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A ‘Second-Best’ Rationale to Deflationary Monetary Policy in Japan

Cargill, Thomas F.; Guerrero, Federico - Economics Department, University of Nevada-Reno; … - 2006

The Bank of Japan permitted a ten-year period of deflation (1995-2005) which appears to have ended in 2006. The … deflation, as well as the preceding disinflation, adversely affected the financial and real sectors of the economy that in turn … offered to account for the deflation period. This paper offers a second-best explanation based on a two-player policy game …

Persistent link: https://www.econbiz.de/10005426906

Inflation targeting and the anchoring of inflation expectations: cross-country evidence from consensus forecasts

Davis, Jonathan Scott; Presno, Ignacio - Federal Reserve Bank of Dallas - 2014

Using survey data of inflation expectations across a 36 developed and developing countries, this paper examines whether the adoption of inflation targeting has helped to anchor inflation expectations. We examine the response of inflation expectations following a shock to inflation, inflation...

Persistent link: https://www.econbiz.de/10010772603

Should we be Afraid of Friedman's Rule?

Uhlig, H.F.H.V.S. - Tilburg University, Center for Economic Research - 2000

Persistent link: https://www.econbiz.de/10011092640

Should we be afraid of Friedman's rule?

Uhlig, Harald - EconWPA - 2000

should be common or that a policy close to the Friedman rule and thus some deflation is optimal. Finally, a formal ``baby …

Persistent link: https://www.econbiz.de/10005561156

Union Power and Australia’s inflation Barrier, 1965:4 to 2004:3

McDonald, Ian; Lye, Jenny - In: Australian Journal of Labour Economics (AJLE) 9 (2006) 3, pp. 287-304

This paper considers the view that trade union power played a major role in the deterioration of macroeconomic performance in Australia in the 1970s and that the subsequent decrease in trade union power has improved Australia’s macroeconomic possibilities. Using the model of a range of...

Persistent link: https://www.econbiz.de/10008565267

Should We be Afraid of Friedman's Rule?

Uhlig, Harald - C.E.P.R. Discussion Papers - 2000

should be common or that a policy close to the Friedman rule and thus some deflation is optimal. Finally, a formal ‘baby …

Persistent link: https://www.econbiz.de/10005788876

Envy, guilt, and the Phillips curve

Ahrens, Steffen; Snower, Dennis J. - 2012

We incorporate inequity aversion into an otherwise standard New Keynesian dynamic equilibrium model with Calvo wage contracts and positive inflation. Workers with relatively low incomes experience envy, whereas those with relatively high incomes experience guilt. The former seek to raise their...