralized loans to both households and firms, obtain funding via deposits and...
Persistent link: https://www.econbiz.de/10013143710
–both per hour and per worker–in the United States, the Eurozone, the United Kingdom, Australia, and Japan over the post … years. Results for the Eurozone point towards a marked deceleration since the beginning of the 1980s, with equilibrium …
Persistent link: https://www.econbiz.de/10011604764
Following Fuhrer and Moore (1995), several authors have proposed alternative mechanisms to 'hardwire' inflation … European Monetary Union, of inflation-targeting countries, and of the new Swiss monetary policy regime, I show that, in the …), the parameters encoding the 'intrinsic' component of inflation persistence are not invariant across monetary policy …
Persistent link: https://www.econbiz.de/10003832590
Post-covid inflation was predominantly driven by unexpectedly strong demand forces, not only in the United States, but … inflation near its 2-percent target---would have severely hampered an already anaemic recovery …
Persistent link: https://www.econbiz.de/10015056186
Abstract Negative interest rates policies (NIRP), usually depicted in economic textbooks as an impossibility due to the prospect of infinite demand for money, are now a reality in several countries due to different reasons. But while the ZLB has been surpassed when it comes to Central Banks, it...
Persistent link: https://www.econbiz.de/10012899581
The purpose of this study is to investigate the link between bank credit standards (CS hereafter) and business cycle fluctuations. This is the first empirical study which attempts to examine whether business cycle affects bank CS. We use quarterly survey-data on CS taken from the Bank Lending...
Persistent link: https://www.econbiz.de/10012850570
into this search by providing two metrics-inflation forecasting and business cycle dating-against which different options …) inefficiency wedge performs best in inflation forecasting and production function methodology dominates in the prediction of …
Persistent link: https://www.econbiz.de/10013211944
Following Fuhrer and Moore (1995), several authors have proposed alternative mechanisms to ‘hardwire’ inflation … European Monetary Union, of inflation-targeting countries, and of the new Swiss monetary policy regime, I show that, in the …), the parameters encoding the ‘intrinsic’ component of inflation persistence are not invariant across monetary policy …
Persistent link: https://www.econbiz.de/10011605084
Persistent link: https://www.econbiz.de/10003766314