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The trade-off between inflation and economic activity in Brazil
Maka, Alexis; Barbosa, Fernando de Holanda - 2017
This paper contrasts empirically four leading models of inflation dynamics - the accelerationist Phillips curve (APC), the new Keynesian Phillips curve (NKPC), the hybrid Phillips curve (HPC), and the sticky information Phillips curve (SIPC). We employ an encompassing Phillips curve...
Persistent link: https://www.econbiz.de/10012061223
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The hockey stick Phillips curve and the zero lower bound
Böhl, Gregor; Lieberknecht, Philipp - 2021
The recently observed disconnect between inflation and economic activity can be explained by the interplay between the zero lower bound (ZLB) and the costs of external financing. In normal times, credit spreads and the nominal interest rate balance out; factor costs dominate firms' marginal...
Persistent link: https://www.econbiz.de/10012432969
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Disinflation and the Phillips Curve : Israel 1986-2015
Melnick, Rafi; Strohsal, Till - 2016
A Phillips Curve (PC) framework is utilized to study the challenging post-1985 disinflation process in Israel. The estimated PC is stable and has forecasting power. Based on endogenous structural break tests we find that actual and expected inflation are co-breaking. We argue that the step-like...
Persistent link: https://www.econbiz.de/10011544982
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Inflation expectation uncertainty in a New Keynesian framework
Fuest, Angela; Schmidt, Torsten - 2020
einem DSGE-Modell, dass der Nachfragekanal den Angebotskanal eines Unsicherheitsschocks der Inflationserwartung dominiert. …
Persistent link: https://www.econbiz.de/10012308599
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Inflation thresholds and inattention
Bracha, Anat; Tang, Jenny - 2019 - This version: September, 2019
Inflation expectations are key to economic activity, and in the current economic climate of a heated labor market, they are central to the policy debate. At the same time, a growing literature on inattention suggests that individuals, and therefore individual behavior, may not be sensitive to...
Persistent link: https://www.econbiz.de/10012135707
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The economics of the Phillips Curve : formation of inflation expectations versus incorporation of inflation expectations
Palley, Thomas I. - 2011
This paper examines the theory of the Phillips curve, focusing on the distinction between "formation" of inflation … expectations and "incorporation" of inflation expectations. Phillips curve theory has largely focused on the former. Explaining the … Phillips curve by reference to expectation formation keeps Phillips curve theory in the policy orbit of natural rate thinking …
Persistent link: https://www.econbiz.de/10009530400
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Behavioral heterogeneity in US inflation dynamics
Cornea, Adriana; Hommes, Cars H.; Massaro, Domenico - 2013
Persistent link: https://www.econbiz.de/10010191432
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Inflation expectations and the recovery from the Great Depression in Germany
Daniel, Volker; Ter Steege, Lucas - 2018
A regime shift towards increased inflation expectations is credited with jumpstarting the recovery from the Great Depression in the United States. Germany experienced a recovery as fast and strong in the 1930s. What role did inflation expectations play at the start of this remarkable economic...
Persistent link: https://www.econbiz.de/10012159651
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A review of Alan Bollard's "A few hare’s to chase: the economic life and times of Bill Phillips
Hoover, Kevin D. - 2017
A.W.H. Phillips is little known to the economics profession today, except at the creator of the Phillips curve. Bollard's engaging biography tells the story of a provincial New Zealander and practical engineer, who emerges as a hero in World War II, and plots a spectacular rise from 3rd class...
Persistent link: https://www.econbiz.de/10011610247
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Strategic inattention, inflation dynamics, and the non-neutrality of money
Afrouzi, Hassan - 2020
How does competition affect information acquisition of firms and thus the response of inflation and output to monetary policy shocks? This paper addresses these questions in a new dynamic general equilibrium model with both dynamic rational inattention and oligopolistic competition. In the...
Persistent link: https://www.econbiz.de/10012200269