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 …

Should the ECB adjust its strategy in the face of a lower r★?

P Andrade, J Galí, H Le Bihan, J Matheron - Journal of Economic Dynamics …, 2021 - Elsevier
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 …

[HTML][HTML] The case for a positive euro area inflation target: Evidence from France, Germany and Italy

K Adam, E Gautier, S Santoro, H Weber - Journal of Monetary Economics, 2022 - Elsevier
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 …

Flattening of the Phillips Curve and the Mandate of the Central Bank

JP L'Huillier, G Phelan, WR Zame - Available at SSRN 4298975, 2022 - papers.ssrn.com
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 …

[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 …

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 …

What should the inflation target be? Views from 600 economists

G Ambrocio, A Ferrero, E Jokivuolle, K Ristolainen - 2022 - papers.ssrn.com
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 …

The case for a positive euro area inflation target: evidence from France, Germany and Italy

K Adam, E Gautier, S Santoro… - Bank of Italy Temi di …, 2021 - papers.ssrn.com
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 …

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 …

Uncovering the effects of the zero lower bound with an endogenous financial wedge

D Cao, W Luo, G Nie - American Economic Journal: Macroeconomics, 2023 - aeaweb.org
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 …