Showing 1 - 10 of 9,486
We estimate a multi-country multi-sector New Keynesian model to quantify the drivers of domestic inflation during 2020–2023 in several countries, including the United States. The model matches observed inflation together with sector-level prices and wages. We further measure the relative...
Persistent link: https://www.econbiz.de/10014434281
Persistent link: https://www.econbiz.de/10001538199
Persistent link: https://www.econbiz.de/10002450271
Persistent link: https://www.econbiz.de/10012819598
Persistent link: https://www.econbiz.de/10003649125
In a simple two-sector New Keynesian model, sticky prices generate a counterfactual negative comovement between the output of durable and nondurable goods following a monetary policy shock. We show that heterogeneous factor markets allow any combination of strictly positive price stickiness to...
Persistent link: https://www.econbiz.de/10011517128
This paper studies optimal monetary policy in a two-sector small open economy model under segmented asset markets and sticky prices. We solve the Ramsey problem under full commitment, and characterize the optimal monetary policy in a calibrated version of the model. The findings of the paper are...
Persistent link: https://www.econbiz.de/10012775967
Persistent link: https://www.econbiz.de/10013414293
We document empirical regularities of disaggregated inflation and consumption and study whether multisectoral New Keynesian models can explain them. We focus on higher moments of the inflation and consumption growth distributions as well as on the contemporaneous comovement of these two...
Persistent link: https://www.econbiz.de/10013450719
This paper studies optimal monetary policy in a two-sector small open economy model under segmented asset markets and sticky prices. We solve the Ramsey problem under full commitment, and characterize the optimal monetary policy in a calibrated version of the model. The findings of the paper are...
Persistent link: https://www.econbiz.de/10014399992