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Inequality aversion and the long-run effectiveness of monetary policy : bilateral versus group comparison
Ahrens, Steffen - 2012
In this paper we incorporate the two most prominent approaches of inequality aversion, i.e. Fehr and Schmidt (1999) and Bolton and Ockenfels (2000) into an otherwise standard New Keynesian macro model and compare them with respect to their influence on the long-run effectiveness of monetary...
Persistent link: https://www.econbiz.de/10009671657
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Fairness and the disinflation puzzle
Lunardelli, Andre - 2014
to match past inflation. However, the present paper proposes a much larger effect by using the job finding rate as the …
Persistent link: https://www.econbiz.de/10010379902
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An analytical framework for the Post-Keynesian macroeconomic paradigm
Herr, Hansjörg - 2013
The original Keynesian paradigm differs from the Neoclassical Synthesis and even more so from the New-Keynesian approach. In this paper, a modern framework for the original Keynesian paradigm is presented. It will highlight the key elements of the paradigm. A model is developed to determine...
Persistent link: https://www.econbiz.de/10009756278
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The Real Effects of Money Growth in Dynamic General Equilibrium
Graham, Liam; Snower, Dennis J. - 2021
We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off,...
Persistent link: https://www.econbiz.de/10013319010
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Hyperbolic discounting and the Phillips curve
Graham, Liam; Snower, Dennis J. - 2007
hyperbolic discounting leads to inflation having significant long-run effects on real variables. …
Persistent link: https://www.econbiz.de/10010272966
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Hyperbolic discounting and positive optimal inflation
Graham, Liam; Snower, Dennis J. - 2011
Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In … our baseline calibration, the optimal rate of inflation is 2.1% and remains positive across a wide range of calibrations …. -- inflation targeting ; monetary policy ; nominal inertia ; optimal monetary policy ; Phillips curve and unemployment …
Persistent link: https://www.econbiz.de/10009571360
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Hyperbolic discounting and positive optimal inflation
Graham, Liam; Snower, Dennis J. - 2011
Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In … our baseline calibration, the optimal rate of inflation is 2.1% and remains positive across a wide range of calibrations …. -- optimal monetary policy ; inflation targeting ; unemployment ; Phillips curve ; nominal inertia ; monetary policy …
Persistent link: https://www.econbiz.de/10009306325
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Hyperbolic Discounting and Positive Optimal Inflation
Graham, Liam - 2011
Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In … our baseline calibration, the optimal rate of inflation is 2.1% and remains positive across a wide range of calibrations …
Persistent link: https://www.econbiz.de/10013125143
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Hyperbolic Discounting and Positive Optimal Inflation
Graham, Liam - 2013
Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In … our baseline calibration, the optimal rate of inflation is 2.1% and remains positive across a wide range of calibrations …
Persistent link: https://www.econbiz.de/10013092871
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Hyperbolic discounting and positive optimal inflation
Graham, Liam; Snower, Dennis J. - 2011
Keynesian model we show that, if households have hyperbolic discounting, small positive rates of inflation can be optimal. In … our baseline calibration, the optimal rate of inflation is 2.1% and remains positive across a wide range of calibrations …. -- optimal monetary policy ; inflation targeting ; unemployment ; Phillips curve ; nominal inertia ; monetary policy …
Persistent link: https://www.econbiz.de/10009130272