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The P-star approach to the link between money and prices

Tatom, John A. - Federal Reserve Bank of St. Louis - 1990

This paper examines several specification errors in the M2-based P* model and develops an M1-based estimate of this model. The apparent statistical significance of M2 is shown to arise from a spurious regression that uses a non-stationary regressor and because the significance test for M2 is...

Persistent link: https://www.econbiz.de/10005352827

Aggregate price shocks and financial stability: the United Kingdom 1796-1999

Bordo, Michael D.; Dueker, Michael J.; Wheelock, David C. - Federal Reserve Bank of St. Louis - 2001

This paper investigates the impact historically of aggregate price shocks on financial stability in the United Kingdom. We construct an annual index of U.K. financial conditions for 1790-1999 and use a dynamic probit model to estimate the effect of aggregate price shocks on the index. We find...

Persistent link: https://www.econbiz.de/10005352840

The cyclical relationship between output and prices: an analysis in the frequency domain

Pakko, Michael R. - Federal Reserve Bank of St. Louis - 1997

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

Aggregate price shocks and financial instability: a historical analysis

Bordo, Michael D.; Dueker, Michael J.; Wheelock, David C. - Federal Reserve Bank of St. Louis - 2001

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 conference on price stability

Carlstrom, Charles T.; Gavin, William T. - In: Economic Review (1991) Q IV, pp. 2-9

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

Strategy an tactics of monetary policy: examples from Europe and the Antipodes

Goodhart, Charles A. E.; Vinals, Jose - In: Conference Series ; [Proceedings] 38 (1994), pp. 139-194

Persistent link: https://www.econbiz.de/10005361358

Does inflation targeting anchor long-run inflation expectations? evidence from long-term bond yields in the U.S., U.K., and Sweden

Gürkaynak, Refet S.; Levin, Andrew T.; Swanson, Eric T. - Federal Reserve Bank of San Francisco - 2006

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

Sluggish responses of prices and inflation to monetary shocks in an inventory model of money demand

Alvarez, Fernando; Atkeson, Andrew; Edmond, Chris - Federal Reserve Bank of Minneapolis - 2008

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

Tradeoffs between inflation and output-gap variances in an optimizing-agent model

Erceg, Christopher J.; Henderson, Dale W.; Levin, Andrew T. - Federal Reserve Board (Board of Governors of the … - 1998

the special case in which prices are sticky and wages are perfectly flexible. When the model is calibrated to exhibit an …

Persistent link: https://www.econbiz.de/10005368225

Price level convergence, relative prices, and inflation in Europe

Rogers, John H. - Federal Reserve Board (Board of Governors of the … - 2001

If price levels are initially different across the euro area, convergence to a common level of prices would imply that … inflation will be higher in countries where prices are initially low. Price level convergence thus provides a potential … between 1990 and 1999 prices did become less dispersed in the euro area. Convergence is especially evident for traded goods …

Persistent link: https://www.econbiz.de/10005368283