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conditions and explore the possibility under which a policy tack that targets inflation stability, output stability, or both, can … efficient business cycle outcomes (inflation and output stability). We find that there is a range of inflation and output target … weights that simultaneously stabilize inflation and output. We call this condition, produced by these weights, inflation …
Persistent link: https://www.econbiz.de/10014102995
We study the monetary instrument problem in a model of optimal discretionary fiscal and monetary policy. The policy problem is cast as a dynamic game between the central bank, the fiscal authority, and the private sector. We show that, as long as there is a conflict of interest between the two...
Persistent link: https://www.econbiz.de/10003951467
Persistent link: https://www.econbiz.de/10010394237
there is a significant backward looking element in inflation behaviour. This cyclical instability can be mitigated if fiscal … policy in each member country reacts to inflation differences, but it can be aggravated if fiscal feedback on debt is too …
Persistent link: https://www.econbiz.de/10014064465
precisely, inflation, to support the first best allocation. In our model policy is non-Ricardian or equivalently outside money … positive inflation tax on money balances is efficient. For interest rates that permit the collateral constraint to bind, a … policy of stable inflation (alternatively, money growth) implies that the collateral constraint binds after a sequence of …
Persistent link: https://www.econbiz.de/10013118738
aggregate inflation and the higher-order moments of the distribution of relative price changes. Our empirical findings confirm … explanatory variable for the inflation rate. Further, the skewness measure also helps to explain shifts in the Phillips curve …
Persistent link: https://www.econbiz.de/10010260622
coordinated wage bargaining systems have a dampening impact on inflation volatility. …
Persistent link: https://www.econbiz.de/10011605051
This paper investigated the link between inflation and the top decile income share after the global financial crisis …. The analysis was done on a sample of 42 countries. We found that higher inflation has reduced the income going to the top … decile. The main explanation is that inflation has eroded their labour income, differently from the low-income individuals …
Persistent link: https://www.econbiz.de/10010374488
aggregate inflation and the higher-order moments of the distribution of relative price changes. Our empirical findings confirm … explanatory variable for the inflation rate. Further, the skewness measure also helps to explain shifts in the Phillips curve …
Persistent link: https://www.econbiz.de/10011476471
across the sample. Evidence in favour of a diminishing effect of oil price shocks on the output and inflation is found from … in the last part of the 1990s and, especially, for the CPI inflation in the 2000s. The most outstanding result is that … the oil price movements could explain at least some of the recent inflation, the main difference between these outcomes …
Persistent link: https://www.econbiz.de/10011575575