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In this paper, we propose a simple econometric framework to disentangle the respective roles of monetary policy inertia and persistent shocks in interest rate rules. The procedure exploits the cross-equation restrictions provided by a DSGE model which is confronted to a monetary SVAR. We show...
Persistent link: https://www.econbiz.de/10005082518
In this paper, we, seek to characterize the dynamic effects of permanent technology shocks and the way in which US monetary authorities reacted to these shocks over the sample 1955(1)--2002(4). To do so, we develop an augmented sticky price-sticky wage model of the business cycle, which is...
Persistent link: https://www.econbiz.de/10005056524
In this paper, we seek to characterize the dynamic effects of permanent technology shocks and the way in which European monetary authorities reacted to these shocks over the past two decades. To do so, we develop an augmented sticky price-sticky wage model of the business cycle, which is...
Persistent link: https://www.econbiz.de/10005056527
The decline in the sensitivity of inflation to domestic slack observed in developed countries over the last 25 years … also the bigger ones) enter the export market. They tend to transmit less marginal cost fluctuations into inflation because … the proportion of large firms reduces the pass-through of marginal cost into inflation. …
Persistent link: https://www.econbiz.de/10011196011
monetary policy in the United States, in particular its interaction with the formation of inflation expectations and the … linkages between monetary policy, inflation expectations and the behaviour of CPI inflation. We use Livingston Survey data for … expected inflation, measured at a bi-annual frequency, actual inflation, unemployment and a nominal interest rate to estimate …
Persistent link: https://www.econbiz.de/10010816004
sales; (iv) price changes related to sales and product replacements are less driven by inflation variations than regular … price changes; (v) the monthly inflation rate is correlated to the frequencies of price decreases and increases. The …
Persistent link: https://www.econbiz.de/10010816022
This paper studies firms' price-setting decision during a currency changeover. Buyers' difficulties with the new nominal price level create incentives to raise prices temporarily but doing so comes at the risk of damaging a seller's reputation in the long run. We model firms' trade-off and study...
Persistent link: https://www.econbiz.de/10010534896
Dans ce papier, nous comparons quatre indicateurs de l'inflation sous-jacente: l'approche par exclusion de postes, les … estimateurs "a influence limitee" comme l'inflation mediane, les mesures issues d'un VAR structurel et une mesure tiree d …
Persistent link: https://www.econbiz.de/10005036181
'une faible inflation (2%) à une inflation nulle pour les économies française, allemande, britannique, espagnole et américaine … l'indexation imparfaite du système fiscal. Des études récentes ont montré qu'un passage d'une inflation de 2% à la …
Persistent link: https://www.econbiz.de/10005036197
We examine the effect of the minimum wage on restaurant prices. For that purpose, we estimate a price rigidity model by exploiting a unique dataset of individual price quotes used to calculate the Consumer Price Index in France. We find a positive and significant impact of the minimum wage on...
Persistent link: https://www.econbiz.de/10005036214