Showing 1 - 10 of 4,190
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
Excessive disinflation and the flattening of the Phillips curve are recently popular phenomena in many advanced economies. In the environment of low inflation, the fading relationship between the price dynamics and the adjustments in the domestic real activity is vigorously investigated for...
Persistent link: https://www.econbiz.de/10012987465
In questo lavoro utilizziamo i nuovi dati storici di contabilità nazionale per l'Italia nel periodo 1861-2010, ricostruiti dalla Banca d'Italia e dall'Istat, con la collaborazione dell'Università degli Studi di Roma “Tor Vergata.” La prima parte consiste in uno studio dettagliato delle...
Persistent link: https://www.econbiz.de/10013084368
This paper examines the effects of policy rate announcements on households' inflation expectations over the time period 2003-2015. The effect is estimated using a two-stage least squares regression model. The announced changes are instrumented by a monetary policy surprise variable obtained from...
Persistent link: https://www.econbiz.de/10012207259
Despite the increase in nationwide unemployment following the Great Recession, the United States only saw a moderate fall in inflation, which has led to numerous debates on whether the Phillips curve has indeed flattened. The empirical discrepancies leading to this debate could stem from...
Persistent link: https://www.econbiz.de/10014092427
expected change in the real exchange rate of the ruble. The nonlinear generalized method of moments (CUE GMM) is used as an …
Persistent link: https://www.econbiz.de/10014350106
We re-examine the evidence on the new Phillips curve model of Gali and Gertler (Journal of Monetary Economics 1999) using the conditional score test of Kleibergen (Econometrica 2005), which is robust to weak identification. In contrast to earlier studies, we find that US postwar data are...
Persistent link: https://www.econbiz.de/10010318951
Swedish data by means of GMM and Full Information Maximum Likelihood. The results show that with real marginal cost in the …
Persistent link: https://www.econbiz.de/10010320755
inflation/unemployment responses to money growth shocks. SVAR (structural vector autoregression) and GMM (generalised method of …
Persistent link: https://www.econbiz.de/10010276468
We model provincial inflation in China during the reform period. In particular, we are interested in the ability of the hybrid New Keynesian Phillips Curve (NKPC) to capture the inflation process at the provincial level. The study highlights differences in inflation formation and shows that the...
Persistent link: https://www.econbiz.de/10011604875