The new tools of monetary policy
BS Bernanke - American Economic Review, 2020 - aeaweb.org
To overcome the limits on traditional monetary policy imposed by the effective lower bound
on short-term interest rates, in recent years the Federal Reserve and other advanced …
on short-term interest rates, in recent years the Federal Reserve and other advanced …
Should the ECB adjust its strategy in the face of a lower r★?
We address this question using an estimated New Keynesian DSGE model of the Euro Area
with trend inflation, imperfect indexation, and a lower bound on the nominal interest rate. In …
with trend inflation, imperfect indexation, and a lower bound on the nominal interest rate. In …
[HTML][HTML] The case for a positive euro area inflation target: Evidence from France, Germany and Italy
Using micro price data underlying the consumer price index, we estimate relative price
trends over the product life cycle in France, Germany and Italy. Minimizing the welfare …
trends over the product life cycle in France, Germany and Italy. Minimizing the welfare …
Flattening of the Phillips Curve and the Mandate of the Central Bank
This paper argues that, with a flat Phillips curve, welfare can be improved if the Central Bank
stabilizes the output gap directly. The pursuit of price stability may, in fact, increase price …
stabilizes the output gap directly. The pursuit of price stability may, in fact, increase price …
[PDF][PDF] The effects of trend inflation on aggregate dynamics and monetary stabilization
A Alexandrov - Mimeo, 2020 - wiwi.uni-bonn.de
I derive a set of new analytic results for the effects of trend inflation on aggregate price and
output dynamics in menu cost models. I find that positive trend inflation:(1) induces …
output dynamics in menu cost models. I find that positive trend inflation:(1) induces …
Трендовая инфляция: оценки для российской экономики
СМ Дробышевский, МВ Казакова… - Вопросы …, 2023 - elibrary.ru
В работе оценивается траектория трендовой инфляции для России. Обсуждаются
меры инфляции, используемые в макроэкономических моделях, а также теоретико …
меры инфляции, используемые в макроэкономических моделях, а также теоретико …
What should the inflation target be? Views from 600 economists
In a survey of more than 600 economists, most respondents prefer their central bank to have
an explicit inflation target. Roughly half want the central bank to keep its current target. Two …
an explicit inflation target. Roughly half want the central bank to keep its current target. Two …
The case for a positive euro area inflation target: evidence from France, Germany and Italy
Using micro price data underlying the Harmonized Index of Consumer Prices in France,
Germany and Italy, we estimate relative price trends over the product life cycle and show that …
Germany and Italy, we estimate relative price trends over the product life cycle and show that …
Can Supply Shocks Be Inflationary with a Flat Phillips Curve?
JP L'Huillier, G Phelan - 2023 - papers.ssrn.com
Not in standard models. With conventional pricing frictions, imposing a flat Phillips curve
also imposes a price level that is rigid with respect to supply shocks. In the New Keynesian …
also imposes a price level that is rigid with respect to supply shocks. In the New Keynesian …
Uncovering the effects of the zero lower bound with an endogenous financial wedge
We study the effects of the zero lower bound (ZLB) on the severity of financial crises using
an incomplete markets New Keynesian model with two occasionally binding constraints: a …
an incomplete markets New Keynesian model with two occasionally binding constraints: a …