Showing 1 - 10 of 2,949
This paper discusses four potential sources of lag dynamics in inflation: non-rational behavior, staggered contracting …, frictions on price adjustment, and shifts in the long-run inflation anchor of agent expectations (the perceived inflation target …). Expressions for inflation dynamics from structural models which admit these different sources of lag dynamics are contrasted …
Persistent link: https://www.econbiz.de/10014074476
Persistent link: https://www.econbiz.de/10012214243
In this paper we simultaneously estimate the real exchange rates between the Swedish Krona, the US Dollar and the Euro …
Persistent link: https://www.econbiz.de/10014051358
empirical work is illustrated by two applications to euro area data on inflation, output and interest rates …
Persistent link: https://www.econbiz.de/10013320327
This paper examines euro area inflation dynamics by estimating open economy New Keynesian Phillips curves based on the … closed economy New Keynesian Phillips curve, euro area inflation dynamics are better captured by the open economy … of the New Keynesian Phillips curve is needed in order to capture the euro area inflation process properly. We also …
Persistent link: https://www.econbiz.de/10012723885
Standard sticky information pricing models successfully capture the sluggish movement of aggregate prices in response to monetary policy shocks but fail at matching the magnitude and frequency of price changes at the micro level. This paper shows that in a setting where firms choose when to...
Persistent link: https://www.econbiz.de/10010423806
This paper looks at the implications of heterogeneous beliefs for inflation dynamics. Following a monetary policy shock …, inflation peaks after output, is inertial, and can be characterized by a Hybrid Phillips Curve. It presents a novel channel … through which systematic monetary policy can affect the degree of inflation persistence. It does so by altering the effective …
Persistent link: https://www.econbiz.de/10003230345
This paper looks at the implications of heterogeneous beliefs for inflation dynamics. Following a monetary policy shock …, inflation peaks after output, is inertial, and can be characterized by a Hybrid Phillips Curve. It presents a novel channel … through which systematic monetary policy can affect the degree of inflation persistence. It does so by altering the effective …
Persistent link: https://www.econbiz.de/10012732012
Using the statistical technique of fuzzy clustering, regimes of inflation and unemployment are explored for the United … inflation/unemployment space. There is considerable similarity across the countries in both the regimes themselves and in the … timings of the transitions between regimes. However, the typical rates of inflation and unemployment experienced in the …
Persistent link: https://www.econbiz.de/10010299186
form of concavity discovered in the Phillips curves, the low inflation rate experienced over the last couple of decades can …
Persistent link: https://www.econbiz.de/10013488773