This study empirically investigates whether the assumption by the Bank of England that rising prices of imported crude oil lead to domestic inflation in the United Kingdom has had validity. In a model where real GDP growth and money stock growth are both all allowed for, empirical estimation...

This study empirically investigates whether the assumption of the monetary authority in pre-2000 Germany that rising prices of imported crude oil would lead to domestic inflation in Germany had validity. In a model where unemployment rate changes, money stock growth, and wage growth are all...

This article considers the current economic situation from the lens of modern money theory (MMT) and expresses a policy response rooted in post-Keynesian theory and empirical data for the US and the euro area. First, MMT supports targeted deficit spending to promote production. Increasing...

This article considers the current economic situation from the lens of modern money theory (MMT) and expresses a policy response rooted in post-Keynesian theory and empirical data for the US and the euro area. First, MMT supports targeted deficit spending to promote production. Increasing...

This paper seeks to verify empirically the existence of a New Keynesian Phillips curve for the Colombian economy. This allows determining if inflation dynamics are likely explained by microeconomic foundations. Additionally, this approach enables the analysis of price rigidities in the economy....

This paper investigates how oil price changes affect consumer price inflation in eleven Central and Eastern European countries. We use a wavelet-based Markov switching approach in order to distinguish between the effects at different time horizons. We find that the transmission of oil price...

This paper investigates how oil price changes affect consumer price inflation in eleven Central and Eastern European countries. We use a wavelet-based Markov switching approach in order to distinguish between the effects at different time horizons. We find that the transmission of oil price...

We show that a negative relative demand shock in a sector with downwardly rigid prices, like the service sector, can generate substantial inflation. Such a shock induces an equilibrium decline in the relative price of services. If price adjustment costs are non-existent or symmetric, then this...

In a Kaleckian monetary distribution and growth model with conflict inflation we assess the role of a Non-Accelerating Inflation Rate of Unemployment (NAIRU). The short-run stability of a NAIRU is examined taking into account real debt effects of accelerating and decelerating inflation, and the...

The dominant role of the "new consensus models" in central banks' policy-making in the last two decades has triggered the reaction of post-Keynesian economists to examine alternatives to inflation-targeting monetary strategies and to Taylor-type interest rate rules. This paper develops a simple...