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Inflation and Activity : Two Explorations and Their Monetary Policy Implications
Blanchard, Olivier J. - 2018
We explore two issues triggered by the global financial crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation...
Persistent link: https://www.econbiz.de/10012936771
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Inflation and Activity - Two Explorations and Their Monetary Policy Implications
Blanchard, Olivier J. - 2016
We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and...
Persistent link: https://www.econbiz.de/10013002151
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Labor productivity slowdown in the developed economies : another productivity puzzle?
Erber, Georg; Fritsche, Ulrich; Harms, Patrick - 2016
The paper addresses the topic of an overall long-term productivity slowdown in labor productivity for a panel of 25 …-term productivity trends using state-space approaches, we extract a common factor from these long-term trend series using factor … analysis. The country specific differences are only of second order importance. Dominant is an overall long-term productivity …
Persistent link: https://www.econbiz.de/10011532779
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Productivity growth and the Phillips curve : a reassessment of the US experience
Karanassou, Marika; Sala, Hector - 2009
) shifts with productivity growth. On this basis we estimate a dynamic system of macrolabour equations to evaluate the slope of …-run. Furthermore, during the stagflating 70s, the productivity slowdown contributed substantially to the increases in both unemployment … monetary expansion and productivity speedup of the roaring 90s were both responsible for the significant lowering of the …
Persistent link: https://www.econbiz.de/10003879334
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Productivity Growth and the Phillips Curve : A Reassessment of the US Experience
Karanassou, Marika - 2009
) shifts with productivity growth. On this basis we estimate a dynamic system of macrolabour equations to evaluate the slope of …-run. Furthermore, during the stagflating 70s, the productivity slowdown contributed substantially to the increases in both unemployment … monetary expansion and productivity speedup of the roaring 90s were both responsible for the significant lowering of the …
Persistent link: https://www.econbiz.de/10013158034
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Productivity Growth and the Phillips Curve : A Reassessment of the US Experience
Sala, Hector; Karanassou, Marika - 2008
) shifts with productivity growth. On this basis we estimate a dynamic system of macrolabour equations to evaluate the slope of …-run. Furthermore, during the stagflating 70s, the productivity slowdown contributed substantially to the increases in both unemployment … monetary expansion and productivity speedup of the roaring 90s were both responsible for the significant lowering of the …
Persistent link: https://www.econbiz.de/10014212432
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Why has the U.S. economy done so well? Could it happen again?
Solow, Robert M. - 2001
Persistent link: https://www.econbiz.de/10001627778
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Inflation and disinflation in Turkey
Kibritçioğlu, Aykut; Rittenberg, Libby; Selçuk, Faruk; … - 2002
Based on its outward-oriented development strategy, respectable growth, increased integration into world trade and financial markets, and imperfect though vibrant and wide-based democracy, Turkey is often cited as a development model for other countries in the region and elsewhere. Countering...
Persistent link: https://www.econbiz.de/10010517439
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The Fiscal Consequences of Deflation : Evidence from the Golden Age of Globalization
Afonso, António - 2016
We study a panel of 17 economies in the first wave of globalization, between 1870 and 1914, regarding the fiscal consequences of deflation. By means of impulse response analyses and panel regressions, we find that a 1 percent fall in the price level leads to an increase in the debt ratio of...
Persistent link: https://www.econbiz.de/10012984328
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The Dynamics of Deflation in a Growing Economy
Santos, Rui - 2016
In this paper I study the behavior of prices in a growing economy in which the money supply is held constant. I show that with increasing levels of output, it is a natural outcome that prices of economic goods will decrease over time, which it is what we define as deflation. In this context, I...
Persistent link: https://www.econbiz.de/10012992571