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Simple Pricing Rules, the Phillips Curve and the Microfoundations of Inflation Persistence
Mash, Richard - Money Macro and Finance Research Group - 2007
Models in which pricing decisions depend on indexing or rule of thumb behaviour have become prominent in the monetary … degree of indexing such that firms move closer to constrained optimal prices and find that the degree of indexing depends … which the degree of indexing is fixed are vulnerable to the Lucas critique since that parameter will change in different …
Persistent link: https://www.econbiz.de/10004978131
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Simple Pricing Rules, the Phillips Curve and the Microfoundations of Inflation Persistence
Mash, Richard - Society for Computational Economics - SCE - 2005
We analyze the microfoundations of the Phillips curve, a key relationship in general macroeconomics and models of … Evans (JPE, 2005) and Gali and Gertler (JME, 1999) have attempted to provide such microfoundations through the assumption of … indexing or rule of thumb behaviour. We question the nature of the indexing rules or rules of thumb assumed and re-derive these …
Persistent link: https://www.econbiz.de/10005342993
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Optimising Microfoundations for Inflation Persistence
Mash, Richard - Society for Computational Economics - SCE - 2006
We connect two major strands of the recent monetary policy literature, i) the search for well microfounded optimising models consistent with macroeconomic data, especially persistence in inflation, and ii) the wealth of newly available microeconomic data on price changing behaviour from the...
Persistent link: https://www.econbiz.de/10005132602
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Endogenous Indexing and Monetary Policy Models
Mash, Richard - 2011
Models in which firms use a rule of thumb or partial indexing in price setting are prominent in the recent monetary …
Persistent link: https://www.econbiz.de/10013132417
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Macroeconometric Equivalence, Microeconomic Dissonance, and the Design of Monetary Policy
Levin, Andrew T. - 2008
Many recent studies in macroeconomics have focused on the estimation of DSGE models using a system of loglinear approximations to the models' nonlinear equilibrium conditions. The term macroeconometric equivalence encapsulates the idea that estimates using aggregate data based on first-order...
Persistent link: https://www.econbiz.de/10012722962
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Money, regulation and growth : financing new growth in Europe : a joint publication with the BAFFI Center on International Markets, Money & Regulation
Quintyn, Marc (ed., introduction);  … - Colloquium/Conference "Money, Regulation and Growth: …; … - 2014
On June 4-5, 2014, SUERF and Baffi Finlawmetrics jointly organised a Colloquium/Conference "Money, Regulation and Growth: Financing New Growth in Europe" at Bocconi University, Milan. The present SUERF Study includes a selection of papers based on the authors’ contributions to the Milan event....
Persistent link: https://www.econbiz.de/10011711957
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Challenges for monetary and fiscal policy interactions in the postpandemic era
Bonam, Dennis (ed.); Ciccarelli, Matteo (ed.);  … - 2024
In the low inflation and low interest rate environment that prevailed over the period 2013-2020, many argued that besides expansionary monetary policy, expansionary fiscal policy could also support central banks' efforts to bring inflation closer to target. During the pandemic, proper alignment...
Persistent link: https://www.econbiz.de/10014471098
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The Canadian neutral rate of interest through the lens of an overlapping-generations model
Kuncl, Martin; Matveev, Dmitry - 2023
The neutral rate of interest is an important concept and communication tool for central banks. We develop a small open economy model with overlapping generations to study the determinants of the neutral real rate of interest in a small open economy. The model captures domestic factors such as...
Persistent link: https://www.econbiz.de/10014541752
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Monetary Policy and Domestic Investment in Nigeria: The Role of the Inflation Rate
Ezeibekwe, Obinna Franklin - In: Economics and Business 34 (2020) 1, pp. 139-155
Economic theory suggests that monetary policy can be used to stabilize an economy. However, the ability of monetary policy targets—interest rates and money supply—to stabilize an economy depends on their ability to achieve price stability. Using data from 1981 to 2018 and applying the vector...
Persistent link: https://www.econbiz.de/10012287023
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Financial factors in economic fluctuations
Christiano, Lawrence J.; Motto, Roberto; Rostagno, Massimo - 2010
We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...
Persistent link: https://www.econbiz.de/10003973320