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Optimal Taxation of Inflation
Capelle, Damien - 2023
When inflation originates from distributional conflicts, shifts in inflation expectations, or energy price shocks, monetary policy (MP) is a costly stabilization instrument. We show that a tax on inflation policy (TIP), which would require firms to pay a tax proportional to the increase in their...
Persistent link: https://www.econbiz.de/10015058866
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How We Missed the Inflation Surge: An Anatomy of Post-2020 Inflation Forecast Errors
Koch, Christoffer - 2023
This paper analyzes the inflation forecast errors over the period 2021Q1-2022Q3 using forecasts of core and headline inflation from the International Monetary Fund World Economic Outlook for a large group of advanced and emerging market economies. The findings reveal evidence of forecast bias...
Persistent link: https://www.econbiz.de/10015059444
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Weighted Median Inflation Around the World: A Measure of Core Inflation
Ball, Laurence M. - 2023
The standard measure of core or underlying inflation is the inflation rate excluding food and energy prices. This paper constructs an alternative measure, the weighted median inflation rate, for 38 advanced and emerging economies using subclass level disaggretion of the CPI over 1990-2021, and...
Persistent link: https://www.econbiz.de/10015059656
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The 2020-2022 Inflation Surge Across Europe: A Phillips-Curve-Based Dissection
Baba, Chikako - 2023
In 2021-22, inflation in Europe soared to multidecade highs, consistently exceeding policymakers' forecasts and surprising with its wide cross-country dispersion. This paper analyzes the key drivers of the inflation surge in Europe and its variation across countries. The analysis highlights...
Persistent link: https://www.econbiz.de/10015059690
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The Inflation-Unemployment Trade-off at Low Inflation
Ricci, Luca Antonio - 2009
Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution for a long-run Phillips curve relates average unemployment to average wage inflation;...
Persistent link: https://www.econbiz.de/10012677671
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Policy Space Index: Short-Term Response to a Catastrophic Event
Ferrer, José - 2022
paper proposes a policy space index. The index combines a quantitative, albeit relatively limited and narrow, fiscal space … markets, debt distress level, and the exchange rate regime. The final policy space index is derived as a composite of the … three nominal policy space indicators, each adjusted for five institutional features. This index is different from the …
Persistent link: https://www.econbiz.de/10015060334
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Measuring Soft Power: A New Global Index
Cevik, Serhan - 2024
Soft Power Index (GSPI) composed of six dimensions for a broad sample of countries over a long span of time. The proposed …
Persistent link: https://www.econbiz.de/10015328381
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An Index Number Formula Problem
Silver, Mick S. - 2009
Index number theory informs us that if data on matched prices and quantities are available, a superlative index number … formula is best to aggregate heterogeneous items, and a unit value index to aggregate homogeneous ones. The formulas can give … as to why such formulas differ and proposes a solution to this index number problem …
Persistent link: https://www.econbiz.de/10012677703
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Identifying Optimal Indicators and Lag Terms for Nowcasting Models
Xie, Jing - 2023
nowcasts of real GDP of six countries, including India, Argentina, Australia, South Africa, the United Kingdom, and the United …
Persistent link: https://www.econbiz.de/10015059646
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Common Factors in Latin America's Business Cycles.
Aiolfi, Marco - 2006
Persistent link: https://www.econbiz.de/10012691015