The role that the price of oil plays in economic analysis in central banks as well as in financial markets has evolved over time. Oil is not seen anymore just as a input to production but also as a barometer of global economic activity as well as a financial asset. A high frequency structural...

Viewed over the whole available history of fiat money in Sweden, high levels of inflation have been present only over a short time span. It is only in the last two decades - the seventies and the eighties - that inflation has been high, at an average of eight percent on an annual basis. Based on...

Time-varying exchange rate pass-through effects to domestic prices under fixed euro exchange rate perspective represent one of the most challenging implications of the common currency. The problem is even more crucial when examining crisis related redistributive effects associated with relative...

This study analyzes the impact of supply and demand shocks on income and price inequality in the economy using data from Korea. First, supply and demand shocks are identified from output and price data in Korea using the methods found in Blanchard and Quah (1989) and Bashar (2011). In addition,...

This paper analyzes the time-varying credibility of the Fed's inflation target in an empirical macro model with asymmetric information, where the public has to learn about the actual inflation target from the Fed's interest rate policy. To capture the evolving communication strategy of the Fed,...

We present a study on combining the forecasts from a time-series model and an econometric model in the context of the inflation rates of Turkey and propose a new weighting scheme, the time-varying simple weighting method. Our guiding principle for the deduction of this method is based on...