This paper uses the historical narrative record to determine whether inflation expectations shifted during the second quarter of 1933, precisely as the recovery from the Great Depression took hold. First, by examining the historical news record and the forecasts of contemporary business...

This paper uses the historical narrative record to determine whether inflation expectations shifted during the second quarter of 1933, precisely as the recovery from the Great Depression took hold. First, by examining the historical news record and the forecasts of contemporary business...

This paper estimates the expectation-augmented Phillips curve, which explains inflation dynamics, in Korea. The phenomenon of low inflation in Korea has been going on for quite some time, in particular since 2012. During the Covid-19 crisis, due to low inflation expectations the operation of...

We use the synthetic control method (SCM) to estimate the effect of official dollarization in Ecuador and quasi-dollarization, in the form of a currency board, in Argentina. We show that these monetary arrangements were effective at controlling inflation in these two countries. Interestingly, in...

This paper proposes new measures of the effectiveness of inflation targeting (IT) and evaluates its main drivers in a (large) sample of advanced economies (AEs) and emerging market and developing economies (EMDEs). Using synthetic control methods, we find that IT has heterogeneous effects on...

DSGE models based on New Keynesian principles, which have been extended to allow for banking, the zero lower bound on interest rates (ZLB), and varying price duration, can account well for recent macroeconomic behavior across a variety of economies. These models Önd that active Öscal policy...

Die Rettungsaktionen der EZB stehen in der Kritik: Es wird befürchtet, dass sie zu steigenden Inflationsraten führen könnten. Die Autoren des Zeitgesprächs sehen diese Gefahr nicht. Vielmehr könne ein gemäßigter Anstieg der Inflation sogar dazu beitragen, die Staatsschulden schneller...

This paper analyzes empirically the impact of fiscal policy on the price level for the cases of Germany and Spain. We investigate whether the fiscal theory of the price level (FTPL) is able to deliver a reasonable explanation for the different performances of the price level in these two...

This paper investigates effects of official dollarization on the macroeconomic performance of Ecuador using a time series perspective. More specifically, we investigate how dollarization effects inflation, GDP, inflation uncertainty and money-price relationship in Ecuador. There are four main...

Archaeology and numismatics have long been familiar with the phenomenon of periodic re-coinage (renovatio monetae), which dominated monetary taxation in medieval Europe for almost 200 years. However, this form of monetary taxation is seldom, if ever, discussed in the literature of economics or...