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Mind the output gap : the disconnect of growth and inflation during recessions and convex Phillips curves in the euro area
Groß, Marco; Semmler, Willi - Task Force on Low Inflation (LIFT) - 2017
We develop a theoretical model that features a business cycle-dependent relation between out- put, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … pronounced convex relationship between inflation and the output gap, meaning that the coefficient in the Phillips curve on the …
Persistent link: https://www.econbiz.de/10011636803
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The Low Inflation 'Puzzle' and Financial Crises
Carr, Douglas - 2019
Low and unresponsive inflation has been termed a “puzzle.” The paper describes a formula for which these conditions … variability of forward long-term inflation. Its U.S. inflation forecasts are comparable to recognized leaders in accuracy with … potential applicability to international economies as well.Inflation Elasticity, the responsiveness of inflation to monetary …
Persistent link: https://www.econbiz.de/10012858878
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Mind the Output Gap : The Disconnect of Growth and Inflation During Recessions and Convex Phillips Curves in the Euro Area
Gross, Marco - 2017
We develop a theoretical model that features a business cycle-dependent relation between output, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … pronounced convex relationship between inflation and the output gap, meaning that the co-efficient in the Phillips curve on the …
Persistent link: https://www.econbiz.de/10012963916
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Inflation and Core Money Growth in the Euro Area
Neumann, Manfred J.M. - 2016
This paper studies the importance of money for inflation in the euro area. An inflation …
Persistent link: https://www.econbiz.de/10012991347
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Central Bank Reputation and Inflation-Unemployment Performance : Empirical Evidence from an Executive Survey of 62 Countries
Hwang, In Do - 2018
Although there is a well-established theoretical literature that links central bank (CB) reputation with inflation … tests the impact of reputation on inflation-unemployment performance using a novel set of data on CB reputation - an annual … reputation is a significant determinant of inflation: the results of an FE panel and Arellano-Bond difference GMM model show that …
Persistent link: https://www.econbiz.de/10012918013
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Central banks and inflation : where do we stand and how did we get here?
Whelan, Karl - 2021
The inability of central banks to attain their target inflation rates in recent years has raised questions about the … extent to which central banks can control the inflation process. This paper discusses the evolution of thought and evidence … since the 1960s on the determinants of inflation and the role that should be played by central banks. The paper highlights …
Persistent link: https://www.econbiz.de/10012615951
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The unemployment effect of central bank transparency
Weber, Christoph S. - 2017
Most central banks around the world have increased their transparency in the recent past. The greater openness of central bankers manifests itself in the publication of the central banks' own macroeconomic forecasts or the disclosure of minutes and voting records of central bank committees. The...
Persistent link: https://www.econbiz.de/10011705413
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Är inflationspolitiken på väg tillbaka?
Hortlund, Per - Ratioinstitutet - 2002
Penninginflation är principiellt oriktig och kan liknas vid forna tiders myntförsämring. Den förvränger alltid marknadsdata - Inte bara relativpriser, men även kassaflöden – vilket försämrar resursallokeringen. ”Deflation” i betydelsen prissänkningar är av ondo enbart om den...
Persistent link: https://www.econbiz.de/10005642454
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Unemployment as a Target for Central Banks? The Case of Hysteresis
Belke, Ansgar - In: Credit and Capital Markets – Kredit und Kapital 51 (2018) 4, pp. 587-619
One of the most interesting questions for policymakers which have emerged from the financial crisis deals with the strength of links between the demand and supply sides of the economy. The traditional view that only cyclical policies influence the former, and structural policies the latter has...
Persistent link: https://www.econbiz.de/10014524305
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Mind the output gap: the disconnect of growth and inflation during recessions and convex Phillips curves in the euro area
Gross, Marco; Semmler, Willi - 2017
We develop a theoretical model that features a business cycle-dependent relation between out- put, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … pronounced convex relationship between inflation and the output gap, meaning that the coefficient in the Phillips curve on the …
Persistent link: https://www.econbiz.de/10011606049