Download or read book Staggered Price Contracts and Inflation Persistence written by Karl Whelan and published by . This book was released on 2004 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Inflation Persistence of Staggered Contracts written by Luca Guerrieri and published by . This book was released on 2002 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Economic Research Institute Study Paper written by and published by . This book was released on 2000 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Inflation Persistence and the Phillips Curve Revisited written by Marika Karanassou and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Imperfect Credibility and Inflation Persistence written by Christopher J. Erceg and published by . This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Contracting Models of the Phillips Curve written by Pierre-Richard Agénor and published by World Bank Publications. This book was released on 2003 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides empirical estimates of contracting models of the Phillips curve for four middle-income developing economies-Chile, the Republic of Korea, the Philippines, and Turkey. Following an analytical review, models with both one lead and one lag, and two lags and three leads, are then estimated using Generalized Method of Moments (GMM) techniques. The results indicate that for both Chile and Turkey past and future inflation are of about the same magnitude in affecting current inflation. In Korea past inflation has a larger impact on inflation, whereas in the Philippines it is future inflation that plays a larger role. Homogeneity restrictions are satisfied for Korea and Turkey, but not for Chile and the Philippines.

Download or read book Inflation Dynamics written by Luca Guerrieri and published by . This book was released on 2001 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Staggered Price Setting and Endogenous Persistence written by Robert C. Feenstra and published by . This book was released on 1998 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper generates persistent effects of a monetary disturbance in the context of staggered price-setters. Previous research has been restricted by the CES functional form to price-setting rules that are constant markups over marginal costs. The present paper considers a translog form for preferences and an input-output structure for production in the context of a dynamic general equilibrium model of monopolistically competitive staggered price-setters. We derive a price-setting rule that is a function of marginal cost and also competitors' prices. This rule better captures the interaction of price-setters envisioned in Taylor (1980) and Blanchard (1983) in their early work on staggered contracts. The model is able to generate reasonable persistence, and also confirms the conjecture of Taylor and Blanchard that increasing the number of contracting groups increases the degree of persistence

Download or read book Monetary Accommodation Exchange Rate Regimes and Inflation Persistence written by George S. Alogoskoufis and published by . This book was released on 1991 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Pricing to Market Staggered Contracts and Real Exchange Rate Persistence written by Paul R. Bergin and published by . This book was released on 2010 with total page 1 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper offers an explanation for the persistence observed in real exchange rate movements. The model combines pricing to market behavior with sticky prices generated by staggered contracts. A translog preference structure is sued to enhance both features. The paper finds that openness limits the degree of endogenous persistence. Nevertheless, the model under reasonable parameter values can replicate the serial correlation of real exchange rate data. Further, significant exchange rate data. Further, significant exchange rate volatility can be generated, and this is amplified by the presence of endogenous persistence.

Download or read book Nominal Exchange Rate Anchoring Under Inflation Inertia written by Guillermo Calvo and published by International Monetary Fund. This book was released on 2002-02 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a theory of inflation inertia based on forward looking staggered price setting in the nontradable goods sector of a small open economy. Unlike current theories of sticky prices, transitions to a lower steady state inflation rate take time even if they are fully credible, and they are associated with significant output losses in nontradables There is a welfare trade-off between these output losses and the gains from smaller inflationary distortions. Gains exceed losses for most calibrations. The optimal steady state is the Friedman rule.

Download or read book Inflation Persistence and Relative Contracting written by John Christopher Driscoll and published by . This book was released on 2003 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Relative Wage Concern and the Keynesian Contract Multiplier written by Guido Ascari and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent quantitative dynamic general equilibrium models have cast serious doubts on the explanatory power of staggered wage/price setting in accounting for both output and inflation persistence. We enlarge a dynamic general equilibrium model with staggered wages by incorporating Keynesian relative wage concern on the part of workers. In contrast to previous models of staggered wages/prices, both output and inflation persistence is a robust finding of the model. Persistence results hold for all the sensible parameterisations.

Download or read book Handbook of Macroeconomics written by John B. Taylor and published by Elsevier. This book was released on 1999-12-13 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: Annotation Part 6: Financial Markets and the Macroeconomy. 19. Asset prices, consumption, and the business cycle (J.Y. Campbell). 20. Human behavior and the efficiency of the financial system (R.J. Shiller). 21. The financial accelerator in a quantitative business cycle framework (B. Bernanke, M. Gertler and S. Gilchrist). Part 7: Monetary and Fiscal Policy. 22. Political economics and macroeconomic policy (T. Persson, G. Tabellini). 23. Issues in the design of monetary policy rules (B.T. McCallum). 24. Inflation stabilization and BOP crises in developing countries (G.A. Calvo, C.A. Vegh). 25. Government debt (D.W. Elmendorf, N.G. Mankiw). 26. Optimal fiscal and monetary policy (V.V. Chari, P.J. Kehoe).

Download or read book Essays on Inflation Stabilization in a Small Open Economy written by Hyuk-jae Rhee and published by . This book was released on 2003 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Asset Prices and Monetary Policy written by John Y. Campbell and published by University of Chicago Press. This book was released on 2008-11-15 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: Economic growth, low inflation, and financial stability are among the most important goals of policy makers, and central banks such as the Federal Reserve are key institutions for achieving these goals. In Asset Prices and Monetary Policy, leading scholars and practitioners probe the interaction of central banks, asset markets, and the general economy to forge a new understanding of the challenges facing policy makers as they manage an increasingly complex economic system. The contributors examine how central bankers determine their policy prescriptions with reference to the fluctuating housing market, the balance of debt and credit, changing beliefs of investors, the level of commodity prices, and other factors. At a time when the public has never been more involved in stocks, retirement funds, and real estate investment, this insightful book will be useful to all those concerned with the current state of the economy.

Download or read book The Inflation Targeting Debate written by Ben S. Bernanke and published by University of Chicago Press. This book was released on 2007-11-01 with total page 469 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past fifteen years, a significant number of industrialized and middle-income countries have adopted inflation targeting as a framework for monetary policymaking. As the name suggests, in such inflation-targeting regimes, the central bank is responsible for achieving a publicly announced target for the inflation rate. While the objective of controlling inflation enjoys wide support among both academic experts and policymakers, and while the countries that have followed this model have generally experienced good macroeconomic outcomes, many important questions about inflation targeting remain. In Inflation Targeting, a distinguished group of contributors explores the many underexamined dimensions of inflation targeting—its potential, its successes, and its limitations—from both a theoretical and an empirical standpoint, and for both developed and emerging economies. The volume opens with a discussion of the optimal formulation of inflation-targeting policy and continues with a debate about the desirability of such a model for the United States. The concluding chapters discuss the special problems of inflation targeting in emerging markets, including the Czech Republic, Poland, and Hungary.