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Measurement and theory of core inflation
Almuzara, Martin; Sbordone, Argia M. - 2024
We discuss the concept of core inflation and its relevance for policymakers and then review a variety of approaches that have been pursued for the construction of informative core measures. After illustrating some empirical patterns displayed by U.S. inflation data and discussing conceptual...
Persistent link: https://www.econbiz.de/10015051935
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Smooth diagnostic expectations
Bianchi, Francesco; Ilut, Cosmin; Saijo, Hikaru - 2024
We show that in the formalization of representativeness (Kahneman and Tversky (1972)) developed by Gennaioli and Shleifer (2010), overreaction and confidence are affected by uncertainty, as a news effect interacts with an uncertainty effect. In the time series domain, this interaction emerges in...
Persistent link: https://www.econbiz.de/10015054164
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Measurement and theory of core inflation
Almuzara, Martin; Sbordone, Argia M. - 2024
We discuss the concept of core inflation and its relevance for policymakers and then review a variety of approaches that have been pursued for the construction of informative core measures. After illustrating some empirical patterns displayed by U.S. inflation data and discussing conceptual...
Persistent link: https://www.econbiz.de/10015054236
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A diffusion index analysis of the Argentinean business economic cycle based on the "Survey of Business Economic Perspectives"
Elosegui, Pedro; González, Mirta; Pérez, María Cecilia; … - In: Latin American journal of central banking : LAJCB 5 (2024) 2, pp. 1-15
The Central Banks use diffusion indexes (DIs) to synthesize information from proprietary surveys that complement official statistics generating real-time proxies of the economically relevant variables. According to the evidence, the DIs closely follow the economic cycle reflected in those...
Persistent link: https://www.econbiz.de/10015055137
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Brazilian macroeconomic dynamics redux : shocks, frictions, and unemployment in SAMBA model
Fasolo, Angelo Marsiglia; Araujo, Eurilton; Jorge, … - In: Latin American journal of central banking : LAJCB 5 (2024) 2, pp. 1-36
, such as involuntary unemployment, imported goods in the consumption bundle and a new identified vector auto …
Persistent link: https://www.econbiz.de/10015055215
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Smooth diagnostic expectations
Bianchi, Francesco; Ilut, Cosmin; Saijo, Hikaru - 2024
We show that in the formalization of representativeness (Kahneman and Tversky (1972)) developed by Gennaioli and Shleifer (2010), overreaction and confidence are affected by uncertainty, as a news effect interacts with an uncertainty effect. In the time series domain, this interaction emerges in...
Persistent link: https://www.econbiz.de/10015047820
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Nominal wage adjustments and the composition of pay : new evidence from payroll data
Schaefer, Daniel; Singleton, Carl - 2020 - This version: June 2020
We use representative payroll data from Great Britain to document novel facts about nominal wage adjustments, focusing on workers who stayed in the same firm and job from one year to the next. The richness of these data allows us to analyse basic pay and the other components of earnings, such as...
Persistent link: https://www.econbiz.de/10012254045
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Procyclical and countercyclical fiscal policies in non-euro EU member countries
Iancu, Aurel; Olteanu, Dan - 2022
The aim of this study is to determine the nature of the discretionary fiscal policy practiced by non-euro EU member states, namely to deduce some bias for one of the two types of fiscal policies - procyclical or countercyclical. For this purpose, we used time series for the period 1995-2020, of...
Persistent link: https://www.econbiz.de/10013472810
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The fiscal channel of monetary policy
Breitenlechner, Max; Geiger, Martin; Klein, Mathias - 2024
This paper empirically quantifies the importance of fiscal policy in shaping the monetary policy transmission mechanism and derives implications for monetary-fiscal interactions. First, we document that a contractionary monetary policy shock, besides lowering output and prices, leads to a...
Persistent link: https://www.econbiz.de/10015053757
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Household heterogeneity, nonseparable preferences, and the Taylor principle
Jansen, Babette; Winkler, Roland - 2024
functions as introduced by Bilbiie (2020a). This framework allows for separate parameterization of consumption …-separability between consumption and hours worked, and the share of hand-to-mouth households impact aggregate dynamics and determinacy … properties of interest rate rules. Complementarity between consumption and hours worked and small income effects can reverse the …
Persistent link: https://www.econbiz.de/10015064065