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The transmission of supply shocks in different inflation regimes
Arndt, Sarah; Enders, Zeno - 2023
data determine two inflation regimes and find that they are characterized by high and low inflation volatility. We then … exhibit a more substantial and more persistent effect on downstream prices during periods of elevated inflation volatility … effective in State 2. Exogenously differentiating regimes by the level of inflation or the shock size does not reveal state …
Persistent link: https://www.econbiz.de/10014444690
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Resurrecting the role of real money balance effects
Dorich, José - 2009
inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively …
Persistent link: https://www.econbiz.de/10003933293
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Generalized Taylor and generalized calvo price and wage-setting : micro evidence with macro implications
Dixon, Huw; Le Bihan, Hervé - 2010
found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …
Persistent link: https://www.econbiz.de/10003984363
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Generalized Taylor and Generalized Calvo Price and Wage-Setting : Micro Evidence with Macro Implications
Dixon, Huw David - 2011
found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …
Persistent link: https://www.econbiz.de/10013128261
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Generalized Taylor and generalized Calvo price and wagesetting : micro evidence with macro implications
Dixon, Huw; Le Bihan, Hervé - 2011
found to help rationalizing the hump-shaped and persistent response of inflation, without resorting to the counterfactual …
Persistent link: https://www.econbiz.de/10009354655
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Digitalization : implications for monetary policy
Chu, Vivian; Dahlhaus, Tatjana; Hajzler, Christopher; … - 2023
Persistent link: https://www.econbiz.de/10014332035
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Generalized Taylor and Generalized Calvo Price and Wage-Setting : Micro Evidence with Macro Implications
Dixon, Huw David - 2013
found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …
Persistent link: https://www.econbiz.de/10013094533
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Phillips Curves, Monetary Policy, and a Labor Market Transmission Mechanism
Schreft, Stacey - 2013
This paper develops a general equilibrium monetary model with performance incentives to study the inflation-unemployment … relationship. A long-run downward-sloping Phillips curve can exist with perfectly anticipated inflation because workers' incentive … to exert effort depend on financial market returns. Consequently, higher inflation rates can reduce wages and stimulate …
Persistent link: https://www.econbiz.de/10012711249
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Macroeconomic stabilisation and monetary policy effectiveness in a low-interest-rate environment
Coenen, Günter; Montes-Galdón, Carlos; Schmidt, Sebastian - 2021
The secular decline in the equilibrium real interest rate observed over the past decades has materially limited the room for policy-rate reductions in recessions, and has led to a marked increase in the incidence of episodes where policy rates are likely to be at, or near, the effective lower...
Persistent link: https://www.econbiz.de/10012613426
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Monetary policy and economic performance since the financial crisis
Caldara, Dario; Gagnon, Etienne; Martínez-García, Enrique - 2020
We review macroeconomic performance over the period since the Global Financial Crisis and the challenges in the pursuit of the Federal Reserve's dual mandate. We characterize the use of forward guidance and balance sheet policies after the federal funds rate reached the effective lower bound. We...
Persistent link: https://www.econbiz.de/10012308081