Positive Trend Inflation and Determinacy in a Medium-Sized New Keynesian Model

نویسندگان
چکیده

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Trend Inflation and Inflation Persistence in Australia: A New Keynesian Perspective

The empirical shortcomings of the purely forward-looking New Keynesian Phillips curve (NKPC) have generally been attributed to its inability to generate sufficient persistence in inflation. While the literature moved towards incorporating backward-looking terms into the NKPC, their somewhat ad-hoc rationales have been an ongoing source of criticism. This thesis attempts to ascertain the extent ...

متن کامل

Product Market Regulation, Trend Inflation and Inflation Dynamics in the New Keynesian Phillips Curve

In this empirical paper, we take a close look at the impact of observed changes in the product market regulation, which raises barriers to entry and empediments to competition, on inflation dynamics since the early 1980s. We use an enlarged new Keynesian Phillips curve (NKPC) allowing for entry of firms and for increasing competitive pressures with the number of firms and non zero trend inflati...

متن کامل

A New Model of Trend Inflation∗

This paper introduces a new model of trend inflation. In contrast to many earlier approaches, which allow for trend inflation to evolve according to a random walk, ours is a bounded model which ensures that trend inflation is constrained to lie in an interval. The bounds of this interval can either be fixed or estimated from the data. Our model also allows for a time-varying degree of persisten...

متن کامل

Monetary policy regimes and inflation in the new-Keynesian model

This paper shows that plausible modifications to the Taylor rule for monetary policy can help explain several empirical anomalies to the behavior of inflation in the new-Keynesian general equilibrium model. The key anomalies considered are (1) the persistence of inflation, both in reduced form and after conditioning on inflation’s driving processes, (2) the positive correlation between the outp...

متن کامل

The New Keynesian Model and Excess Inflation Volatility

This paper represents the latest installment in a highly influential series of papers in which Paul Beaudry and Franck Portier shed light on the empirics and theory of demand shocks. The present paper makes two contributions. One is to show that a standard neoclassical model augmented to allow for labor market segmentation can produce comovement in output, consumption, investment, hours, and th...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: SSRN Electronic Journal

سال: 2018

ISSN: 1556-5068

DOI: 10.2139/ssrn.3208551