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Product quality, measured inflation and monetary policy

Rodnyansky, Alexander; Van der Ghote, Alejandro; Wales, … - 2022

This paper proposes a tractable New Keynesian (NK) economy with endogenous adjustment in product quality that nests the canonical framework. Endogenous quality choice reduces the slope of the traditional NK Phillips curve and ampliffes the economy's response to productivity shocks. This leads to...

Persistent link: https://www.econbiz.de/10013277166

The transmission of supply shocks in different inflation regimes

Arndt, Sarah; Enders, Zeno - 2023

data determine two inflation regimes and find that they are characterized by high and low inflation volatility. We then … exhibit a more substantial and more persistent effect on downstream prices during periods of elevated inflation volatility … effective in State 2. Exogenously differentiating regimes by the level of inflation or the shock size does not reveal state …

Persistent link: https://www.econbiz.de/10014444690

Mortgage Prepayment, Race, and Monetary Policy

Gerardi, Kristopher; Willen, Paul; Zhang, David Hao - 2021

During the period 2005 to 2020, Black borrowers with mortgages insured by Fannie Mae or Freddie Mac paid interest rates that were almost 50 basis points higher than those paid by non-Hispanic white borrowers. We show that the main reason is that non-Hispanic white borrowers are much more likely...

Persistent link: https://www.econbiz.de/10013232564

Monetary Policy and Racial Inequality

Bartscher, Alina K.; Kuhn, Moritz; Schularick, Moritz; … - 2021

This paper aims at an improved understanding of the relationship between monetary policy and racial inequality. We investigate the distributional effects of monetary policy in a unified framework, linking monetary policy shocks both to earnings and wealth differentials between black and white...

Persistent link: https://www.econbiz.de/10013241709

Monetary Policy and Racial Inequality

Bartscher, Alina K.; Wachtel, Paul; Kuhn, Moritz; … - 2021

Persistent link: https://www.econbiz.de/10013246912

Opting out of the great inflation: German monetary policy after the break down of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2008

interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …

Persistent link: https://www.econbiz.de/10010303730

Opting out of the Great Inflation: German monetary policy after the break down of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2009

Persistent link: https://www.econbiz.de/10011605066

Resurrecting the role of real money balance effects

Dorich, José - 2009

inflation and output dynamics in the United States. In particular, I find that real money balance effects are quantitatively …

Persistent link: https://www.econbiz.de/10003933293

Generalized Taylor and generalized calvo price and wage-setting : micro evidence with macro implications

Dixon, Huw; Le Bihan, Hervé - 2010

found to help rationalizing the hump-shaped response of inflation, without resorting to the counterfactual assumption of …

Persistent link: https://www.econbiz.de/10003984363

Output comovement and inflation dynamics in a two-sector model with durable goods : the role of sticky information and heterogeneous factor markets

Kitamura, Tomiyuki; Takamura, Tamon - 2016

output and inflation, as observed in a vectorautoregression analysis. In contrast to backward indexation to past inflation …, which is often assumed in the literature, sticky information leads to a hump-shaped response in the inflation of flexibly …

Persistent link: https://www.econbiz.de/10011517128