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Identifying money and inflation expectation shocks on real oil prices

Benk, Szilárd; Gillman, Max - 2023

The paper adds money supply and inflation expectations shocks to a well-known three-variable structural model that identifies oil price shocks through fundamentals affecting the oil market. Impulse responses show the significance of our two additional monetary shocks in impacting real oil...

Persistent link: https://www.econbiz.de/10014295388

Analysing euro area inflation outlook with the Phillips curve

Oinonen, Sami; Vilmi, Lauri - 2021

This paper presents the New Keynesian Phillips Curve (NKPC) -based framework for analysing euro area inflation outlook. Our NKPC specification, that relies on market- and survey-based inflation expectations, explains well euro area inflation dynamics. Its forecasting performance is also...

Persistent link: https://www.econbiz.de/10012622377

Limited commitment, endogenous credibility and the challenges of price-level targeting

Cateau, Gino; Shukayev, Malik - 2018

central bank with such discretion undermines the credibility of the price-level target and weakens its effectiveness to … stabilize the economy through expectations. The endogenous nature of credibility also brings novel results relative to models … with exogenous timing of target resets. A much higher degree of credibility is needed to realize the stabilization benefits …

Persistent link: https://www.econbiz.de/10011946949

Maintaining credibility is currently the top priority : in depth analysis requested by the ECON Committee

Baumgartner, Josef; Scheiblecker, Marcus; Url, Thomas - Europäisches Parlament / Policy Department for … - 2022

Persistent link: https://www.econbiz.de/10013471103

Real interest rates in the context of inflation and higher government debt

Hetland, Simon Thinggaard; Ingholt, Marcus Mølbak; … - 2023

Persistent link: https://www.econbiz.de/10014445491

Price stability and debt sustainability under endogenous trend growth

Schmöller, Michaela; McClung, Nigel - 2024

This paper studies price stability and debt sustainability when the real rate exceeds trend growth (r g) in a New Keynesian model with endogenous technology growth through R&D. Under debt-stabilizing ("passive") fiscal policy the Taylor principle is not sufficient for determinacy. Instead,...

Persistent link: https://www.econbiz.de/10014457581