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Trend Inflation, Wage Indexation, and Determinacy in the U.S.
Ascari, Guido; Branzoli, Nicola; Castelnuovo, Efrem - 2011
We combine an estimated monetary policy rule featuring time-varying trend inflation and stochastic coefficients with a medium scale New Keynesian framework calibrated on the U.S. economy. We find the impact of variations in trend inflation on the likelihood of equilibrium determinacy to be both...
Persistent link: https://www.econbiz.de/10010343856
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Monetary policy, trend inflation, and the great moderation: an alternative interpretation : omment based on system estimation
Hirose, Yasuo; Kurozumi, Takushi; Van Zandweghe, Willem - 2015
Persistent link: https://www.econbiz.de/10011484704
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Two-pillar monetary policy and bootstrap expectations
Spahn, Peter - 2007
The paper integrates the two-pillar Phillips curve, which explains expected inflation by the money growth trend, within a simple macro model. A Taylor-like interest rule contains also a money growth target. The model takes into account serially correlated supply and money demand shocks; the...
Persistent link: https://www.econbiz.de/10010206408
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Modelling inflation rate volatility in Nigeria with structural breaks
Fasanya, Ismail O.; Adekoya, Oluwasegun B. - In: CBN journal of applied statistics 8 (2017) 1, pp. 175-193
This study compares the performance of GARCH-Type models in modelling inflation volatility in Nigeria covering the … asymmetric volatility models. The empirical examination observes evidence of volatility persistence in the consumer price indices … the role of structural breaks for inflation rate volatility in Nigeria will yield misleading and invalid policy …
Persistent link: https://www.econbiz.de/10011840993
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Openness and Aggressive Monetary Policy : A Study of Inflation Volatility and Persistence
Lo, Melody; Wong, M. C. Sunny; Granato, Jim - 2003
aggressive monetary policies which results in less inflation volatility and persistence. We find this pattern emerges strongly …
Persistent link: https://www.econbiz.de/10014088615
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Explaining Inflation and Output Volatility in Chile : An Empirical Analysis of Forty Years
Tena, Juan de Dios - 2010
importance of foreign shocks in explaining inflation volatility has become more important in the last twenty years …
Persistent link: https://www.econbiz.de/10013149108
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Cross-checking optimal monetary policy with information from the Taylor rule
Tillmann, Peter - 2011
volatility in the effective loss function, which reduces the stabilization bias of discretionary monetary policy. The welfare …
Persistent link: https://www.econbiz.de/10009244262
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Rules-based monetary policy and the threat of indeterminacy when trend inflation is low
Khan, Hashmat; Phaneuf, Louis; Victor, Jean Gardy - In: Journal of monetary economics 114 (2020), pp. 317-333
Persistent link: https://www.econbiz.de/10012494962
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Monetary factors and inflation in Japan
Assenmacher-Wesche, Katrin; Gerlach, Stefan; Sekine, … - 2007
Recently, the Bank of Japan outlined a "two perspectives" approach to the conduct of monetary policy that focuses on risks to price stability over different time horizons. Interpreting this as pertaining to different frequency bands, we use band spectrum regression to study the determination of...
Persistent link: https://www.econbiz.de/10010382347
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Is Moderate-to-High Inflation Inherently Unstable?
Kiley, Michael T. - 2005
-to-high inflation is associated with inflation volatility. It also suggests a revision to interpretations of the 1970s. At that time …
Persistent link: https://www.econbiz.de/10014068063