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From Galloping Inflation to Price Stability in Steps: Israel 1985–2013
Melnick, Rafi; Strohsal, Till - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2015
After the introduction of a stabilization program Israeli inflation decreased from 400% in 1985 to 2% in 2013. This … process is defined by three clear steps of high, medium and low inflation. The break dates are in line with major economic …
Persistent link: https://www.econbiz.de/10011277264
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Are US Inflation Expectations Re-Anchored?
Nautz, Dieter; Strohsal, Till - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
Anchored inflation expectations are of key importance for monetary policy. If long-terminflation expectations arewell … breaks to investigate the de- and re-anchoring of US inflation expectations. We confirm earlier evidence on the de …
Persistent link: https://www.econbiz.de/10010938965
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Monetary Policy, Determinacy, and the Natural Rate Hypothesis
Meyer-Gohde, Alexander - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2011
, determinacy depends only on the parameters in the interest rate rule and a pure forward or backward-looking inflation target is … inconsistent with determinacy. Monetary policy that embodies the Taylor principle with respect to contemporaneous inflation …
Persistent link: https://www.econbiz.de/10009209821
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The composition of government spending and the multiplier at the Zero Lower Bound
Albertini, Julien; Poirier, Arthur; Roulleau-Pasdeloup, … - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
We investigate the size of the multiplier at the ZLB in a New keynesian model. It ranges from around -0.25 to +1.5, depending on the extent to which government spending is productive, substitutable or not for private consumption.
Persistent link: https://www.econbiz.de/10010742487
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Unemployment benefits extensions at the zero lower bound on nominal interest rate
Albertini, Julien; Poirier, Arthur - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
In this paper we investigate the impact of the recent US unemployment benefits extension on the labor market dynamic when the nominal interest rate is held at the zero lower bound (ZLB). Using a New Keynesian model, our quantitative experiments suggest that, in contrast to the existing...
Persistent link: https://www.econbiz.de/10010746930
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When the Taylor principle is insufficient - A benchmark for the fiscal theory of the price level in a monetary union
Brede, Maren - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
This paper derives restrictions on monetary and fiscal policies for determinate equilibria in a two-country monetary union with autarkic members. It finds that a central bank following the Taylor principle may not be sufficient for determinacy unless accompanied by one 'active' fiscal authority...
Persistent link: https://www.econbiz.de/10011097003
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Sticky Information and Determinacy
Meyer-Gohde, Alexander - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2011
The infinite-dimensional sticky-information Phillips curve is cast as a finite-dimensional timevarying system of difference equations in order to directly assess determinacy in the model with demand given by the forward-looking IS equation and monetary policy by an interest rate rule. An...
Persistent link: https://www.econbiz.de/10008794464
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Monetary Policy, Trend Inflation and Inflation Persistence
Yao, Fang - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2011
This paper presents a new mechanism through which monetary policy rules affect inflation persistence. When assuming … the traditional demand channel of monetary transmission have a long-lasting effect on inflation dynamics. The Calvo model … around positive trend inflation. With realistic calibration of trend inflation and the monetary policy rule, the model can …
Persistent link: https://www.econbiz.de/10008838445
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Inflation Expectations Spillovers between the United States and Euro Area
Netšunajev, Aleksei; Winkelmann, Lars - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2014
We quantify spillovers of inflation expectations between the United States (US) and Euro Area (EA) based on break …-even inflation (BEI) rates. In contrast to previous studies, we model US and EA BEI rates jointly in a structural vector … autoregressive (SVAR) model. The SVAR approach allows to identify US and EA specific inflation expectations shocks. By modeling the …
Persistent link: https://www.econbiz.de/10011277301
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The Natural Rate Hypothesis and Real Determinacy
Meyer-Gohde, Alexander - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2008
The uniqueness of bounded local equilibria under interest rate rules is analyzed in a model with sticky information `a la Mankiw and Reis (2002). The main results are tighter bounds on monetary policy than in sticky-price models, irrelevance of the degree of output-gap targeting for determinacy,...
Persistent link: https://www.econbiz.de/10005652783