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Initial Expectations in New Keynesian Models with Learning
Murray, James - 2008
learning is sensitive to the stance taken on agents beliefs at the beginning of the sample. The New Keynesian model is … estimated under rational expectations and under learning with three different frameworks for how expectations are set at the … post-war United States. The results indicate statistical evidence for adaptive learning, however the rational expectations …
Persistent link: https://www.econbiz.de/10014217375
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Envy, guilt, and the Phillips curve
Ahrens, Steffen; Snower, Dennis J. - 2012
We incorporate inequity aversion into an otherwise standard New Keynesian dynamic equilibrium model with Calvo wage contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high incomes experience guilt. The former seek to raise their...
Persistent link: https://www.econbiz.de/10009530187
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Envy, guilt, and the Phillips curve
Ahrens, Steffen; Snower, Dennis J. - 2012
We incorporate inequity aversion into an otherwise standard New Keynesian dynamic equilibrium model with Calvo wage contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high incomes experience guilt. The former seek to raise their...
Persistent link: https://www.econbiz.de/10009424702
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Envy, guilt, and the Phillips curve
Ahrens, Steffen; Snower, Dennis J. - 2012
We incorporate inequity aversion into an otherwise standard New Keynesian dynamic equilibrium model with Calvo wage contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high incomes experience guilt. The former seek to raise their...
Persistent link: https://www.econbiz.de/10009425488
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Price setting and price adjustment in some European Union countries : introduction to the special issue
Levy, Daniel C. (contributor) - 2010 - Last rev.: February 11, 2010
This introductory essay briefly summarizes the eleven empirical studies of price setting and price adjustment that are included in this special issue. The studies, which use data from several European countries, were conducted as part of the European Central Bank's Inflation Persistence Network....
Persistent link: https://www.econbiz.de/10008771546
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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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Real wage rigidities and the cost of disinflations : a comment on Blanchard and Galí
Ascari, Guido (contributor); Merkl, Christian (contributor) - 2007
This paper analyzes the cost of disinflation under real wage rigidities in a micro-founded New Keynesian model. Unlike Blanchard and Galí (2007) who carried out a similar analysis in a linearized framework, we take non-linearities into account. We show that the results change dramatically, both...
Persistent link: https://www.econbiz.de/10003747761
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Price Setting and Price Adjustment in Some European Union Countries : Introduction to the Special Issue
Levy, Daniel - 2010
This introductory essay briefly summarizes the eleven empirical studies of price setting and price adjustment that are included in this special issue. The studies, which use data from several European countries, were conducted as part of the European Central Bank's Inflation Persistence Network
Persistent link: https://www.econbiz.de/10013134926
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Money and Inflation : Some Critical Issues
McCallum, Bennett T. - 2011
We consider what, if any, relationship there is between monetary aggregates and inflation, and whether there is any substantial reason for modifying the current mainstream mode of policy analysis, which frequently does not consider monetary aggregates at all. We begin by considering the body of...
Persistent link: https://www.econbiz.de/10013118439
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Price Setting and Price Adjustment in Some European Union Countries : Introduction to the Special Issue
Levy, Daniel - 2011
This introductory essay briefly summarizes the eleven empirical studies of price setting and price adjustment that are included in this special issue. The studies, which use data from several European countries, were conducted as part of the European Central Bank's Inflation Persistence Network
Persistent link: https://www.econbiz.de/10013123409