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Dieser Beitrag analysiert die Existenz, das Ausmaß sowie die realwirtschaftlichen Implikationen nach unten starrer Nominallöhne in Deutschland. Unter Verwendung von drei alternativen Modellvarianten für die proportionale Abwärtsnominallohnstarrheit wird auf Grundlage der...
Persistent link: https://www.econbiz.de/10009746167
The New Keynesian Phillips Curve has become an inherent part of modern monetary policy models. It is derived from micro-founded models with rational expectations, sticky prices, and forward and backward-looking subjects on the market. Having reviewed about 200 studies, we analyze the weight of...
Persistent link: https://www.econbiz.de/10010318419
möglicherweise zu erhöhter gleichgewichtiger Arbeitslosigkeit. Dieser Aufsatz analysiert die wachsende Evidenz zu nach unten starren …
Persistent link: https://www.econbiz.de/10010261537
Persistent link: https://www.econbiz.de/10001663625
The rule bounded currency board-system is a contribution to a process of convergence between the price level of the currency board-country and the anchor currency-country. However this strategy includes the risk of an inadequate provision with liquidity in the currency board-country. In the long...
Persistent link: https://www.econbiz.de/10010483978
Global liquidity expansion has been very dynamic since 2001. Contrary to conventionalwisdom, high money growth rates have not coincided with a concurrent rise in goodsprices. At the same time, however, asset prices have increased sharply, significantlyoutpacing the subdued development in...
Persistent link: https://www.econbiz.de/10005866163
It seems clear that the ECB will raise interest rates in July 2022 and end its asset purchase program. This should send a strong and important signal to markets and economic players that the ECB continues to take its mandate for price stability seriously. However, it cannot be said with absolute...
Persistent link: https://www.econbiz.de/10013343124
more credibly that it will counteract this danger and act accordingly as the costs of disinflation will remain higher the …
Persistent link: https://www.econbiz.de/10013343125
Whereas strong demand is a key factor driving high inflation in the US, inflation in the Euro Area is mainly due to adverse external supply shocks (in Europe, energy prices are much higher due to the war in Ukraine). Standard monetary policy response to such shocks is to accommodate first-round...
Persistent link: https://www.econbiz.de/10013343126
The sharp revisions in inflation forecasts are not rooted in analytical flaws, overly hesitant ECB policies or model failures. Energy price shocks of historic dimensions are the key factor. They have ended the prolonged phase of excessively weak inflation with risks now clearly increasing. In...
Persistent link: https://www.econbiz.de/10013343136