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Secular stagnation : evidence and implications for economic policy
Rawdanowicz, Łukasz; Bouis, Romain; Inaba, Kei-Ichiro; … - 2014
interest rates and low inflation, and when ensuing prolonged and subdued growth undermines potential growth via labour … of economic slack and its impact on inflation, crisis-related hit to potential output and neutral interest rates. However …
Persistent link: https://www.econbiz.de/10010464897
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Market Power and Fiscal Policy in OECD Countries
Afonso, António - 2010
We compute average mark-ups as a measure of market power throughout time and study their interaction with fiscal policy and macroeconomic variables in a VAR framework. From impulse-response functions the results, with annual data for a set of 14 OECD countries covering the period 1970-2007, show...
Persistent link: https://www.econbiz.de/10013145150
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Market Power and Fiscal Policy in OECD Countries
Afonso, António - 2013
We compute average markups as a measure of market power throughout time and study their interaction with fiscal policy and macroeconomic variables in a VAR framework. From impulse-response functions, the results, with annual data for a set of 14 OECD countries, show that the markup (i) depicts a...
Persistent link: https://www.econbiz.de/10013079040
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Price Level and Inflation Dynamics in Heterogeneous Agent Economies
Kaplan, Greg; Nikolakoudis, Georgios; Violante, Giovanni L. - National Bureau of Economic Research - 2023
tax and transfer systems. With constant primary deficits, there exist two steady-states, and the price level and inflation … in the long-run real interest rate, leading to higher inflation for any given monetary policy. Our work highlights the … role of household heterogeneity and market incompleteness in determining inflation …
Persistent link: https://www.econbiz.de/10014322820
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House prices and the stance of monetary policy
Jarocinski, Marek (contributor); Smets, Frank (contributor) - 2008
This paper estimates a Bayesian VAR for the US economy which includes a housing sector and addresses the following questions. Can developments in the housing sector be explained on the basis of developments in real and nominal GDP and interest rates? What are the effects of housing demand shocks...
Persistent link: https://www.econbiz.de/10003778777
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How much of the macroeconomic variation in Eastern Europe is attributable to external shocks
Maćkowiak, Bartosz (contributor) - 2005
We decompose by origin the sources of the variation in real aggregate output and aggregate price level in the Czech Republic, Hungary and Poland. We find that a sizable fraction of the variation is attributable to external shocks, especially so for aggregate price level. We show that euroarea...
Persistent link: https://www.econbiz.de/10003324162
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New Keynesian dynamics in a low interest rate environment
Braun, R. Anton; Körber, Lena Mareen - 2011
Recent research has found that the dynamic properties of the New Keynesian model can be very different when the nominal interest rate is zero. Improvements in technology and reductions in the labor tax rate lower economic activity, and the size of the government purchase output multiplier can be...
Persistent link: https://www.econbiz.de/10009011302
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Persistence and cyclical dependence in the monthly euribor rate
Caporale, Guglielmo Maria; Gil-Alaña, Luis A. - 2011
This paper analyses two well-known features of interest rates, namely their time dependence and their cyclical structure. Specifically, it focuses on the monthly Euribor rate, using monthly data from January 1994 to May 2011. Models based on fractional integration at the long run or zero...
Persistent link: https://www.econbiz.de/10009579627
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Stagflation in the world economy : a revival?
Berthold, Norbert; Gründler, Klaus - 2012
Stagflation has decayed the world economy during the 1970s and the early 1980s. Recent empirical studies suggest that particularly the oil crises of 1973 and 1979 led to these high stagflationary periods. However, there are still some questions unanswered: is stagflation still a problem in the...
Persistent link: https://www.econbiz.de/10009521677
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Money, interest rates and prices in Ireland, 1933 - 2012
Gerlach, Stefan; Stuart, Rebecca - 2015 - Rev. version
In this paper we assemble an annual data set on broad and narrow money, prices, real economic activity and interest rates in Ireland from a variety of sources for the period 1933-2012. We discuss in detail how the data set is constructed and what assumptions we have made to do so. Furthermore,...
Persistent link: https://www.econbiz.de/10011336520