MACROECONOMIC MODELS: BETTER HORSES FOR TOUGHER COURSES
In: The Manchester School, Band 79, Heft s2, S. 17-20
ISSN: 1467-9957
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In: The Manchester School, Band 79, Heft s2, S. 17-20
ISSN: 1467-9957
In: Bank of Finland Research Discussion Paper No. 27/2003
SSRN
Working paper
In: The economic journal: the journal of the Royal Economic Society, Band 110, Heft 465, S. 664-686
ISSN: 1468-0297
In: Working paper 346
In: Journal of international economics, Band 148, S. 103896
ISSN: 0022-1996
In: Journal of Monetary Economics, Band 127, S. 1-17
In: The economic journal: the journal of the Royal Economic Society, Band 132, Heft 641, S. 37-57
ISSN: 1468-0297
AbstractA sticky price theory of the transmission mechanism of monetary policy shocks based on state-dependent pricing yields two testable implications that do not hold in time-dependent models. First, large monetary policy shocks should yield proportionally larger initial responses of the price level. Second, in a high trend inflation regime, the response of the price level to monetary policy shocks should be larger and real effects smaller. Our analysis provides evidence supporting these non-linear effects in the response of the price level in aggregate US data, indicating state-dependent pricing as an important feature of the transmission mechanism of monetary policy.
In: De Nederlandsche Bank Working Paper No. 733
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In: De Nederlandsche Bank Working Paper No. 734
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In: LUISS School of European Political Economy WP Series 7/2020
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In: The Manchester School, Band 83, Heft S3, S. 1-30
ISSN: 1467-9957
We study the properties of the optimal interest rate rule under different sources of inflation persistence. In our model, the optimal policy minimizes price dispersion, which depends on the degree of price indexation. When indexation is zero, inflation persistence depends only on the level of trend inflation, the inflation gap is purely forward‐looking and the optimal policy targets inflation stability. Full indexation makes the inflation gap persistent, eliminates the effects of trend inflation and makes the optimal policy target the real interest rate. We compare our results with empirical estimates of the FED's policy in the post‐WWII era.
In: Journal of economic dynamics & control, Band 37, Heft 8, S. 1544-1566
ISSN: 0165-1889
In: Regional studies: official journal of the Regional Studies Association, Band 46, Heft 4, S. 509-523
ISSN: 1360-0591
In: The economic journal: the journal of the Royal Economic Society, Band 122, Heft 563, S. 1115-1141
ISSN: 1468-0297
In: Journal of economic dynamics & control, Band 36, Heft 2, S. 169-182
ISSN: 0165-1889