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The possible unemployment cost of average inflation below a credible target : a replication study of Svensson (American Economic Journal: Macroeconomics, 2015)

Oraby, Ramy - In: Journal of comments and replications in economics 1 (2022), pp. 1-21

United States. Overall, the replication exercise successfully confirms the conclusions of Svensson (2015). In both Sweden and … long run Phillips curve recorded -0.75 in Sweden and -0.23 in the United States. While the average inflation rate in the … United States was very close to its targeted level, the average inflation rate in Sweden was 0.6 per- centage points below …

Persistent link: https://www.econbiz.de/10013179358

Inflation Expectations, the Phillips Curve and Monetary Policy

Curto Millet, Fabien - 2007

Conjectures about inflation expectations are inextricably linked to our understanding of the relationship between the real and monetary sides of the economy; yet, direct empirical research on the matter has been scarce at best. This paper therefore examines the empirical properties of inflation...

Persistent link: https://www.econbiz.de/10010271069

Understanding firms' inflation expectations using the Bank of Canada's Business Outlook Survey

Richards, Simon; Verstraete, Matthieu - 2016

Inflation expectations are a key determinant of actual and future inflation and thus matter for the conduct of monetary policy. We study how firms form their inflation expectations using quarterly firm-level data from the Bank of Canada's Business Outlook Survey, spanning the 2001 to 2015...

Persistent link: https://www.econbiz.de/10011540769

Ambiguity, Monetary Policy and Trend Inflation

Masolo, Riccardo - 2015

We develop a model that can explain the evolution of trend inflation in the United States in the three decades before the Great Recession as a function of the reduction in uncertainty about the monetary policy maker's behaviour. The model features ambiguity-averse agents and ambiguity regarding...

Persistent link: https://www.econbiz.de/10013011433

Understanding firms' inflation expectations using the Bank of Canada's Business Outlook Survey

Richards, Simon; Verstraete, Matthieu - 2016

Persistent link: https://www.econbiz.de/10011433529

Monetary Policy Rules Under Heterogeneous Inflation Expectations

Brissimis, Sophocles N.; Magginas, Nicholas - 2022

This paper evaluates the role of inflation-forecast heterogeneity in US monetary policy making. The deviation between private and central bank inflation forecasts is identified as a factor increasing inflation persistence and thus calling for a policy reaction. An optimal policy rule is derived...

Persistent link: https://www.econbiz.de/10014080669

Looking through supply shocks versus controlling inflation expectations : understanding the Central Bank dilemma

Beaudry, Paul; Carter, Thomas J.; Lahiri, Amartya - 2022 - Last updated: September 20, 2022

Central banks in most advanced economies have reacted similarly to the increase in inflation that started in 2021. They initially looked through the rising inflation by leaving monetary policy relatively unchanged. Then, after inflation continued to increase, central banks pivoted by quickly...

Persistent link: https://www.econbiz.de/10013370504

Identifying monetary policy rules in South Africa with inflation expectations and unemployment

Bold, Shannon; Harris, Laurence - 2018

This paper investigates whether a Taylor rule accurately describes the South African Reserve Bank's reaction function in setting interest rates using quarterly data, covering the period since inflation targeting was formally adopted in 2000. The classic Taylor rule is modified to determine...

Persistent link: https://www.econbiz.de/10011821017

Breaking monetary policy news : the role of mass media coverage of ECB announcements for public inflation expectations

Hirsch, Patrick; Feld, Lars P.; Köhler, Ekkehard A. - 2023

Using the variation in national television news of four major member states in the Eurozone, we find causal effects of coverage of high-frequency identified monetary policy announcements on households' inflation expectations in an event study and a generalized Difference-in-Differences approach...

Persistent link: https://www.econbiz.de/10013550202

The Effect of Central Bank Credibility on Forward Guidance in an Estimated New Keynesian Model

Martínez-García, Enrique - 2020

This paper examines the effectiveness of forward guidance in an estimated New Keynesian model with imperfect central bank credibility. Forward guidance and the credibility of the central bank are uniquely modeled by utilizing a game-theoretic evolutionary framework. We estimate credibility for...

Persistent link: https://www.econbiz.de/10012844416

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