ALBERT

All Library Books, journals and Electronic Records Telegrafenberg

X
feed icon rss

Your email was sent successfully. Check your inbox.

An error occurred while sending the email. Please try again.

Proceed reservation?

Export
  • 1
    Electronic Resource
    Electronic Resource
    Price/Wage Staggering and Persistence: A Unifying Framework (2003)
    Oxford, UK and Boston, USA : Blackwell Publishing Ltd
    Journal of economic surveys 17 (2003), S. 0 
    Details
    ISSN: 1467-6419
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  In this paper, we provide a general unified framework to clarify the issue of persistence of real effects of money shocks in staggered wage/price models. We mainly aim to: (i) highlight which features of the underlying economy, and particularly of the labour market, are crucial for generating output persistence; (ii) analyse the differences between price and wage staggering.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1467-6419.00203
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
    Paper (German National Licenses)
    Fulltext
  • 2
    facet.materialart.
    Unknown
    Walk on the Wild Side: Temporarily Unstable Paths and Multiplicative Sunspots (2019)
    American Economic Association
    Details
    Publication Date: 2019-05-01
    Description: We propose a generalization of the rational expectations framework to allow for temporarily unstable paths. Our approach introduces multiplicative sunspot shocks and it yields drifting parameters and stochastic volatility. Then, we provide an econometric strategy to estimate this generalized model on the data. The methodology allows the data to choose between different possible alternatives: determinacy, indeterminacy, and temporary instability. We apply our methodology to US inflation dynamics in the 1970s through the lens of a simple New Keynesian model. When temporarily unstable paths are allowed, the data unambiguously select them to explain the stagflation period in the 1970s. (JEL D84, E12, E31, E32, E52)
    Print ISSN: 0002-8282
    Electronic ISSN: 1944-7981
    Topics: Economics
    Published by American Economic Association
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
    PAPER CURRENT
  • 3
    facet.materialart.
    Unknown
    The Macroeconomics of Trend Inflation (2014)
    American Economic Association
    Details
    Publication Date: 2014-09-01
    Description: Most macroeconomic models for monetary policy analysis are approximated around a zero inflation steady state, but most central banks target an inflation rate of about 2 percent. Many economists have recently proposed even higher inflation targets to reduce the incidence of the zero lower bound constraint on monetary policy. In this survey, we show that the conduct of monetary policy should be analyzed by appropriately accounting for the positive trend inflation targeted by policymakers. We first review empirical research on the evolution and dynamics of U.S. trend inflation and some proposed new measures to assess the volatility and persistence of trend-based inflation gaps. We then construct a Generalized New Keynesian model that accounts for a positive trend inflation. In this model, an increase in trend inflation is associated with a more volatile and unstable economy and tends to destabilize inflation expectations. This analysis offers a note of caution regarding recent proposals to address the existing zero lower bound problem by raising the long-run inflation target. (JEL E12, E31, E32, E52, E58)
    Print ISSN: 0022-0515
    Electronic ISSN: 1547-1101
    Topics: Economics
    Published by American Economic Association
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
    PAPER CURRENT
Close ⊗
This website uses cookies and the analysis tool Matomo. More information can be found here...