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policy analysis, researchers should use a menu cost model like ours or at least a third, theory-based shortcut: set the Calvo …
Persistent link: https://www.econbiz.de/10012769978
a TFP shock, generate marked inflation persistence. In contrast, an indirect tax and an oil price shock appear much less … persistent and a social security shock generates less inflation persistence in the majority of the countries (although some weak …This paper analyses the response of inflation in the euro area to five macroeconomic shocks through the use of results …
Persistent link: https://www.econbiz.de/10011604567
This paper develops a structural macroeconometric model of the world economy, disaggregated into thirty five national economies. This panel unobserved components model features a monetary transmission mechanism, a fiscal transmission mechanism, and extensive macrofinancial linkages, both within...
Persistent link: https://www.econbiz.de/10013102206
of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In …
Persistent link: https://www.econbiz.de/10011409738
of the New Keynesian Phillips Curve (NKPC) is that they fail to capture the extent of inflation inertia in the data. In …
Persistent link: https://www.econbiz.de/10013320548
cost channel theory. Taken together, the results of both panel data and time series analyses imply that the ECB’s low … interest rate policy has worked better for boosting inflation in Italy and Spain than in Germany. …
Persistent link: https://www.econbiz.de/10011630975
alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the … reject the nominal contracting model in favor of the relative contracting model which induces more inflation persistence, we … in countries which transitioned out of a high inflation regime such as France and Italy. We close the model by estimating …
Persistent link: https://www.econbiz.de/10009765350
wisdom about the effects of monetary policy shock. …
Persistent link: https://www.econbiz.de/10011583125
that cost-push shocks play a prominent role in understanding historical changes in inflation-gap persistence …
Persistent link: https://www.econbiz.de/10013234457
persistent movements of aggregate inflation. Moreover, the impact of a monetary policy shock on unemployment and inflation … cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions … employment and hours affecting inflation dynamics via marginal costs. We find that the response of unemployment and inflation to …
Persistent link: https://www.econbiz.de/10003227218