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We use Chilean monthly data on the prices of 23 food products, between November 1970 and December 1976, to study: (i) the pass-through from the aggregate price to product-specific prices and, (ii) the effects of aggregate inflation on relative price variability. This is done in a context of...
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prices of several durable items such as furniture tend to fall in response to the remittance shock. Furthermore, remittances …
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In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...
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one (i.e. as a cross-sector shock), also exploring the shocks transmission mechanism across sectors. There are three main …
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an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts of average …
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A large literature seeks to provide microfoundations of price setting for macro models. A challenge has been to develop a model in which monetary policy shocks have the highly persistent effects on real variables estimated by many studies. Nominal price stickiness has proved helpful but not...
Persistent link: https://www.econbiz.de/10014058855
The purpose of this paper is to model variations of Brazil's exchange rates and global shocks in order to establish if global oil prices and international interest rates (global shocks) have any impact on exchange rate variations in Brazil. After establishing the existence of ARCH effects and...
Persistent link: https://www.econbiz.de/10012952846