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On the Sources of the Inflationary Bias
Piga, Gustavo - 2000
Why do dynamic inconsistencies in monetary policy exist? In this paper we present a traditional model with output inefficiencies, but we allow for monetary policy to be influenced by the various constituencies in the economy, that pressure the Congress to in turn pressure the central bank to...
Persistent link: https://www.econbiz.de/10014208793
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Discretionary Policy and Multiple Equilibria in a New Keynesian Model
Hahn, Volker - 2014
provide an alternative explanation for the high degree of inflation persistence found in the data …
Persistent link: https://www.econbiz.de/10013055980
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Discretionary Policy and Multiple Equilibria in LQ RE Models
Blake, Andrew P. - 2011
We study stationary discretionary equilibria in dynamic linear-quadratic rational expectations models. Past papers have assumed that this is uniquely determined; we show that such models can have multiple equilibria in some situations. We demonstrate the existence of multiple discretionary...
Persistent link: https://www.econbiz.de/10012714536
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Limited Rationality and Strategic Interaction - the Impact of the Strategic Environment on Nominal Inertia
Fehr, Ernst; Tyran, Jean-Robert - 2008
The evidence from many experiments suggests that people are heterogeneous with regard to their abilities to make rational, forward looking, decisions. This raises the question when the rational types are decisive for aggregate outcomes and when the boundedly rational types shape aggregate...
Persistent link: https://www.econbiz.de/10014101526
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Monetary Policy Delegation and Equilibrium Coordination
Blake, Andrew P. - 2013
This paper revisits the argument that the stabilisation bias that arises under discretionary monetary policy can be reduced if policy is delegated to a policymaker with redesigned objectives. We study four delegation schemes: price level targeting, interest rate smoothing, speed limits and...
Persistent link: https://www.econbiz.de/10013094818
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On the role of heuristics : experimental evidence on inflation dynamics
Lambsdorff, Johann; Schubert, Manuel; Giamattei, Marcus - 2011
, contrary to theoretical predictions, the one-round ahead (publicly known) shock is significant, but future inflation is not …. Our findings cast light on price dynamics when subjects have limited computational capacities. -- Inflation Persistence …
Persistent link: https://www.econbiz.de/10009424889
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Pure theories of policy mix : Nordhaus's destructive game and the case of high inflation
Le Page, Jean-Marie - In: Review of Economic Analysis : REA 16 (2024) 1, pp. 1-18
inflation rate and the unemployment rate. Moreover, as in traditional macroeconomic theory, according to this version of the …Nordhaus's theory of the "destructive game" (1994) is a central analysis of the policy mix. His theory showed that a … the inflation rate lower than either of the authorities would want. It explains indeed why Central Bank independence can …
Persistent link: https://www.econbiz.de/10014503270
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Verteilungskampf und geldpolitische Sanktion
Pusch, Toralf - 2007
Zur makroökonomischen Interaktion von Zentralbank und Gewerkschaften hat es in den letzten Jahren vermehrt spieltheoretische Beiträge gegeben. Der Vorzug der spieltheoretischen Methode ist dabei, dass sie den Blick auf die Handlungslogiken der makroökonomischen Akteure erweitert....
Persistent link: https://www.econbiz.de/10008663784
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Uniform and nonuniform staggering of wage contracts
Danziger, Leif - 2010
This paper provides a model that can account for the almost uniform staggering of wage contracts in some countries as well as for the markedly nonuniform staggering in others. In the model, short and long contracts as well as long contracts concluded in different periods are strategic...
Persistent link: https://www.econbiz.de/10003982016
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Uniform and nonuniform staggering of wage contracts
Danziger, Leif - 2010
This paper provides a model that can account for the almost uniform staggering of wage contracts in some countries as well as for the markedly nonuniform staggering in others. In the model, short and long contracts as well as long contracts concluded in different periods are strategic...
Persistent link: https://www.econbiz.de/10003983623