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Identifying Monetary Policy Shocks : A Natural Language Approach
Aruoba, S. Borağan; Drechsel, Thomas - National Bureau of Economic Research - 2024
We develop a novel method for the identification of monetary policy shocks. By applying natural language processing techniques to documents that Federal Reserve staff prepare in advance of policy decisions, we capture the Fed's information set. Using machine learning techniques, we then predict...
Persistent link: https://www.econbiz.de/10014544696
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Potential Output and Inflation Dynamics after the Great Recession
Huang, Yu-Fan - 2017
Ever since the end of the Great Recession, the U.S. economy has experienced a period of mild inflation, which … contradicts with the output-inflation relationship depicted by a traditional Phillips curve. This paper examines how the permanent … output loss during the Great Recession has affected the ability of the Phillips curve to explain U.S. inflation dynamics. We …
Persistent link: https://www.econbiz.de/10012972196
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Mind the Output Gap : The Disconnect of Growth and Inflation During Recessions and Convex Phillips Curves in the Euro Area
Groß, Marco - 2017
We develop a theoretical model that features a business cycle-dependent relation between output, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … pronounced convex relationship between inflation and the output gap, meaning that the co-efficient in the Phillips curve on the …
Persistent link: https://www.econbiz.de/10012963916
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Wage Rigidity Impacts on Unemployment and Inflation Persistence in Tunisia : Evidence from an Estimated DSGE Model
Alimi, Kawther; Chakroun, Mohamed - 2021
This paper analyzes the effects of nominal wage rigidity on inflation persistence and unemployment using a dynamic …
Persistent link: https://www.econbiz.de/10013233389
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Adjustment cost-driven inflation inertia
Sienknecht, Sebastian - 2010
This paper shows how endogeneous inflation inertia is generated by a simple modificaton of the quadratic adjustment … cost structure faced by economic agents. We derive the pertinent inflation relationships based on purely nominal rigidities … replicate empirical responses to an interest rate shock. -- Inflation Dynamics ; New Keynesian Phillips Curve; Business …
Persistent link: https://www.econbiz.de/10003952510
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Three revolutions in macroeconomics : their nature and influence
Laidler, David E. W. - 2013
Harry Johnson's 1971 ideas about the factors affecting the success of the Keynesian Revolution and the Monetarist Counter-revolution are summarised and extended to the analysis of the Rational Expectations - New Classical (RE-NC) Revolution It is then argued that, whereas Monetarism brought...
Persistent link: https://www.econbiz.de/10009765542
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Mind the output gap : the disconnect of growth and inflation during recessions and convex Phillips curves in the euro area
Groß, Marco; Semmler, Willi - Task Force on Low Inflation (LIFT) - 2017
We develop a theoretical model that features a business cycle-dependent relation between out- put, price inflation and … inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale … pronounced convex relationship between inflation and the output gap, meaning that the coefficient in the Phillips curve on the …
Persistent link: https://www.econbiz.de/10011636803
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Does the New Keynesian Phillips curve need countercyclical markups?
Kim, Bae-Geun - In: Economic modelling 63 (2017), pp. 262-282
Persistent link: https://www.econbiz.de/10011813512
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Inflation and the Skewness of the Distribution of Relative Price Changes: Empirical Evidence for Germany
Döpke, Jörg; Pierdzioch, Christian - 2001
aggregate inflation and the higher-order moments of the distribution of relative price changes. Our empirical findings confirm … explanatory variable for the inflation rate. Further, the skewness measure also helps to explain shifts in the Phillips curve …
Persistent link: https://www.econbiz.de/10010260622
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Inflation and the skewness of the distribution of relative price changes : empirical evidence for Germany
Döpke, Jörg; Pierdzioch, Christian - 2001
aggregate inflation and the higher-order moments of the distribution of relative price changes. Our empirical findings confirm … explanatory variable for the inflation rate. Further, the skewness measure also helps to explain shifts in the Phillips curve …
Persistent link: https://www.econbiz.de/10011476471