Showing 91 - 100 of 35,922
This paper presents a monetary model with nominal rigidities and maximizing, rational, forward-looking households, intermediaries and firms. It differs from conventional models in this class in two key respects. First, price (and wage) setters set pricing policies, including an updating rate for...
Persistent link: https://www.econbiz.de/10005537476
This paper compares the New Keynesian Phillips curve with the hybrid Phillips curve for its ability to reproduce observed in.ation and output dynamics. The analysis is based on impulse responses of a miniature general equilibrium model incorporating price and in.ation inertia as the only...
Persistent link: https://www.econbiz.de/10005404551
This paper presents an estimated model with learning and provides evidence that learning can improve the fit of popular monetary DSGE models and endogenously generate realistic levels of persistence. The paper starts with an agnostic view, developing a model that nests learning and some of the...
Persistent link: https://www.econbiz.de/10004970918
The paper focuses some of the non-monetary structural causes of inflationary persistence in Brazil in the post-Real plan period. A connection is made between the de-industrializing trend and the emergence of primary pressures that set a floor to inflation levels. The framework is set up in terms...
Persistent link: https://www.econbiz.de/10011094587
This paper presents an empirical investigation of inflation dynamics in Libya over the period 1964-2012, using cointegration and error correction models. While inflation inertia is found to be a key determinant of consumer price inflation, the results indicate that government spending, money...
Persistent link: https://www.econbiz.de/10010816400
. It begins with a historical perspective on the convergence of stabilization theory to the so-called “macroeconomic …
Persistent link: https://www.econbiz.de/10010732571
The poor performance of sticky-price models with rational expectations in explaining the inflationary inertia in the US economy constitutes the basis for sticky-price models of near-rational expectations in the recent literature. However, previous studies on inflationary inertia in Turkey not...
Persistent link: https://www.econbiz.de/10011058644
Monetary policy is sometimes formulated in terms of a target level of inflation, a fixed time horizon and a constant interest rate that is anticipated to achieve the target at the specified horizon. These requirements lead to constant interest rate (CIR)instrument rules. Using the standard New...
Persistent link: https://www.econbiz.de/10010958632
This paper characterizes the optimal inflation buffer consistent with a zero lower bound on nominal interest rates in a New Keynesian sticky-price model. It is shown that a purely forward-looking version of the model that abstracts from inflation inertia would significantly underestimate the...
Persistent link: https://www.econbiz.de/10010958640
This note proposes a full description of the Calvo price-setting model based on partial prices indexation and studies the interaction between partial indexation and trend inflation. We show that to use a hybrid version of the Phillips curve partly decreases the risks of overestimate due to the...
Persistent link: https://www.econbiz.de/10010939355