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An Estimated DSGE Model with a Deflation Steady State
Hirose, Yasuo - Crawford School of Public Policy, Australian National … - 2014
equilibrium indeterminacy around the deflation steady state, a set of specific equilibria is selected by Bayesian methods … deflation equilibrium could experience unexpected volatility because of sunspot fluctuations, but it turns out that the effect … of sunspot shocks on Japan’s business cycles is marginal and that macroeconomic stability during the period was a result …
Persistent link: https://www.econbiz.de/10010904320
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Monetary Policy and Debt Deflation: Some Computational Experiments
Chiarella, Carl; Guilmi, Corrado Di - Crawford School of Public Policy, Australian National … - 2013
The paper presents an agent based model to study the possible effects of different fiscal and monetary policies in the context of debt deflation. We introduce a modified Taylor rule which includes the financial position of firms as a target. Monte Carlo simulations show that an excessive...
Persistent link: https://www.econbiz.de/10011185976
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A PHILLIPS CURVE FOR CHINA
Scheibe, Joerg; Vines, David - Crawford School of Public Policy, Australian National … - 2005
This paper models Chinese inflation using an output gap Phillips curve. Inflation modelling for the world's sixth largest economy is a still under-researched topic. We estimate a partially forward-looking Phillips curve as well as traditional backward-looking Phillips curves. Using quarterly...
Persistent link: https://www.econbiz.de/10010860366
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A PHILLIPS CURVE FOR CHINA
Scheibe, Joerg; Vines, David - College of Business and Economics, Australian National … - 2005
This paper models Chinese inflation using an output gap Phillips curve. Inflation modelling for the world's sixth largest economy is a still under-researched topic. We estimate a partially forward-looking Phillips curve as well as traditional backward-looking Phillips curves. Using quarterly...
Persistent link: https://www.econbiz.de/10005086505
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BEHAVIOURAL MACROECONOMICS AND WAGE AND PRICE SETTING: DEVELOPING SOME EARLY INSIGHTS OF JOHN MAYNARD KEYNES AND JOAN ROBINSON
McDonald, Ian - College of Business and Economics, Australian National … - 2008
This paper argues that the theory of wage and price setting in macroeconomics should be broadened to include insights from behavioural economics, in particular prospect theory and loss aversion. The paper shows how broader microeconomic foundations can explain the main features of a realistic...
Persistent link: https://www.econbiz.de/10005018039
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BEHAVIOURAL MACROECONOMICS AND WAGE AND PRICE SETTING: DEVELOPING SOME EARLY INSIGHTS OF JOHN MAYNARD KEYNES AND JOAN ROBINSON
McDonald, Ian - Crawford School of Public Policy, Australian National … - 2008
This paper argues that the theory of wage and price setting in macroeconomics should be broadened to include insights from behavioural economics, in particular prospect theory and loss aversion. The paper shows how broader microeconomic foundations can explain the main features of a realistic...
Persistent link: https://www.econbiz.de/10010607768
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Inflationary Implication of Gold Price in Vietnam*
Nguyen, Thi Kim Cuc; Siregar, Reza Yamora - Crawford School of Public Policy, Australian National … - 2013
The sustained elevated gold price domestically, hovering persistently above the global market price, underscores the peculiar nature of the gold market in Vietnam and the resiliently strong demand for gold in the local market. In particular, the movements in the price of gold seem to lead a...
Persistent link: https://www.econbiz.de/10011186036
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Price Indexation, Habit Formation, and the Generalized Taylor Principle
Bhattarai, Saroj; Lee, Jae Won; Park, Woong Yong - Crawford School of Public Policy, Australian National … - 2013
We prove that the Generalized Taylor Principle, under which the nominal interest rate reacts more than one-for-one to inflation in the long run, is a necessary and (under some extra mild restrictions on parameters) sufficient condition for determinacy in a sticky price model with positive...
Persistent link: https://www.econbiz.de/10010904268
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The Great Recession and the Two Dimensions of European Central Bank Credibility
Henckel, Timo; Menzies, Gordon D.; Zizzo, Daniel J. - Crawford School of Public Policy, Australian National … - 2013
A puzzle from the Great Recession is an apparent mismatch between a fall in the persistence of European inflation rates, and the increased variability of expert forecasts of inflation. We explain this puzzle and show how country specific beliefs about inflation are still quite close to the...
Persistent link: https://www.econbiz.de/10010904282
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THE FREQUENCY OF PRICE ADJUSTMENT AND NEW KEYNESIAN BUSINESS CYCLE DYNAMICS
Dennis, Richard - Crawford School of Public Policy, Australian National … - 2008
The Calvo pricing model that lies at the heart of many New Keynesian business cycle models has been roundly criticized for being inconsistent both with time series data on inflation and with micro-data on the frequency of price changes. In this paper I develop a new pricing model whose structure...
Persistent link: https://www.econbiz.de/10010904294