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the implications of digitalisation for measurement, productivity, labour markets and inflation, as well as more recent … digitalisation is likely to boost future productivity gains from digitalisation. Digitalisation has spurred greater automation, with …The digitalisation workstream report analyses the degree of digital adoption across the euro area and EU countries and …
Persistent link: https://www.econbiz.de/10013210842
the implications of digitalisation for measurement, productivity, labour markets and inflation, as well as more recent … digitalisation is likely to boost future productivity gains from digitalisation. Digitalisation has spurred greater automation, with …The digitalisation workstream report analyses the degree of digital adoption across the euro area and EU countries and …
Persistent link: https://www.econbiz.de/10012626753
We identify an inflationary technology news shock as the leading source of business cycle variations for the postwar U ….S. economy. This shock acts like a demand shock: it induces strong positive comovement in real quantities - GDP, consumption … technological innovations reduce inflation. The technology news shock became the predominant source of the business cycle from the …
Persistent link: https://www.econbiz.de/10011930326
Many observers argue that the world has changed after the latest financial crisis. If that is the case, monetary policy and the process informing it will have to be reconsidered and 'learned' anew by all stakeholders. Perhaps, a new Taylor rule will emerge. A 'Taylor rule' is predicated upon two...
Persistent link: https://www.econbiz.de/10012889157
Adoption of inflation targeting by the Bank of Korea (BOK) in 1998 contributed to low and stable inflation. However, after the global financial crisis (GFC) monetary policy faced more challenging conditions. Inflation slipped below the target range in 2012 and remains below it despite a cut in...
Persistent link: https://www.econbiz.de/10012868478
The Fiscal Theory of the Price Level (FTPL) is the claim that, in a popular class of theoretical models, the price level is sometimes determined by fiscal policy rather than monetary policy. The models where this claim has been established assume that all decisions are made by an...
Persistent link: https://www.econbiz.de/10012859850
The evidence on the inflation impact of aging is mixed, and there is no evidence regarding the volatility of inflation. Based on advanced economies' data and a DSGE-OLG model, we find that aging leads to downward pressure on inflation and higher inflation volatility. Our paper is also the first,...
Persistent link: https://www.econbiz.de/10012859869
Monetary independence is at the core of the macroeconomic policy trilemma stating that an independent monetary policy, a fixed exchange rate and free movement of capital cannot exist at the same time. This study examines the relationship between monetary autonomy and inflation dynamics in a...
Persistent link: https://www.econbiz.de/10012859872
The treatment of owner-occupied housing (OOH) is probably the most important unresolved issue in inflation measurement. The European Union has been grappling with this problem for over a decade. We argue for measuring OOH costs using a particular version of the user cost method. We then compare...
Persistent link: https://www.econbiz.de/10012928265
We examine the effects of various borrower-based macroprudential tools in a New Keynesian environment where both real and nominal interest rates are low. Our model features long-term debt, housing transaction costs and a zero-lower bound constraint on policy rates. We find that the long-term...
Persistent link: https://www.econbiz.de/10012828224