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Digitalisation : Channels, Impacts and Implications for Monetary Policy in the Euro Area
Consolo, Agostino; Cette, Gilbert; Bergeaud, Antonin; … - 2021
the implications of digitalisation for measurement, productivity, labour markets and inflation, as well as more recent … digitalisation is likely to boost future productivity gains from digitalisation. Digitalisation has spurred greater automation, with …The digitalisation workstream report analyses the degree of digital adoption across the euro area and EU countries and …
Persistent link: https://www.econbiz.de/10013210842
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Digitalisation : channels, impacts and implications for monetary policy in the euro area
2021
the implications of digitalisation for measurement, productivity, labour markets and inflation, as well as more recent … digitalisation is likely to boost future productivity gains from digitalisation. Digitalisation has spurred greater automation, with …The digitalisation workstream report analyses the degree of digital adoption across the euro area and EU countries and …
Persistent link: https://www.econbiz.de/10012626753
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Towards technology-news-driven business cycles
Di Casola, Paola; Sichlimiris, Spyridon - 2018
We identify an inflationary technology news shock as the leading source of business cycle variations for the postwar U ….S. economy. This shock acts like a demand shock: it induces strong positive comovement in real quantities - GDP, consumption … technological innovations reduce inflation. The technology news shock became the predominant source of the business cycle from the …
Persistent link: https://www.econbiz.de/10011930326
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A Requiem for the Fiscal Theory of the Price Level
Farmer, Roger - 2019
The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume that all decisions are made by an...
Persistent link: https://www.econbiz.de/10012859850
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More Gray, More Volatile? Aging and (Optimal) Monetary Policy
Baksa, Daniel - 2019
The evidence on the inflation impact of aging is mixed, and there is no evidence regarding the volatility of inflation. Based on advanced economies' data and a DSGE-OLG model, we find that aging leads to downward pressure on inflation and higher inflation volatility. Our paper is also the first,...
Persistent link: https://www.econbiz.de/10012859869
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Trinity Strikes Back : Monetary Independence and Inflation in the Caribbean
Cevik, Serhan - 2019
Monetary independence is at the core of the macroeconomic policy trilemma stating that an independent monetary policy, a fixed exchange rate and free movement of capital cannot exist at the same time. This study examines the relationship between monetary autonomy and inflation dynamics in a...
Persistent link: https://www.econbiz.de/10012859872
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Optimal Monetary Policy Under Bounded Rationality
Benchimol, Jonathan - 2019
The form of bounded rationality characterizing the representative agent is key in the choice of the optimal monetary policy regime. While inflation targeting prevails for myopia that distorts agents' inflation expectations, price level targeting emerges as the optimal policy under myopia...
Persistent link: https://www.econbiz.de/10012864097
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Decomposing the Inflation Dynamics in the Philippines
Guo, Si - 2019
Inflation rates rose sharply in the Philippines during 2018. Understanding the demand and supply sources of inflation pressures is key to monetary policy response. Qualitatively, indicators have pointed to evidence of inflation pressures from both sides in 2018, with the supply factors, by and...
Persistent link: https://www.econbiz.de/10012864114
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Owner Occupied Housing in the CPI and Its Impact on Monetary Policy During Housing Booms and Busts
Hill, Robert J. - 2018
The treatment of owner-occupied housing (OOH) is probably the most important unresolved issue in inflation measurement. The European Union has been grappling with this problem for over a decade. We argue for measuring OOH costs using a particular version of the user cost method. We then compare...
Persistent link: https://www.econbiz.de/10012928265
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The Costs of Macroprudential Deleveraging in a Liquidity Trap
Chen, Jiaqian - 2020
We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...
Persistent link: https://www.econbiz.de/10012828224