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Wage Gaps vs. Output Gaps : Is There a Common Story for All of Europe?

Gordon, Robert J. - 1987

compatible with a constant inflation rate has increased substantially since 1972 in every European country. However, output gaps … percentage points, particularly in France and Germany, without causing an acceleration of inflation. (5) Some might argue that …

Persistent link: https://www.econbiz.de/10012476613

Aggregate Supply and Potential Output

Razin, Assaf - 2004

The New-Keynesian aggregate supply derives from micro-foundations an inflation-dynamics model very much like the … tradition in the monetary literature. Inflation is primarily affected by: (i) economic slack; (ii) expectations; (iii) supply … shocks; and (iv) inflation persistence. This paper extends the New Keynesian aggregate supply relationship to include also …

Persistent link: https://www.econbiz.de/10012468400

Money and Inflation in the Euro Area : A Case for Monetary Indicators?

Gerlach, Stefan - 2000

This paper studies the relationship between inflation, output, money and interest rates in the euro area, using data … power for future inflation. The real money gap contains more information about future inflation than the output gap and the … Eurosystem's money-growth indicator is an inferior indicator of future inflation …

Persistent link: https://www.econbiz.de/10012470705

A Simple Model of Trade, Capital Mobility, and the Environment

Copeland, Brian R. - 1997

This paper examines the interaction between relative factor abundance and income-induced policy differences in determining the pattern of trade and the effect of trade liberalization on pollution. If a rich and capital abundant North trades with a poor and labor abundant South, then free trade...

Persistent link: https://www.econbiz.de/10012472930

Money Growth and Interest Rates

Hur, Seok-Kyun - 2005

Our paper explores a transmission mechanism of monetary policy through bond market. Based on the assumption of delayed responses of economic agents to monetary shocks, we derive a system of equations relating the term structure of interest rates with the past history of money growth rates and...

Persistent link: https://www.econbiz.de/10012467583

Monetary Policy and Regional Interest Rates in the United States, 1880-2002

Landon-Lane, John - 2004

The long running debate among economic historians over how long it took regional financial markets in the United States to become fully integrated should be of considerable interest to students of monetary unions. This paper reviews the debate, discusses the implications of various hypotheses...

Persistent link: https://www.econbiz.de/10012467763

What does Monetary Policy do to Long-Term Interest Rates at the Zero Lower Bound?

Wright, Jonathan H. - 2011

The federal funds rate has been stuck at the zero bound for over two years and the Fed has turned to unconventional monetary policies, such as large scale asset purchases to provide stimulus to the economy. This paper uses a structural VAR with daily data to identify the effects of monetary...

Persistent link: https://www.econbiz.de/10012461504

The Effectiveness of Alternative Monetary Policy Tools in a Zero Lower Bound Environment

Hamilton, James D. - 2011

This paper reviews alternative options for monetary policy when the short-term interest rate is at the zero lower bound and develops new empirical estimates of the effects of the maturity structure of publicly held debt on the term structure of interest rates. We use a model of risk-averse...

Persistent link: https://www.econbiz.de/10012461701

Implementation of Monetary Policy : How Do Central Banks Set Interest Rates?

Friedman, Benjamin M. - 2010

Central banks no longer set the short-term interest rates that they use for monetary policy purposes by manipulating the supply of banking system reserves, as in conventional economics textbooks; today this process involves little or no variation in the supply of central bank liabilities. In...

Persistent link: https://www.econbiz.de/10012462492

Banking and Interest Rates in Monetary Policy Analysis : A Quantitative Exploration

Goodfriend, Marvin - 2007

The paper reconsiders the role of money and banking in monetary policy analysis by including a banking sector and money in an optimizing model otherwise of a standard type. The model is implemented quantitatively, with a calibration based on U.S. data. It is reasonably successful in providing an...

Persistent link: https://www.econbiz.de/10012465446