This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...

The April 21, 2005 issue of the LONDON REVIEW OF BOOKS carried a lead article titled ‘Blood for Oil?’ The paper is attributed to a group of writers and activists – Iain Boal, T.J. Clark, Joseph Matthews and Michael Watts – who identify themselves by the collective name ‘Retort.’ In...

Cet article propose une estimation de la production potentielle et un modèle d’écart de production au Liban en utilisant plusieurs méthodes statistiques comme la méthode de la tendance linéaire, le filtre d’Hodrick-Prescott et la méthode de la tendance segmentée. Dans la mesure où le...

This paper presents an empirical analysis of the determinants of inflation in the United States, Japan, the euro area and the United Kingdom, focusing on the role of resource utilisation, inflation expectations, inflation persistence and imported inflation. It also includes a cross-sectional...

The balance of outstanding student loan debt has risen sharply in the United States since 2008. At the same time, economic prospects for young graduates have worsened, leading to an increase in defaults on student loans. The trend is already having visible repercussions on the US economy;...

We estimate standard errors (S.Es.) of month on month and year on year inflation in Pakistan based on data for the period of July 2001 to June 2010 using the stochastic approach as well as extended stochastic approach to index numbers. We develop a mechanism to estimate S.E. of period average...

On 11-12 May 2011, SUERF and the Belgian Financial Forum, in association with the Brussels Finance Institute and the Centre for European Policy Studies (CEPS) organized the 29th SUERF Colloquium “New Paradigms in Money and Finance?” All the papers in the present SUERF Study are based on...

Im Juli 2007 wurden die Milchpreise in Deutschland um 7 Cent je Liter angehoben, und für andere Molkereiprodukte wurden drastische Steigerungen angekündigt. Inzwischen ist auch bei Brot und Backwaren sowie bei Fleisch von deutlichen Preiserhöhungen die Rede. Verschiedentlich wird bereits...

Von der Preisentwicklung geht derzeit ein erhebliches Risiko für die weitere wirtschaftliche Entwicklung aus. Die Teuerungen bei Lebensmitteln und Energie haben die Kaufkraft der Arbeitnehmer reduziert und dämpfen auf diese Weise die Erholung des privaten Verbrauchs, auf der die...

Price setting in German metal-working industries is analysed using a monthly panel of individual price data for more than 2,000 plants covering the period from 1980 to 2001. Motivated by several models in the literature, a duration model is estimated. Price changes can be explained by a...