The argument made in this manuscript is that the two traditional macroeconomic tools, fiscal policy and monetary policy, are insufficient to bring back efficiently into equilibrium an economy that has had a major crisis. Both traditional macro-tools only work through the demand side, and there...

The Thanksgiving-Christmas holiday period is a major sales period for US retailers. Due to higher store traffic, tasks such as restocking shelves, handling customers’ questions and inquiries, running cash registers, cleaning, and bagging, become more urgent during holidays. As a result, the...

This paper studies optimal monetary policy in a small open economy with Inflation Targeting, incomplete pass-through and rigid nominal wages. The paper shows that the right index to target depends on the structure of the individual economy. When wages are fully flexible, the consumer price index...

We offer new evidence on the link between price points and price rigidity using two datasets. One is a large weekly transaction price dataset, covering 29 product categories over an eight-year period from a large U.S. supermarket chain. The other is from the Internet, and includes daily prices...

Zur makroökonomischen Interaktion von Zentralbank und Gewerkschaften hat es in den letzten Jahren vermehrt spieltheoretische Beiträge gegeben. Der Vorzug der spieltheoretischen Methode ist, dass sie den Blick auf die Handlungslogiken der makroökonomischen Akteure erweitert. Zielkonflikte...

This paper studies monetary policy rules in a small open economy with Inflation Targeting, incomplete pass-through and rigid nominal wages. The paper shows that, when nominal wages are fully flexible and pass-through is low to moderate, the monetary authority should target the consumer price...

In the literature of staggered wages (Taylor, 1979, 1980; Blanchard, 1986; Ball and Cecchetti, 1991) the discount factor is neglected in the workers’ loss function. Yet discounting is to be viewed as an extra piece of micro-foundation with implications for discretionary monetary policy. We revisit the...

We show the negative relation between the unemployment rate and the inflation rate, that is, the Phillips curve using an overlapping generations model under monopolistic competition. We consider the effects of exogeneous changes in labor productivity. An increase (decrease) in the labor...

This paper explains and shows us the Phillips Curve for advanced economies on period 1996-2007 for specially for the United States and Euro area case. The informations for 2006 and 2007 was considered being in attention the forecasting of International Monetary Fund (IMF) for these years. We...

We show a negative relation between the inflation rate and the unemployment rate , that is, the Phillips curve using a three-periods overlapping generations (OLG) model with childhood period and pay-as-you-go pension for older generation under monopolistic competition. We consider the effects of...