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Persistent link: https://www.econbiz.de/10004149586
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"This paper estimates the effect of higher crude-oil prices on the inflation rate in the U.S. It does so by estimating … crude oil prices. This term is inserted using a third degree polynomial distributed lag of four quarters that allows not … only for some immediate impact on the consumer price index (e.g. through gasoline prices), but also for a delayed impact as …
Persistent link: https://www.econbiz.de/10009477671
This paper investigates the relationship between money growth, inflation, and productive activity in a general equilibrium model of search. The use of a multiple-matching technique, where trade frictions are captured by limited consumption variety, allows us to study price determination in a...
Persistent link: https://www.econbiz.de/10010397425
Recent research showing negative correlations between detrended output and prices during the postwar period has brought … into question the conventional wisdom that prices are procyclical. However, this finding has been shown to be sensitive to … the sample period considered. This paper examines the relationship between output and prices in the frequency domain …
Persistent link: https://www.econbiz.de/10005360577
This paper presents empirical evidence on the hypothesis that aggregate price disturbances cause or worsen financial distress. We construct two annual indexes of financial conditions for the United States covering 1790-1997, and estimate the effect of aggregate price shocks on each index using a...
Persistent link: https://www.econbiz.de/10005360618
A discussion of six papers presented at the Federal Reserve Bank of Cleveland's Conference on Price Stability in November 1990, focusing on how recent developments in macroeconomic research have changed perceptions about optimal inflation policy.
Persistent link: https://www.econbiz.de/10005360789
Persistent link: https://www.econbiz.de/10005361358
We investigate the extent to which inflation targeting helps anchor long-run inflation expectations by comparing the behavior of daily bond yield data in the United Kingdom and Sweden--both inflation targeters--to that in the United States, a non-inflation-targeter. Using the difference between...
Persistent link: https://www.econbiz.de/10005361530
We examine the responses of prices and inflation to monetary shocks in an inventory-theoretic model of money demand. We …
Persistent link: https://www.econbiz.de/10005367677