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Generalized Taylor and generalized Calvo price and wage-setting: Micro evidence with macro implications

Dixon, Huw David; Le Bihan, Hervé - 2010

The Generalized Calvo and the Generalized Taylor model of price and wage-setting are, unlike the standard Calvo and … Taylor counter-parts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro … monetary policy transmission by embedding these calibrated models in a standard DSGE model. The Generalized Taylor model is …

Persistent link: https://www.econbiz.de/10010273878

Generalized Taylor and generalized Calvo price and wagesetting: Micro evidence with macro implications

Dixon, Huw; Le Bihan, Hervé - 2011

The Generalized Calvo and the Generalized Taylor models of price and wage-setting are, unlike the standard Calvo and … Taylor counter-parts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro … monetary policy transmission by embedding these calibrated models in a standard DSGE model. The Generalized Taylor model is …

Persistent link: https://www.econbiz.de/10010288804

Sticky Prices vs. Sticky Information – A Cross-Country Study of Inflation Dynamics

Bredemeier, Christian; Goecke, Henry - 2011

This paper empirically compares sticky-price and sticky-information Phillips curves considering inflation dynamics in six countries (US, UK, Germany, France, Canada, and Japan). We evaluate the models' abilities to match empirical second moments of inflation. Under baseline calibrations, the two...

Persistent link: https://www.econbiz.de/10010274449

Inflation, Information Rigidity, and the Sticky Information Phillips Curve

Carrera, César; Ramírez-Rondán, Nelson - Peruvian Economic Association - PEA - 2014

The Great Moderation is characterized for being a stable period in terms of macroeconomic conditions, specially in inflation. In terms of the sticky information theory, this environment may provide few incentives for agents to update information on inflation and then a new slope of the sticky...

Persistent link: https://www.econbiz.de/10010900654

Disinflations in Latin America and the Caribbean: A free lunch?

Hofstetter, Marc - 2004

This paper challenges the conventional view according to which disinflations in LAC-even from low and moderate peaks-have been carried out at no cost to output. After suggesting a new methodology that allows for long-lived effects and inflation inertia when measuring costs of disinflations,...

Persistent link: https://www.econbiz.de/10010293509

Real-Time Estimation of the Output Gap in Japan and its Usefulness for Inflation Forecasting and Policymaking

Kamada, Koichiro - 2004

This paper examines the methods used by the Bank of Japan for the estimation of the output gap. Attention is paid to the real-time estimation problem. After reviewing the evolution of output gap estimation at the Bank, I discuss advantages and disadvantages of the various output gap measures....

Persistent link: https://www.econbiz.de/10010295641

The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics

Christoffel, Kai; Linzert, Tobias - 2006

In this paper we incorporate a labor market with matching frictions and wage rigidities into the New Keynesian business cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions affect the transmission process of monetary policy. The...

Persistent link: https://www.econbiz.de/10010295799

Opting out of the great inflation: German monetary policy after the break down of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2008

During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the...

Persistent link: https://www.econbiz.de/10010303730

Output and inflation in models of the business cycle with nominal rigidities: Some counterfactual evidence

Páez-Farrell, Juan - 2006

This paper examines the relationship between cyclical output and inflation in models commonly used for monetary policy analysis. This includes models that incorporate the New Keynesian, Fuhrer-Moore and backward-looking Phillips curves. The main finding is that these models imply a strong...

Persistent link: https://www.econbiz.de/10010322802

Euro area inflation persistence in an estimated nonlinear DSGE model

Amisano, Gianni; Tristani, Oreste - 2007

We estimate the approximate nonlinear solution of a small DSGE model on euro area data, using the conditional particle filter to compute the model likelihood. Our results are consistent with previous findings, based on simulated data, suggesting that this approach delivers sharper inference...

Persistent link: https://www.econbiz.de/10011604800

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