We analyse the decline in output volatility in Germany. A lower level of variance in an autoregressive model of output … error term variance (reduced impulses). In Germany the decline output volatility is due to a decline in the persistence of … sudden break. The evolution of Germany's short-term real interest rate volatility coincides with the change of the …

What is the relationship between economic growth and its volatility? Does political instability affect growth directly … or indirectly, through volatility? This paper tries to answer such questions using a power-ARCH framework with annual … legislative changes) has an indirect (through volatility) negative impact. We also find preliminary support for the idea that …

volatility of aid on economic growth, controlling for the level of aid. A four-year panel analysis is conducted encompassing 155 … countries over the period 1966-2001. We find that once the volatility of aid is controlled for, aid has a positive impact on … economic growth. Correspondingly, volatility of aid flows is found to be negatively related to growth. We found no significant …

policy impacts inflation and real economic developments in China. The results indicate that the conduct of monetary policy in … aims to hit an inflation target by simply controlling the target interest rate. First, China's monetary policy toolkit is …

This paper investigates the long run and short run relationships of monetary policy, inflation and economic growth in … relationships of monetary policy and inflation are available and most of these have analyzed the effectiveness of monetary policy in … controlling inflation in Pakistan. The present study fills the gap in the literature by analyzing the nexus of monetary policy …

We review evidence on the Great Moderation together with evidence about volatility trends at the micro level to develop … a potential explanation for the decline in aggregate volatility since the 1980s and its consequences. The key elements … are declines in firm-level volatility and aggregate volatility-most dramatically in the durable goods sector-but with no …

We analyze empirical links between the perceived tail-risk of inflation, the policy rate, longer-term interest rates … always in reaction to Fed announcements; and, (v) our impulse responses demonstrate that odds of extreme inflation outcomes …

This paper formalizes the process of updating the nowcast and forecast on output and inflation as new releases of data … Philadelphia surveys have a large marginal impact on the nowcast of both inflation variables and real variables and this effect is … sizeable. Prices and quantities affect the precision of the estimates of inflation while GDP is only affected by real variables …

In a simple New Keynesian model, we derive a closed form solution for the inflation persistence parameter as a function … inflation and the output gap, we show that the empirically observed changes in U.S. inflation persistence during the period 1975 …) view that inflation persistence should not be considered a structural parameter in the sense of Lucas. …

In a simple New Keynesian model, we derive a closed form solution for the inflation-gap persistence parameter as a … to inflation and the output gap, we show that the empirically observed changes in U.S. inflation-gap persistence during … Benati’s (2008) view that inflation persistence should not be considered a structural parameter in the sense of Lucas. …