Search Results - subject:"nominal inertia"

Optimal monetary policy in a new Keynesian model with habits in consumption

Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - 2009

While consumption habits have been utilised as a means of generating a hump shaped output response to monetary policy shocks in sticky-price New Keynesian economies, there is relatively little analysis of the impact of habits (particularly, external habits) on optimal policy. In this paper we...

Persistent link: https://www.econbiz.de/10011605122

Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy

Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2008

This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in the growth rate of the money supply. We examine the Phillips curve from the perspective of what we call "frictional growth", i.e. the interaction between money growth and...

Persistent link: https://www.econbiz.de/10010276415

Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy

Karanassou, Marika; Sala, Hector; Snower, Dennis J. - 2008

Persistent link: https://www.econbiz.de/10011453721

Hyperbolic discounting and the Phillips curve

Graham, Liam; Snower, Dennis J. - 2008

Using a standard dynamic general equilibrium model, we show that the interaction of staggered nominal contracts with hyperbolic discounting leads to inflation having significant long-run effects on real variables.

Persistent link: https://www.econbiz.de/10010278020

Hyperbolic Discounting and the Phillips Curve

Graham, Liam; Snower, Dennis J. - Institute for the Study of Labor (IZA) - 2008

Keywords: inflation, unemployment, Phillips curve, nominal inertia, monetary policy, dynamic general equilibrium …

Persistent link: https://www.econbiz.de/10005763519

Optimal monetary policy in a new Keynesian model with habits in consumption

Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - Department of Economics, Adam Smith Business School - 2008

: E30, E57 and E61 • Key Words: consumption habits, nominal inertia, optimal monetary policy 1Introduction Within the … with nominal inertia. The plan of the paper is as follows: in the next section we outline our model with deep and … good and are subject to nominal inertia in the form of Calvo (1983) contracts. This structure is adopted for reasons of …

Persistent link: https://www.econbiz.de/10005727924

Money Illusion and Nominal Inertia in Experimental Asset Markets

Noussair, Charles N.; Richter, Gregers; Tyran, Jean-Robert - Økonomisk Institut, Københavns Universitet - 2008

We test whether large but purely nominal shocks affect real asset market prices. We subject a laboratory asset market to an exogenous shock, which either inflates or deflates the nominal fundamental value of the asset, while holding the real fundamental value constant. After an inflationary...

Persistent link: https://www.econbiz.de/10005233018

Long-run inflation-unemployment dynamics : the Spanish Phillips curve and economic policy

Karanassou, Marika; Sala, Hector; Snower, Dennis J. - 2008 - This revised version: March 2008

This paper takes a new look at the long-run dynamics of inflation and unemployment in response to permanent changes in the growth rate of the money supply. We examine the Phillips curve from the perspective of what we call "frictional growth," i.e. the interaction between money growth and...

Persistent link: https://www.econbiz.de/10011452035

Hyperbolic discounting and the Phillips curve

Graham, Liam; Snower, Dennis J. - 2007

Persistent link: https://www.econbiz.de/10010272966

Long-run inflation-unemployment dynamics: The Spanish Phillips curve and economic policy

Karanassou, Marika; Sala, Hector; Snower, Dennis J. - 2007

Persistent link: https://www.econbiz.de/10010276422