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, just as in the Great Recession we anticipate deflation in the near future, coupled with rising joblessness and recession. …
Persistent link: https://www.econbiz.de/10013448558
It has been argued that existing DSGE models cannot properly account for the evolution of key macroeconomic variables during and following the recent Great Recession, and that models in which inflation depends on economic slack cannot explain the recent muted behavior of inflation, given the...
Persistent link: https://www.econbiz.de/10009744674
It has been argued that existing DSGE models cannot properly account for the evolution of key macroeconomic variables during and following the recent Great Recession, and that models in which inflation depends on economic slack cannot explain the recent muted behavior of inflation, given the...
Persistent link: https://www.econbiz.de/10013081875
Ever since the end of the Great Recession, the U.S. economy has experienced a period of mild inflation, which contradicts with the output-inflation relationship depicted by a traditional Phillips curve. This paper examines how the permanent output loss during the Great Recession has affected...
Persistent link: https://www.econbiz.de/10012972196
The dramatic COVID-19-induced rise in unemployment has greatly increased uncertainty about the ability of renters to pay their rent. Ostensibly, a small increase in nonpayment incidence could sharply reduce shelter inflation. Will nonpayment during the current COVID collapse induce such a...
Persistent link: https://www.econbiz.de/10012828850
Persistent link: https://www.econbiz.de/10000803024
deflation puzzle. In this paper, we develop and estimate a New Keynesian Dynamic Stochastic General Equilibrium model to provide …
Persistent link: https://www.econbiz.de/10011389401
deflation puzzle. In this paper, we develop and estimate a New Keynesian Dynamic Stochastic General Equilibrium model to provide …
Persistent link: https://www.econbiz.de/10011292980
Persistent link: https://www.econbiz.de/10012500075
Recent research has provided strong circumstantial evidence for the proposition that sustained deflation -- the result … mechanism by which deflation led to depression. In this paper we consider several channels, including effects operating through … real wages and through interest rates. Our focus, however, is on the disruptive effect of deflation on the financial system …
Persistent link: https://www.econbiz.de/10012475539