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The Destruction of Price-Representativeness

Leogrande, Angelo - 2021

The development of industry 4.0 and e-commerce destroy the traditional mechanism of price determination, the rigidity … of supply in the short run and the idea of price representativeness. Industry 4.0 has changed the traditional view of … price formation. Firms know the individual purchasing history of customers. Firms can extract the reserve price for each …

Persistent link: https://www.econbiz.de/10013309932

Documentation paper: representative survey on attitudes and knowledge about inflation and monetary policy in Germany conducted in December 2022

Hayo, Bernd - 2023 - This version: 30 June 2023

This paper provides background information on, and basic descriptive statistics for, a representative survey of the German population conducted on my behalf by GfK in December 2022. It replicates a survey done in December 2021. The main difference affecting answers lies in the different time of...

Persistent link: https://www.econbiz.de/10014310316

Narratives on the causes of inflation in Germany : first results of a pilot study

Demgensky, Lisa; Fritsche, Ulrich - 2023

-economic stratification. Narratives of supply shortages and price gouging are positively correlated with anchored expectations; demand and …

Persistent link: https://www.econbiz.de/10014326784

Monetary policy strategies for the euro area : optimal rules in the presence of the ELB

Mazelis, Falk; Motto, Roberto; Ristiniemi, Annukka - 2023

We study alternative monetary policy strategies in the presence of the lower bound on nominal interest rates and a low equilibrium real rate using an estimated DSGE model for the euro area. We demonstrate that simple feedback rules that implement inflation targeting result in a binding lower...

Persistent link: https://www.econbiz.de/10014278603

News or Animal Spirits? Consumer Confidence and Economic Activity : Redux

Choi, Sangyup; Jeong, Jaehun; Park, Dohyeon; Yoo, Donghoon - 2023

Barsky and Sims (2012, AER) demonstrated, via indirect inference, that confidence innovations can be viewed as noisy signals about medium-term economic growth. They highlighted that the connection between confidence and subsequent activity, such as consumption and output, is primarily driven by...

Persistent link: https://www.econbiz.de/10014355207

Monetary Policy Strategies for the Euro Area : Optimal Rules in the Presence of the ELB

Mazelis, Falk; Motto, Roberto; Ristiniemi, Annukka - 2023

We study alternative monetary policy strategies in the presence of the lower bound on nominal interest rates and a low equilibrium real rate using an estimated DSGE model for the euro area. We find that simple feedback rules that implement inflation targeting result in a binding lower bound...

Persistent link: https://www.econbiz.de/10014355956

Narratives About the Macroeconomy

Andre, Peter; Haaland, Ingar; Roth, Christopher; … - 2023

We provide evidence on narratives about the macroeconomy—the stories people tell to explain macroeconomic phenomena—in the context of a historic surge in inflation. We measure economic narratives in open-ended survey responses and represent them as Directed Acyclic Graphs. We apply this...

Persistent link: https://www.econbiz.de/10014346841

The Long-term Effects of Inflation on Inflation Expectations

Braggion, Fabio; von Meyerinck, Felix; Schaub, Nic; … - 2023

We study the long-term effects of inflation surges on inflation expectations. German households living in areas with higher local inflation during the hyperinflation of the 1920s expect higher inflation today. Our evidence points towards a transmission of inflation experiences from parents to...

Persistent link: https://www.econbiz.de/10014348717

Inflation Thresholds and Inattention

Bracha, Anat; Tang, Jenny - 2021

Inflation expectations are key to economic activity, and in the current economic climate of a heated labor market, they are central to the policy debate. At the same time, a growing literature on inattention suggests that individuals, and therefore individual behavior, may not be sensitive to...

Persistent link: https://www.econbiz.de/10014351810

The Long-term Effects of Inflation on Inflation Expectations

Braggion, Fabio; Meyerinck, Felix von; Schaub, Nic; … - National Bureau of Economic Research - 2024

We study the long-term effects of inflation surges on inflation expectations. German households living in areas with higher local inflation during the hyperinflation of the 1920s expect higher inflation today, after partialling out determinants of historical inflation and current inflation...

Persistent link: https://www.econbiz.de/10014486251