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Testing Long-run Neutrality: Empirical Evidence for G7-Countries with Special Emphasis on Germany
Weber, Axel - University of Bonn, Germany - 1994
incorporate long-run or short-run neutrality propositions. Despite their importance, little firm international evidence on the … validity of these neutrality hypotheses is available to date. The paper applies a bivariate VAR approach to test the long …-run restrictions implied by a number of neoclassical neutrality propositions. The evidence from the G7-countries appears to be …
Persistent link: https://www.econbiz.de/10004968282
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Testing long-run neutrality : empirical evidence for G7-countries with special emphasis on Germany ; paper prepared for the Carnegie-Rochester Conference Series on Public Policy, F...
Weber, Axel A. - Carnegie Rochester Conference on Public Policy - 1993
incorporate certain long-run or even short-run neutrality propositions. Given the importance of these neutrality propositions, it … empirically analysing long-run neutrality propositions was not available. King and Watson (1992) and Fisher and Seater (1993 …
Persistent link: https://www.econbiz.de/10011614244
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The Fisher Paradox : A Primer
Gerke, Rafael - 2017
The neo-Fisherian view does not consider a negative interest rate gap a prerequisite for boosting inflation. Instead, a negative interest rate gap is said to lower inflation. We discuss this counterintuitive response - known as the Fisher paradox - in a prototypical new-Keynesian model. We draw...
Persistent link: https://www.econbiz.de/10012952015
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Interest Rate Rigidity and the Fisher Equation
Bélanger, Gilles - 2016
I create a model where interest rates are rigid, but aggregate prices are flexible. As a result, changes in real interest rates lead to changes to inflation in the opposite direction. I conclude that this is how credit crunches and monetary tightening reduce inflation. I simulate different...
Persistent link: https://www.econbiz.de/10013006391
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The Fisher paradox : a primer
Gerke, Rafael; Hauzenberger, Klemens - 2017
The neo-Fisherian view does not consider a negative interest rate gap a prerequisite for boosting inflation. Instead, a negative interest rate gap is said to lower inflation. We discuss this counterintuitive response - known as the Fisher paradox - in a prototypical new-Keynesian model. We draw...
Persistent link: https://www.econbiz.de/10011671353
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The Fisher Effect under Deflationary Expectations
Glasner, David - 2013
The response of nominal and real interest rates to expected deflation becomes problematic when nominal interest rates fall toward zero while the expected rate of deflation is increasing. As nominal interest rates approach their lower bound, further increases in expected deflation cannot cause...
Persistent link: https://www.econbiz.de/10013093920
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Monetary Policy and the Fisher Effect
Söderlind, Paul - 2013
Historical estimates of the informational content in the yield curve may not be relevant after a change in monetary policy. This study uses a small dynamic rational expectations model with staggered price setting to study how monetary policy affects the relation between nominal interest rates,...
Persistent link: https://www.econbiz.de/10013095886
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Monetary Policy and the Fisher Effect
Söderlind, Paul - C.E.P.R. Discussion Papers - 1997
Historical estimates of the Fisher effect and the informational content in the yield curve may not be relevant after a change in monetary policy. This paper uses a small dynamic rational expectations model with staggered price setting to study how central bank preferences (and thereby monetary...
Persistent link: https://www.econbiz.de/10005497757
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Monetary policy, determinacy, and the natural rate hypothesis
Meyer-Gohde, Alexander - 2011
Imposing the natural rate hypothesis (NRH) can dramatically alter the determinacy bounds on monetary policy by closing the output gap in the long run. I show that the hypothesis eliminates any role for the output gap in determinacy and renders the conditions for determinacy identical for all...
Persistent link: https://www.econbiz.de/10010333041
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Sticky information and determinacy
Meyer-Gohde, Alexander - 2011
The infinite-dimensional sticky-information Phillips curve is cast as a finite-dimensional timevarying system of difference equations in order to directly assess determinacy in the model with demand given by the forward-looking IS equation and monetary policy by an interest rate rule. An...
Persistent link: https://www.econbiz.de/10008906085