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The dominant view of inflation holds that it is macroeconomic in origin and must always be tackled with macroeconomic tightening. In contrast, we argue that the US COVID-19 inflation is predominantly a sellers' inflation that derives from microeconomic origins, namely the ability of firms with...
Persistent link: https://www.econbiz.de/10014229825
behaviors of oligopolistic firms. In this study, we construct a tractable Hotelling duopoly model with price stickiness to …-Stiglitz model, but the difference is not large. (3) A duopoly model with heterogeneous transport costs can explain the existence of …
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theory suggests that transaction costs will not fall to zero. Therefore, a common medium of exchange that serves as unit of …
Persistent link: https://www.econbiz.de/10014218766
Understanding disaggregate channels in the transmission of monetary policy to the real and financial sectors is of crucial importance for effectively implementing policy measures. We extend the empirical econometric literature on the role of production networks in the propagation of shocks along...
Persistent link: https://www.econbiz.de/10012126211
We empirically examine international monetary coordination by identifying the network structure of four major central banks: The Bank of England, Bank of Japan, European Central Bank and Federal Reserve Bank. We calculate the time-varying connectedness measure developed by Diebold and Yilmaz...
Persistent link: https://www.econbiz.de/10012960072
This paper investigates how social network and conformity dynamics shape the stability of inflation expectations and the dissemination of economic narratives. Using an agent-based macroeconomic simulation, I integrate a heuristic switching framework with an opinion dynamics mechanism to examine...
Persistent link: https://www.econbiz.de/10015415088
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