Similar Search Results

Inflation expectation uncertainty in a New Keynesian framework

Fuest, Angela; Schmidt, Torsten - 2020

. Allerdings kann Erwartungsunsicherheit die Fähigkeit der Geldpolitik zur Stabilisierung der Wirtschaft untergraben. In dieser … einem DSGE-Modell, dass der Nachfragekanal den Angebotskanal eines Unsicherheitsschocks der Inflationserwartung dominiert. …

Persistent link: https://www.econbiz.de/10012308599

Understanding persistent stagnation

Cuba-Borda, Pablo; Singh, Sanjay R. - 2019 - This version: February 2019

We theoretically explore long-run stagnation at the zero lower bound in a representative agent framework. We analytically compare expectations-driven stagnation to a secular stagnation episode and find contrasting policy implications for changes in government spending, supply shocks and...

Persistent link: https://www.econbiz.de/10012004630

Unconventional monetary policy and inflation expectations in the euro area

Aßhoff, Sina; Belke, Ansgar; Osowski, Thomas - 2020

Auswirkungen der unkonventionellen Geldpolitik ist nicht trivial, da standardisierte empirische Instrumente wie die VAR … Problem zu lösen. Wir stellen fest, dass die unkonventionelle Geldpolitik zwar kurzfristig zu einem Anstieg der … beigetragen hat. Dennoch deuten sie auf einen durch die unkonventionelle Geldpolitik ausgelösten Anstieg des mittelfristigen …

Persistent link: https://www.econbiz.de/10012149519

Inflation expectations and the recovery from the Great Depression in Germany

Daniel, Volker; Ter Steege, Lucas - 2018

A regime shift towards increased inflation expectations is credited with jumpstarting the recovery from the Great Depression in the United States. Germany experienced a recovery as fast and strong in the 1930s. What role did inflation expectations play at the start of this remarkable economic...

Persistent link: https://www.econbiz.de/10012159651

Strategic inattention, inflation dynamics, and the non-neutrality of money

Afrouzi, Hassan - 2020

How does competition affect information acquisition of firms and thus the response of inflation and output to monetary policy shocks? This paper addresses these questions in a new dynamic general equilibrium model with both dynamic rational inattention and oligopolistic competition. In the...

Persistent link: https://www.econbiz.de/10012200269

Macroeconomic implications of oil price fluctuations : a regime-switching framework for the euro area

Holm-Hadulla, Fédéric; Hubrich, Kirstin - 2017

We investigate whether the response of the macro-economy to oil price shocks undergoes episodic changes. Employing a regime-switching vector autoregressive model we identify two regimes that are characterized by qualitatively different patterns in economic activity and inflation following oil...

Persistent link: https://www.econbiz.de/10011771984

Inflation dynamics during the financial crisis in Europe : cross-sectional identification of long-run inflation expectations

Dany-Knedlik, Geraldine; Holtemöller, Oliver - 2017

We investigate drivers of Euro area inflation dynamics using a panel of regional Phillips curves and identify long-run inflation expectations by exploiting the crosssectional dimension of the data. Our approach simultaneously allows for the inclusion of country-specific inflation and...

Persistent link: https://www.econbiz.de/10011764910

Inflation anchoring in the euro area

Speck, Christian - Task Force on Low Inflation (LIFT) - 2017

We analyze the degree of anchoring of inflation expectations in the euro area during the post-crisis period, with a focus on the time span from 2014 onwards when long-term beliefs have substantially drifted away from the policy target. Using a new estimation technique, we look at tail...

Persistent link: https://www.econbiz.de/10011636312

The long-term distribution of expected inflation in the euro area : what has changed since the great recession?

Dovern, Jonas; Kenny, Geoff - Task Force on Low Inflation (LIFT) - 2017

This paper analyses the distribution of long-term inflation expectations in the euro area using individual density forecasts from the ECB Survey of Professional Forecasters. We exploit the panel dimension in this dataset to examine whether this distribution became less stable following the Great...

Persistent link: https://www.econbiz.de/10011636332

Point targets, tolerance bands, or target ranges? : inflation target types and the anchoring of inflation expectations

Ehrmann, Michael - 2021

Inflation targeting is implemented in different ways – most often by adopting point targets, by having tolerance bands around a point target, or by specifying target ranges. Using data for 20 economies, this paper tests whether the various target types affect the anchoring of inflation...

Persistent link: https://www.econbiz.de/10012508768