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Persistent link: https://www.econbiz.de/10005346800
This study examines the empirical relationship between changes in commodity prices and inflation by looking at the … performance of non-oil commodity prices as stand-alone indicators of inflation and in conjunction with other leading indicators of … inflation. The results indicate that the empirical link between commodity prices and inflation has changed dramatically over …
Persistent link: https://www.econbiz.de/10005352359
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
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
Persistent link: https://www.econbiz.de/10004149586
-period Taylor model, discretionary policy in the Calvo model does not accommodate predetermined prices in a way that inevitably …
Persistent link: https://www.econbiz.de/10009321093
Remarks at the C. Peter McColough Series on International Economics, Council on Foreign Relations, New York City.
Persistent link: https://www.econbiz.de/10010551218
Remarks at the Buffalo-Niagara Partnership, Buffalo, New York .
Persistent link: https://www.econbiz.de/10010551220
Remarks at the Quarterly Regional Economic Press Briefing, New York City.
Persistent link: https://www.econbiz.de/10010551222
shocks driving the economy and the systematic response of monetary policy to inflation: More flexible prices amplify the … shocks, ask: Would the U.S. economy have been more or less stable had prices been more flexible than historically? Our main …
Persistent link: https://www.econbiz.de/10010551310