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Macroeconomic dynamics and the IS puzzle
Hawkins, Raymond J.; Nguyen, Chau N. - 2017
The authors solve the IS puzzle for the G7 countries. They find that five of the G7 countries have the expected significant negative relationship between the output gap and the realrate gap; the time series of the remaining two show material deviation from expected IScurve behavior. The authors...
Persistent link: https://www.econbiz.de/10011650342
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Macroeconomic dynamics and the IS puzzle
Hawkins, Raymond J.; Nguyen, Chau N. - 2018
The authors solve the IS puzzle for the G7 countries. They find that five of the G7 countries have the expected significant negative relationship between the output gap and the real-rate gap; the time series of the remaining two show material deviation from expected IS-curve behavior. The...
Persistent link: https://www.econbiz.de/10011917259
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Four variations on fair wages and the Phillips curve
Vaona, Andrea - 2011
The present paper explores the connection between inflation and unemployment in different models with fair wages both … function, more inflation lowers the unemployment rate, though to a declining extent. This is because firms respond to inflation … inflation on effort. A stronger effect of nflation on unemployment is also produced under varying as opposed to fixed capital …
Persistent link: https://www.econbiz.de/10009244389
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The price-price Phillips curve in small open economies and monetary unions : theory and empirics
Vaona, Andrea - 2014
reactiveness of inflation to the unemployment rate. In regard to a monetary union, the national unemployment multiplier in the …
Persistent link: https://www.econbiz.de/10010238840
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Costly information, planning complementarities and the Phillips Curve
Acharya, Sushant - 2014
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
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Heterogeneous beliefs and inflation dynamics : a general equilibrium approach
Gumbau-Brisa, Fabià (contributor) - 2005 - This version: April 2006 (first draft: November 2002)
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
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Heterogeneous Beliefs and Inflation Dynamics : A General Equilibrium Approach
Gumbau-Brisa, Fabia - 2007
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
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New-Keynesian Phillips Curve with Bertrand Competition and Endogenous Entry
Etro, Federico - 2014
We derive a New Keynesian Phillips Curve under Calvo staggered pricing and price competition. Firms strategic interactions induce price adjusters to change their prices less when there are more firms that do not adjust. This reduces the slope of the Phillips curve and generates an additional...
Persistent link: https://www.econbiz.de/10013050260
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Addressing the endogeneity of slack in Phillips Curves
Dovì, Max-Sebastian; Koester, Gerrit; Nickel, Christiane - 2021
Endogeneity of the labour market slack in reduced-form Phillips Curves (PCs) is usually addressed either by including proxies for omitted supply shocks, or by using instrumental variables. Using the Kiviet (2020) Kinky Least Squares estimator, we find evidence that supply-shock proxies should...
Persistent link: https://www.econbiz.de/10012705429
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The role of global and domestic shocks for inflation dynamics : evidence from Asia
Finck, David; Tillmann, Peter - 2019
changing nature of inflation dynamics. We estimate a series of VAR models for a set of six Asian emerging market economies, in … parts of inflation and output dynamics. The global shocks are procyclical with respect to the domestic components of …
Persistent link: https://www.econbiz.de/10011964249