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 …

An apparent disconnect has taken place between inflation and economic activity in the US over the last 25 years, with … price inflation remaining remarkably stable in spite of large fluctuations in the output gap and other measures of economic … implications for demand and supply curve slopes. Equipped with New Keynesian theory and estimated SVAR models, we decompose the …

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 …

), the model predicts that real marginal cost and inflation rise in response to positive interest rate innovations. The …

optimal inflation target for the asymmetric union is also discussed. … auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die …

stabilizing inflation and reducing inefficient fluctuations, which is resolved by using consumer price inflation as a state … might improve upon a strict inflation targeting. -- Product market frictions ; oligopolistic competition ; optimal monetary …