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Inflation volatility in small and large advanced open economies

Mozzanica, Mirco Balatti - 2020

Inflation volatility is clearly important for structural analysis, forecasting and policy purposes, yet it is often overlooked in the literature. This paper compares in ation volatility among advanced open economies with in ation targeting monetary policy frameworks. The results of the empirical...

Persistent link: https://www.econbiz.de/10012422110

The short-term impact of government budgets on prices: evidence from macroeconomic models

Henry, Jérôme; Hernández de Cos, Pablo; Momigliano, … - 2004

This paper reviews the existing empirical evidence on the short-term impact on prices of fiscal variables and assesses … Commission and the OECD models. Overall, a broad consensus appears on the impact on prices of changes in individual government … limited impact on prices in the first year while, in contrast, changes in indirect taxes and employers' social security …

Persistent link: https://www.econbiz.de/10011604442

Wage and price dynamics in Portugal

Robalo Marques, Carlos - 2008

This paper investigates the persistence of aggregate wages and prices in Portugal assuming a model of a unionized … wages is attributable mainly to unemployment shocks (about 80 percent), whereas variation in the forecast errors of prices …). Productivity shocks explain somewhat less than 10 percent of the variation in forecast errors of wages and prices. …

Persistent link: https://www.econbiz.de/10011604991

On the International Spillovers of US Quantitative Easing

Fratzscher, Marcel - 2013

Fed operations, such as Treasury and MBS purchases, on portfolio allocations and asset prices dwarfed those of Fed …

Persistent link: https://www.econbiz.de/10013081463

What shapes spillovers from monetary policy shocks in the United States to emerging market economies?

Andres-Escayola, Erik; McQuade, Peter; Schroeder, Christofer - 2024

activity and prices in EMEs over one year. Importantly, these effects are amplified in periods of high vulnerabilities and …

Persistent link: https://www.econbiz.de/10015199446

ECB-(RE)BASE: Heterogeneity in expectation formation and macroeconomic dynamics

Adjemian, Stéphane; Bokan, Nikola; Darracq Pariès, … - 2024

This paper introduces ECB-(RE)BASE as the model-consistent, or rational expectation version of the ECB-BASE model. It brings new analytical capabilities to consider varying degrees of heterogeneity in expectation formation across the agents of the model. While the original version of ECB-BASE...

Persistent link: https://www.econbiz.de/10015199458

Average inflation targeting: How far to look into the past and the future?

Maések, Frantisek; Zemlicka, Jan - 2024

We analyze the optimal window length in the average inflation targeting rule within a Behavioral THANK model. The central bank faces an occasionally binding effective lower bound (ELB) or persistent supply shocks, and can also use quantitative easing. We show that the optimal averaging period is...

Persistent link: https://www.econbiz.de/10015199491

Reallocation, productivity, and monetary policy in an energy crisis

Chafwehé, Boris; Colciago, Andrea; Priftis, Romanos - 2024

increase in fossil fuel prices on sectoral size, labor productivity, and inflation. A hike in the price of fossil resources … results in higher energy prices. Due to ex-ante heterogeneity in energy intensity in production, the profitability of sectors …

Persistent link: https://www.econbiz.de/10015199503

Trust in central banks

Ehrmann, Michael - 2024

Trust in the central bank is an essential ingredient for a successful conduct of monetary policy. However, for many central banks trust has recently declined, for instance in the wake of the post-pandemic inflation surge, due to large errors in central banks' inflation forecasts, or given...

Persistent link: https://www.econbiz.de/10015199505

The inflationary consequences of prioritising central bank profits

Gebauer, Stefan; Pool, Sebastiaan; Schumacher, Julian - 2024

This paper examines the impact of rising interest rates on central bank profitability. Using a stylized income model, we demonstrate that changes in interest rates in combination with expansive balance sheet policies introduce a cyclical component into the central bank's profit and loss...

Persistent link: https://www.econbiz.de/10015199514