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their effects on economic performance. Specifically, this paper hypothesizes that open international trade policies, low-inflation … 1960 and 1999. Results suggest that openness to imports, long-term membership in the GATT and WTO, low rates of inflation …
Persistent link: https://www.econbiz.de/10005752499
This paper studies optimal money growth in a cash-in-advance production economy with heterogeneity in patience levels and know-how. We show that the rate of deflation suggested by the Friedman rule is limited by the subjective discount rate of the most patient agent in the economy. The output...
Persistent link: https://www.econbiz.de/10005753051
Persistent link: https://www.econbiz.de/10005753422
The successful implementation of the monetary policy in practice to a large extent depends on the understanding of the functioning of the transmission mechanism of the monetary policy -- the channels by which the monetary impulses are transmitted through the economy. In this paper, an analysis...
Persistent link: https://www.econbiz.de/10005753488
This paper examines persistence in Turkish inflation rates using data from consumer and wholesale price indices. The … inflationary process in Turkey is believed to be highly inertial, which should lead to strongly persistent inflation series …. Persistence of seventy-five inflation series at various aggregation levels is examined by estimating models that allow long memory …
Persistent link: https://www.econbiz.de/10005753583
exchange rate, inflation and money supply. …
Persistent link: https://www.econbiz.de/10005753706
Persistent link: https://www.econbiz.de/10005574371
Persistent link: https://www.econbiz.de/10005574397
We study the effects of growth volatility and inflation volatility on average rates of output growth and inflation for … the conditional covariance of inflation and growth to be both nondiagonal and asymmetric. We show that the data reject … increased growth uncertainty is associated with significantly higher average growth, and that higher inflation uncertainty is …
Persistent link: https://www.econbiz.de/10005574809
Research by Ghali (1999) tested for the existence of causality between wages and prices in United States' aggregate data using a multivariate cointegration framework. We show that Ghali's model is misspecified and that the correct specification leads to a different interpretation of the long-run...
Persistent link: https://www.econbiz.de/10005574863