Showing 1 - 10 of 245
Persistent link: https://www.econbiz.de/10006660255
A small model of the U.S. output-inflation nexus is used to examine the implications of two policy rules, one where the interest rate responds to contemporaneous inflation and one where the response is to predict future inflation. The model is asymmetric in that positive deviations of aggregate...
Persistent link: https://www.econbiz.de/10005227465
This paper presents empirical evidence supporting the proposition that there is a significant asymmetry in the U.S. output-inflation process. The important policy implication of this asymmetry is that it can be very costly if the economy overheats because this will necessitate a severe...
Persistent link: https://www.econbiz.de/10008915339
Persistent link: https://www.econbiz.de/10006789260
Persistent link: https://www.econbiz.de/10006331741
This paper presents empirical evidence supporting the proposition that there is a significant asymmetry in the U.S. output-inflation process, which implies that excess demand conditions are much more inflationary than excess supply conditions are disinflationary. The important policy implication...
Persistent link: https://www.econbiz.de/10005599496
This paper examines the evidence on asymmetries in the effects of activity on inflation. Data for the G-7 countries are found to strongly support the view that the inflation-activity relationship is nonlinear, with high levels of activity raising inflation by more than low levels decrease it. In...
Persistent link: https://www.econbiz.de/10005599669
This paper develops a small model of the output-inflation process in the United States in order to examine the implications of alternative monetary policy rules. In particular, two types of policy rules are considered; a myopic rule where interest rates respond contemporaneously to output and...
Persistent link: https://www.econbiz.de/10005826474
This paper uses a two-country version of the global economy model to investigate some costs and benefits of a small, emerging economy's abandoning a flexible exchange rate regime in favor of adopting the currency of its main trading partner. The topic is particularly relevant for countries in...
Persistent link: https://www.econbiz.de/10005142040
Persistent link: https://www.econbiz.de/10005199962