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The Federal Reserve's output gap : the unreliability of real-time realiability tests

Quast, Josefine; Wolters, Maik H. - 2023

Output gap revisions can be large even after many years. Real-time reliability tests might therefore be sensitive to the choice of the final output gap vintage that the real-time estimates are compared to. This is the case for the Federal Reserve's output gap. When accounting for revisions in...

Persistent link: https://www.econbiz.de/10013492758

Credible Wage Bargaining and the Joint Dynamics of Unemployment and Inflation

Clerc, Pierrick - 2015

Empirically, unemployment is highly volatile while inflation displays inertia, even though marginal cost is pro … unemployment in the Great Recession. Moreover, inflation inertia is made consistent with pro-cyclical marginal cost since the …

Persistent link: https://www.econbiz.de/10013016813

U.S. Inflation, Labor'S Share, and the Natural Rate of Unemployment

Gordon, Robert J. - 2021

matters for stabilization policy is the rate of inflation, not the rate of wage change. This paper provides new estimates of … result in the paper is that wage changes do not contribute statistically to the explanation of inflation. Deviations in the … growth of labor cost from the path of inflation cause changes in labor's income share, and changes in the profit share in the …

Persistent link: https://www.econbiz.de/10013218329

A BRIEF HISTORY OF ECONOMICS:Artful Approaches to the Dismal Science (2nd Edition)

Canterbery, E Ray - World Scientific Publishing Co. Pte. Ltd.

Blending past and present, this brief history of economics is the perfect book for introducing students to the field. A Brief History of Economics illustrates how the ideas of the great economists not only influenced societies but were themselves shaped by their cultural milieu. Understanding...

Persistent link: https://www.econbiz.de/10011183881