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Commodities and monetary policy : implications for inflation and price level targeting
Coletti, Donald; Lalonde, René; Masson, Paul R.; Muir, Dirk - 2012
We examine the relative ability of simple inflation targeting (IT) and price level targeting (PLT) monetary policy rules to minimize both inflation variability and business cycle fluctuations in Canada for shocks that have important consequences for global commodity prices. We find that...
Persistent link: https://www.econbiz.de/10009546871
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Sectoral shocks and monetary policy in the United Kingdom
Dixon, Huw; Franklin, Jeremy; Millard, Stephen Patrick - 2021
In this paper, we examine the extent to which monetary policy should respond to movements in sectoral inflation rates. To do this we construct a Generalised Taylor model that takes specific account of the sectoral make-up of the consumer price index (CPI). We calibrate the model for each sector...
Persistent link: https://www.econbiz.de/10012591789
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On the Persistence of Low Long-Term Inflation Expectations
Carr, Douglas - 2022
The paper examines a wide variety of models forecasting inflation, consumer survey, professional survey, judgmental, market-derived, and monetary model. Despite differences between forecasting approaches, models produced generally similar results. Long-term forecasts were more accurate than...
Persistent link: https://www.econbiz.de/10013288939
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Contemporary Inflation Surprises and Financial Stability
Carr, Douglas - 2022
and forecasting and expectations shortfalls.With the development of inelastic inflation response in the mid-1990’s, risk … income, while, previously, the reverse was true.Another risk is the mismatch between monetary policy, with lags over a decade … long, and recent fiscal inflation with much shorter impact. Recession risk increases with mismatched monetary response to …
Persistent link: https://www.econbiz.de/10013404759
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Price dispersion and inflation : new facts and theoretical implications
Sheremirov, Viacheslav - 2015 - This version: July 2015; first version: November 2013
explicitly helps to reconcile theory with the data: a Calvo model with sales quantitatively matches both the negative comovement …
Persistent link: https://www.econbiz.de/10011349290
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The Evasive Predictive Ability of Core Inflation
Pincheira, Pablo M. - 2016
We explore the ability of traditional core inflation – consumer prices excluding food and energy – to predict headline CPI annual inflation. We analyze a sample of OECD and non-OECD economies using monthly data from January 1994 to March 2015. Our results indicate that sizable predictability...
Persistent link: https://www.econbiz.de/10013001948
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Price Dispersion and Inflation : New Facts and Theoretical Implications
Sheremirov, Viacheslav - 2015
From a macroeconomic perspective, price rigidity is often perceived to be an important source of price dispersion, with significant implications for the dynamic properties of aggregate variables, welfare calculations, and the design of optimal policy. For instance, in standard New Keynesian...
Persistent link: https://www.econbiz.de/10013013545
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Sticky wages, incomplete pass-through and inflation targeting : what is the right index to target?
Abo-Zaid, Salem M. - 2009
This paper studies monetary policy rules in a small open economy with Inflation Targeting, incomplete pass-through and rigid nominal wages. The paper shows that, when nominal wages are fully flexible and pass-through is low to moderate, the monetary authority should target the consumer price...
Persistent link: https://www.econbiz.de/10011523924
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On determinacy and learnability in a New Keynesian model with unemployment
Tesfaselassie, Mewael F.; Schaling, Eric - 2009
We analyze determinacy and stability under learning (E-stability) of rational expectations equilibria in the Blanchard and Galí (2006, 2008) New-Keynesian model of inflation and unemployment, where labor market frictions due to costs of hiring workers play an important role. We derive results...
Persistent link: https://www.econbiz.de/10003827166
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Inflation persistence, Price Indexation and Optimal Simple Interest Rate Rules
Ascari, Guido; Branzoli, Nicola - 2010
We study the properties of the optimal nominal interest rate policy under different levels of price indexation. In our model indexation regulates the sources of inflation persistence. When indexation is zero, the inflation gap is purely forward- looking and inflation persistence depends only on...
Persistent link: https://www.econbiz.de/10010343884