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The role of labor markets for euro area monetary policy
Christoffel, Kai; Küster, Keith; Linzert, Tobias - 2009
degree of wage rigidity makes monetary policy more effective, i.e. a monetary policy shock transmits faster onto inflation … fluctuations. Our results point primarily towards disturbances in the bargaining process as a significant contributor to inflation … important for monetary policy. -- Labor Market ; wage rigidity ; bargaining ; Bayesian estimation …
Persistent link: https://www.econbiz.de/10003832582
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The role of labor markets for euro area monetary policy
Christoffel, Kai; Küster, Keith; Linzert, Tobias - 2009
degree of wage rigidity makes monetary policy more effective, i.e. a monetary policy shock transmits faster onto inflation … fluctuations. Our results point primarily towards disturbances in the bargaining process as a significant contributor to inflation … important for monetary policy. -- Labor Market ; wage rigidity ; bargaining ; Bayesian estimation …
Persistent link: https://www.econbiz.de/10003827243
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The Role of Labor Markets for Euro Area Monetary Policy
Christoffel, Kai Philipp - 2009
degree of wage rigidity makes monetary policy more effective, i.e. a monetary policy shock transmits faster onto inflation … fluctuations. Our results point primarily towards disturbances in the bargaining process as a significant contributor to inflation …
Persistent link: https://www.econbiz.de/10012764518
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The Role of Labor Markets for Euro Area Monetary Policy
Christoffel, Kai Philipp - 2019
degree of wage rigidity makes monetary policy more effective, i.e. a monetary policy shock transmits faster onto inflation … fluctuations. Our results point primarily towards disturbances in the bargaining process as a significant contributor to inflation …
Persistent link: https://www.econbiz.de/10012705990
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How should central banks react to household inflation heterogeneity?
Neyer, Ulrike; Stempel, Daniel - 2022
Empirical evidence suggests that considerable differentials in inflation rates exist across households. This paper … investigates how central banks should react to household inflation heterogeneity in a tractable New Keynesian model. We include two … households that differ in their consumer price inflation rates after adverse shocks. The central bank reacts to either an average …
Persistent link: https://www.econbiz.de/10012803661
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Population growth, the natural rate of interest, and inflation
Weiske, Sebastian - 2019
population growth has lowered both the natural rate and inflation by about 0.4 percentage points in recent decades. …
Persistent link: https://www.econbiz.de/10011980508
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Macroeconomics, nonlinearities, and the business cycle
Reif, Magnus - 2019
Im Zentrum dieser Dissertation steht das Beschreiben und Erklären von Konjunkturdynamiken. Motiviert durch den außerordentlich starken wirtschaftlichen Einbruch in 2008/2009 betont die Arbeit dabei die Wichtigkeit der Nutzung von nichtlinearen Modellansätzen. Die Dissertation kann als Beitrag...
Persistent link: https://www.econbiz.de/10012154125
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Forecasting and policy making
Wieland, Volker; Wolters, Maik H. - 2012
Persistent link: https://www.econbiz.de/10010394237
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The Costs of Macroprudential Deleveraging in a Liquidity Trap
Chen, Jiaqian - 2020
We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...
Persistent link: https://www.econbiz.de/10012828224
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The Markup Elasticity of Monetary Non-Neutrality
Höynck, Christian; Li, Minghao; Zhang, Donghai - 2022
Firms’ market power, measured by markups, has risen substantially and unequally across sectors. To evaluate the implications of these trends for monetary non-neutrality, we develop a quantitative menu cost model that covers multiple sectors with heterogeneous degrees of market competition. Two...
Persistent link: https://www.econbiz.de/10014237117