NATIONAL BANK OF POLAND WORKING PAPER No. 152
... phenomenon, which was observed in many countries but growing turnovers in the world trade, decreasing production costs in emerging economies and higher volatility of commodity prices made this issue more important for small open economies, where the inflation to a larger extent was shaped by externa ...
... phenomenon, which was observed in many countries but growing turnovers in the world trade, decreasing production costs in emerging economies and higher volatility of commodity prices made this issue more important for small open economies, where the inflation to a larger extent was shaped by externa ...
Working Paper No. 563 Whither New Consensus Macroeconomics
... States, namely the so-called MPS model. The MPS was a joint project from staff members at the FRB led by Frank de Leeuw, as well as academic economists led by Franco Modigliani at MIT and Albert Ando at the University of Pennsylvania. The name MPS itself is in fact an indication of this joint work ...
... States, namely the so-called MPS model. The MPS was a joint project from staff members at the FRB led by Frank de Leeuw, as well as academic economists led by Franco Modigliani at MIT and Albert Ando at the University of Pennsylvania. The name MPS itself is in fact an indication of this joint work ...
Monetary Policy - Federal Reserve Bank of Philadelphia
... This condition occurs when there is an increase in the average level of prices of the products and services we buy. Significant changes in the price level distort economic incentives because those changes alter the purchasing power of money. A 5 percent annual rate of increase in prices means that t ...
... This condition occurs when there is an increase in the average level of prices of the products and services we buy. Significant changes in the price level distort economic incentives because those changes alter the purchasing power of money. A 5 percent annual rate of increase in prices means that t ...
inflation-protected bonds: a look at the new i bond series
... offer a contract and terms that make sense for certain individuals. They are not complex, and they merit review by independent-minded investors. CORROSIVE INFLATION Inflation—especially when unexpected—erodes the buying power of an investor’s income and assets. For example, if inflation is 3% per ye ...
... offer a contract and terms that make sense for certain individuals. They are not complex, and they merit review by independent-minded investors. CORROSIVE INFLATION Inflation—especially when unexpected—erodes the buying power of an investor’s income and assets. For example, if inflation is 3% per ye ...
Document
... Result from graph: Increasing MS causes P to rise. How does this work? Short version: At the initial P, an increase in MS causes an excess supply of money. People get rid of their excess money by spending it on g&s or by loaning it to others, who spend it. Result: increased demand for goods. B ...
... Result from graph: Increasing MS causes P to rise. How does this work? Short version: At the initial P, an increase in MS causes an excess supply of money. People get rid of their excess money by spending it on g&s or by loaning it to others, who spend it. Result: increased demand for goods. B ...
Real wages, inflation and labour productivity in Australia
... manufacturing sub-sectors over the period 1980-1996 and found that profit margins (markups) are positively and significantly affected by real wage costs and price inflation; similar conclusions were obtained for Turkey by Blanchard (1985) and Metin-Ozcan et al. (2002). Empirical concerns In relation ...
... manufacturing sub-sectors over the period 1980-1996 and found that profit margins (markups) are positively and significantly affected by real wage costs and price inflation; similar conclusions were obtained for Turkey by Blanchard (1985) and Metin-Ozcan et al. (2002). Empirical concerns In relation ...
NBER WORKING PAPER SERIES USING MONETARY CONTROL 10 DAMPEN THE
... 1970s as compared to the 1950s and early l960s. Thus a careful distinction must be made between the small role of money growth in contributing to the short—run timing of individual cycles, and its large role in contributing to the acceleration of nominal GNP growth and inflation that occurred in the ...
... 1970s as compared to the 1950s and early l960s. Thus a careful distinction must be made between the small role of money growth in contributing to the short—run timing of individual cycles, and its large role in contributing to the acceleration of nominal GNP growth and inflation that occurred in the ...
Inflation As Restructuring. Chapter 2: Macroeconomic Perspectives
... We shall consider this relationship, first, for a single market, and then for the whole economy . . . We might analyze the market for any commodity since the argument at this stage is quitegeneral. Since, however, the subject of the present article is the labour market we shall use the terminology a ...
... We shall consider this relationship, first, for a single market, and then for the whole economy . . . We might analyze the market for any commodity since the argument at this stage is quitegeneral. Since, however, the subject of the present article is the labour market we shall use the terminology a ...
Wage Rigidity in the Great Depression June, 2012 Christopher Hanes Department of Economics
... countercyclical (O'Brien, p. 719; Dighe, 1997; Ohanian, 2009; Ebell and Ritschl, 2008, p. 35). In postwar data, real wages generally appear acyclical or procyclical. But these facts do not make the case. For wage inflation, 1920-21 is a bad benchmark. Studies that compare inflation across business ...
... countercyclical (O'Brien, p. 719; Dighe, 1997; Ohanian, 2009; Ebell and Ritschl, 2008, p. 35). In postwar data, real wages generally appear acyclical or procyclical. But these facts do not make the case. For wage inflation, 1920-21 is a bad benchmark. Studies that compare inflation across business ...
Core Inflation: Concepts, Uses and Measurement
... An alternative conception of core inflation focuses on the generality of movements in prices, and is reflected in Arthur Okun’s definition of inflation as “...a condition of generally rising prices”8 and in John Flemming’s definition of inflation as “...the rate at which the general level of prices ...
... An alternative conception of core inflation focuses on the generality of movements in prices, and is reflected in Arthur Okun’s definition of inflation as “...a condition of generally rising prices”8 and in John Flemming’s definition of inflation as “...the rate at which the general level of prices ...
Monetary/Fiscal Policy Mix and Financial Stability
... inflation distinct from the underlying trend in inflation. This is in sharp contrast to our most recent experience, where well-anchored inflation expectations have enabled the Bank to “look through” the temporary increase in inflation caused by a weaker currency and actually cut interest rates to cu ...
... inflation distinct from the underlying trend in inflation. This is in sharp contrast to our most recent experience, where well-anchored inflation expectations have enabled the Bank to “look through” the temporary increase in inflation caused by a weaker currency and actually cut interest rates to cu ...
Who`s Afraid of a Big Bad Oil Shock? (Brookings Papers on
... average refiner acquisition cost of crude oil, except during the period of price controls, 1973:Q3–1982:Q4, when it is the import cost. The oil price is deflated by the price index of personal consumption expenditures, or PCE.) The most recent event involved a real oil-price increase of 125 percent, ...
... average refiner acquisition cost of crude oil, except during the period of price controls, 1973:Q3–1982:Q4, when it is the import cost. The oil price is deflated by the price index of personal consumption expenditures, or PCE.) The most recent event involved a real oil-price increase of 125 percent, ...
New Zealand’s economic reforms after 1984 L. Christopher Plantier
... the cross-sectional aspects of why real interest rates differ. Consequently, we have tried to keep the country set as wide as possible. However, because of data limitations on net public debt ratios, but also in order to facilitate comparison to a recent paper by Conway and Orr (2002), we limit ours ...
... the cross-sectional aspects of why real interest rates differ. Consequently, we have tried to keep the country set as wide as possible. However, because of data limitations on net public debt ratios, but also in order to facilitate comparison to a recent paper by Conway and Orr (2002), we limit ours ...
the consumer price index
... each dollar more valuable. The same is true with the evolution of the economy over time: As new goods are introduced, consumers have more choices, and each dollar is worth more. Yet because the consumer price index is based on a fixed basket of goods and services, it does not reflect the increase in ...
... each dollar more valuable. The same is true with the evolution of the economy over time: As new goods are introduced, consumers have more choices, and each dollar is worth more. Yet because the consumer price index is based on a fixed basket of goods and services, it does not reflect the increase in ...
NBER WORKING PAPER SERIES HOW DO MONETARY AND FISCAL POLICY
... -2has however been slow. There have been papers analyzing the theory of optimal monetary and fiscal policy,3 but quantitative analyses are scarce.4 There is, of course, a reason for this. It has been difficult to make NNS models replicate stylized facts about fiscal policy, facts that are taken fro ...
... -2has however been slow. There have been papers analyzing the theory of optimal monetary and fiscal policy,3 but quantitative analyses are scarce.4 There is, of course, a reason for this. It has been difficult to make NNS models replicate stylized facts about fiscal policy, facts that are taken fro ...
ODCM Monthly Newsletter - March 2017
... the animal spirits that have been driving stock markets since the election appear to also be showing up in the economic data. Much of the positive sentiment can be found in survey data. The NFIB’s Small Business Optimism index surprised to the upside, rising to the highest level since December 2004, ...
... the animal spirits that have been driving stock markets since the election appear to also be showing up in the economic data. Much of the positive sentiment can be found in survey data. The NFIB’s Small Business Optimism index surprised to the upside, rising to the highest level since December 2004, ...
The role of assessments and judgement in the
... in further detail later in the article. The RIMINI model contains a good 100 exogenous variables that are not determined by the model and which must therefore be estimated outside the model when making projections. In addition to the monetary policy stance, the exogenous variables primarily describe ...
... in further detail later in the article. The RIMINI model contains a good 100 exogenous variables that are not determined by the model and which must therefore be estimated outside the model when making projections. In addition to the monetary policy stance, the exogenous variables primarily describe ...
A Multi-sector Model of the Australian Economy Research Discussion
... be readily augmented to include additional features required to answer specific questions in a targeted manner. The expectation is that this model can be used as a baseline, to which additional features – such as a housing or financial sector – can be added or subtracted, depending on the specific p ...
... be readily augmented to include additional features required to answer specific questions in a targeted manner. The expectation is that this model can be used as a baseline, to which additional features – such as a housing or financial sector – can be added or subtracted, depending on the specific p ...
This PDF is a selection from an out-of-print volume from... of Economic Research Volume Title: Currency Crises
... views, “monetarist” and “classical,” both of which deny any policy role for the real exchange rate. In the better articulated classical view, the real exchange rate is a market price, and any increase in the real exchange rate is a market response to a positive economic performance. “It is the rewar ...
... views, “monetarist” and “classical,” both of which deny any policy role for the real exchange rate. In the better articulated classical view, the real exchange rate is a market price, and any increase in the real exchange rate is a market response to a positive economic performance. “It is the rewar ...
NBER WORKING PAPER SERIES RULE-OF-THUMB CONSUMERS AND THE Jordi Galí
... has been argued that simple interest rate rules can approximate well the performance of complex optimal rules in a variety of environments,1 those rules have also been shown to contain the seeds of unnecessary instability when improperly designed.2 A sufficiently strong feedback from endogenous target ...
... has been argued that simple interest rate rules can approximate well the performance of complex optimal rules in a variety of environments,1 those rules have also been shown to contain the seeds of unnecessary instability when improperly designed.2 A sufficiently strong feedback from endogenous target ...