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Inflation Target Shocks and Monetary Policy Inertia in the Euro Area

Fève, Patrick - 2010

The Euro area as a whole has experienced a marked downward trend in inflation over the past decades and, concomitantly … these dynamics? To answer this question, we embed serially correlated changes in the inflation target into a DSGE model with … real and nominal frictions. The formal Bayesian estimation of the model suggests that gradual changes in the inflation …

Persistent link: https://www.econbiz.de/10013141812

Fiscal rules and monetary policy in a dynamic stochastic general equilibrium model

Kremer, Jana - 2004

In this paper an anti-cyclical fiscal policy rule is introduced into a dynamic stochastic general equilibrium model with New-Keynesian features. The rule allows the deficit to deviate from target in proportion to the impact of automatic stabilisers while any additional impact on the deficit, for...

Persistent link: https://www.econbiz.de/10010295662

Identifying the Role of Labor Markets for Monetary Policy in an Estimated DSGE Model

Christoffel, Kai Philipp - 2016

wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we …

Persistent link: https://www.econbiz.de/10012991186

Identifying the Role of Labor Markets for Monetary Policy in an Estimated DSGE Model

Christoffel, Kai Philipp; Kuester, Keith; Linzert, Tobias - 2021

wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we …

Persistent link: https://www.econbiz.de/10013317584

Generalized Taylor and generalized calvo price and wage-setting : micro evidence with macro implications

Dixon, Huw; Le Bihan, Hervé - 2010

found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …

Persistent link: https://www.econbiz.de/10003984363

On the importance of sales for aggregate price flexibility

Kryvtsov, Oleksiy; Vincent, Nicolas - 2014

Macroeconomists have traditionally ignored the behavior of temporary price markdowns ("sales") by retailers. Although sales are common in the micro price data, they are assumed to be unrelated to macroeconomic phenomena and generally filtered out. We challenge this view. First, using the 1996 -...

Persistent link: https://www.econbiz.de/10010418254

Generalized Taylor and Generalized Calvo Price and Wage-Setting : Micro Evidence with Macro Implications

Dixon, Huw David - 2011

found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …

Persistent link: https://www.econbiz.de/10013128261

The new inflationary environment : how persistent are the current inflationary dynamics and how is monetary policy expected to respond?

Demary, Markus; Herforth, Anna-Lena; Zdrzalek, Jonas - 2022

We argue that the period of low inflation has come to an end based on six structural factors, which define the new … inflationary environment: [...] How high will inflation rise? How long will the new inflationary environment last? How challenging …, progressing slowly, thereby contributing to a longer lasting energy-triggered inflation. The highest risk will be an energy …

Persistent link: https://www.econbiz.de/10013173639

Product Quality, Measured Inflation and Monetary Policy

Rodnyansky, Alexander; Van der Ghote, Alejandro; Wales, … - 2021

This paper proposes a tractable New Keynesian (NK) economy with endogenous adjustment in product quality that nests the canonical framework. Endogenous quality choice reduces the slope of the traditional NK Phillips curve and amplifies the economy's response to productivity shocks. This leads to...

Persistent link: https://www.econbiz.de/10013247090

Generalized Taylor and generalized Calvo price and wagesetting : micro evidence with macro implications

Dixon, Huw; Le Bihan, Hervé - 2011

found to help rationalizing the hump-shaped and persistent response of inflation, without resorting to the counterfactual …

Persistent link: https://www.econbiz.de/10009354655