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From Galloping Inflation to Price Stability in Steps: Israel 1985–2013
Melnick, Rafi; Strohsal, Till - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2015
After the introduction of a stabilization program Israeli inflation decreased from 400% in 1985 to 2% in 2013. This … process is defined by three clear steps of high, medium and low inflation. The break dates are in line with major economic …
Persistent link: https://www.econbiz.de/10011277264
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Are US Inflation Expectations Re-Anchored?
Nautz, Dieter; Strohsal, Till - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
Anchored inflation expectations are of key importance for monetary policy. If long-terminflation expectations arewell … breaks to investigate the de- and re-anchoring of US inflation expectations. We confirm earlier evidence on the de …
Persistent link: https://www.econbiz.de/10010938965
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The Integration and Efficiency of the Scandinavian Foreign Exchange Market 1873-1914: A Quantitative Analysis
Talia, Krim - Economics Institute for Research (SIR), … - 2004
This paper applies theories and methods from modern economics and finance to new sets of historical financial data in order to study the integration and efficiency of the Scandinavian foreign exchange market. Series of the monthly prices of sight sterling bills have been collected and subjected...
Persistent link: https://www.econbiz.de/10005649154
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Price adjustments by a gasoline retail chain
Asplund, Marcus; Eriksson, Rickard; Friberg, Richard - Economics Institute for Research (SIR), … - 1997
This paper provides a detailed examination of price responses in the Swedish gasoline market to changes in the world market price. We use daily price data from one of the leading retail chains together with input costs (spot market price and exchange rate)for the period January 1980 to December...
Persistent link: https://www.econbiz.de/10005649359
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Monetary Policy, Determinacy, and the Natural Rate Hypothesis
Meyer-Gohde, Alexander - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2011
, determinacy depends only on the parameters in the interest rate rule and a pure forward or backward-looking inflation target is … inconsistent with determinacy. Monetary policy that embodies the Taylor principle with respect to contemporaneous inflation …
Persistent link: https://www.econbiz.de/10009209821
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The composition of government spending and the multiplier at the Zero Lower Bound
Albertini, Julien; Poirier, Arthur; Roulleau-Pasdeloup, … - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
We investigate the size of the multiplier at the ZLB in a New keynesian model. It ranges from around -0.25 to +1.5, depending on the extent to which government spending is productive, substitutable or not for private consumption.
Persistent link: https://www.econbiz.de/10010742487
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Unemployment benefits extensions at the zero lower bound on nominal interest rate
Albertini, Julien; Poirier, Arthur - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
In this paper we investigate the impact of the recent US unemployment benefits extension on the labor market dynamic when the nominal interest rate is held at the zero lower bound (ZLB). Using a New Keynesian model, our quantitative experiments suggest that, in contrast to the existing...
Persistent link: https://www.econbiz.de/10010746930
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When the Taylor principle is insufficient - A benchmark for the fiscal theory of the price level in a monetary union
Brede, Maren - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
This paper derives restrictions on monetary and fiscal policies for determinate equilibria in a two-country monetary union with autarkic members. It finds that a central bank following the Taylor principle may not be sufficient for determinacy unless accompanied by one 'active' fiscal authority...
Persistent link: https://www.econbiz.de/10011097003
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Sticky Information and Determinacy
Meyer-Gohde, Alexander - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2011
The infinite-dimensional sticky-information Phillips curve is cast as a finite-dimensional timevarying system of difference equations in order to directly assess determinacy in the model with demand given by the forward-looking IS equation and monetary policy by an interest rate rule. An...
Persistent link: https://www.econbiz.de/10008794464
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Monetary Policy, Trend Inflation and Inflation Persistence
Yao, Fang - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2011
This paper presents a new mechanism through which monetary policy rules affect inflation persistence. When assuming … the traditional demand channel of monetary transmission have a long-lasting effect on inflation dynamics. The Calvo model … around positive trend inflation. With realistic calibration of trend inflation and the monetary policy rule, the model can …
Persistent link: https://www.econbiz.de/10008838445