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The subjective inflation expectations of households and firms : measurement, determinants, and implications
Weber, Michael; D'Acunto, Francesco; Gorodnichenko, Yuriy; … - 2022
Households' and firms' subjective inflation expectations play a central role in macroeconomic and intertemporal microeconomic models. We discuss how subjective inflation expectations are measured, the patterns they display, their determinants, and how they shape households' and firms' economic...
Persistent link: https://www.econbiz.de/10013271201
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On Interest Rates and Other Determinants of Financial Savings : An Empirical Investigation in Tanzania
Ndanshau, Michael O. A. - 2012
elasticity of financial savings was positive during the study period. The regression results rejected the hypothesis that the … interest rate of financial savings was negative and statistically insignificant for the period 1967-1986, a period that was … hypothesis that the interest rate elasticity of financial savings was positive during the period 1987-2010, a period that was …
Persistent link: https://www.econbiz.de/10013101072
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The Non-Bank Financial Intermediaries and Economic Growth, an Empirical Analysis 1967-2011
Chuku, Edna D. - 2018
This study examines the impact of development of Non-Bank Financial Intermediaries (NBFIs) on economic growth in Tanzania using time series data for the period 1967–2011. It employs Autoregressive Distributed Lag (ARDL) bounds testing approach to cointegration and error correction method to...
Persistent link: https://www.econbiz.de/10012908891
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The impact of monetary policy on inequality in the UK : an empirical analysis
Mumtaz, Haroon; Theophilopoulou, Angeliki - 2016
The UK has experienced a dramatic increase in earnings and income inequality over the past four decades. We use detailed micro level information to construct quarterly historical measures of inequality from 1969 to 2012. We investigate whether monetary policy shocks played a role in explaining...
Persistent link: https://www.econbiz.de/10011431334
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Agency costs and investment behavior
Dorofeenko, Viktor; Lee, Gabriel S.; Salyer, Kevin Duff - 2005
How do differences in the creit channel affect investment behavior in the U.S. and the Euro area? To analyze this question, we calibrate an agency cost model of business cycles. We focus on two key components of the lending channel, the default premium associated with bank loans and bankruptcy...
Persistent link: https://www.econbiz.de/10009730390
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Risk shocks and housing markets
Dorofeenko, Viktor; Lee, Gabriel S.; Salyer, Kevin Duff - 2010
This paper analyzes the role of uncertainty in a multi-sector housing model with financial frictions. We include time varying uncertainty (i.e. risk shocks) in the technology shocks that affect housing production. The analysis demonstrates that risk shocks to the housing production sector are a...
Persistent link: https://www.econbiz.de/10009733806
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Monetary Policy and Inequality in the UK
Mumtaz, Haroon; Theophilopoulou, Angeliki - 2015
The UK has experienced a dramatic increase in earnings and income inequality over the past four decades. We use detailed micro level information to construct historical measures of inequality from 1968 to 2008. We study whether monetary policy shocks played a significant role in explaining this...
Persistent link: https://www.econbiz.de/10010480347
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Long-run inflation-unemployment dynamics : the Spanish Phillips curve and economic policy
Karanassou, Marika; Sala, Hector; Snower, Dennis J. - 2008 - This revised version: March 2008
This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in the growth rate of the money supply. We examine the Phillips curve from the perspective of what we call "frictional growth," i.e. the interaction between money growth and...
Persistent link: https://www.econbiz.de/10011452035
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The European Phillips Curve : Does the NAIRU Exist?
Karanassou, Marika; Sala, Hector; Snower, Dennis J. - 2021
This paper has two aims. First, it provides simple theoretical models that highlight two channels whereby monetary shocks have permanent real effects and the interactions between these channels. Second, it presents an empirical dynamic model, covering a panel of EU countries, and derives the...
Persistent link: https://www.econbiz.de/10013319761
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A Reappraisal of the Inflation-Unemployment Tradeoff
Karanassou, Marika; Sala, Hector; Snower, Dennis J. - 2021
This paper offers a reappraisal of the inflation-unemployment tradeoff, based on "frictional growth" describing the interplay between nominal frictions and money growth. When the money supply grows in the presence of price inertia (due to staggered wage contracts with time discounting), the...
Persistent link: https://www.econbiz.de/10013320192