Showing 71 - 80 of 149
Persistent link: https://www.econbiz.de/10008862157
In this paper, we examine the effect of having an inflation targeting framework on the dispersion of inflation forecasts from professional forecasters. We use a panel data set of 25 countries-including 14 inflation targeters-with 16 years of monthly information. We find that the dispersion of...
Persistent link: https://www.econbiz.de/10008592446
When a central bank commits credibly to a nonaccommodative monetary policy, observed inflation should be a stationary process. In countries where, for a variety of reasons, the determinants of inflation could lead it to follow a nonstationary process, the adoption of a credible disinflationary...
Persistent link: https://www.econbiz.de/10008675193
We analyze whether the pattern of Mexico's comparative advantages in manufacturing trade flows, vis-à-vis its closest competitors, are related with productivity differentials (Ricardian hypothesis) or with differences in factor endowments (Heckscher-Ohlin hypothesis). The results suggest that...
Persistent link: https://www.econbiz.de/10009146347
Using a recently developed time-series approach, we show that post-WWII US inflation became highly persistent during the 'Great Inflation' period, and then switched back to a low persistence process during 1984, and has remained stationary until the present day.
Persistent link: https://www.econbiz.de/10008474041
Persistent link: https://www.econbiz.de/10008474473
This note studies the causal relationship that may exist between the producer price index (PPI) and the consumer price index (CPI). In contrast with previous international studies, the results suggest that, in the case of Mexico, information on the PPI seems to be useful to improve forecasts of...
Persistent link: https://www.econbiz.de/10010322560
We study the dynamics of inflation persistence in 45 countries for the period 1960-2008. We use a nonparametric unit root test robust to nonlinearities, error distributions, structural breaks and outliers, many of them typical features of inflation data, and a test for multiple changes in...
Persistent link: https://www.econbiz.de/10010322567
Empirical research on the degree and stability of inflation persistence in the US has produced mixed results: some suggest high and unchanged persistence during the last few decades, while others argue in favor of a decline in persistence since the early 1980s. We contribute to this debate by...
Persistent link: https://www.econbiz.de/10010322575
We study the dynamics of the term-structure of interest rates in Mexico. Specifically, we investigate time variation in bond risk premia and the common factors that have influenced the behavior of the yield curve. We find that term-premia in government bonds appear to be time-varying. We then...
Persistent link: https://www.econbiz.de/10010322581