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Displaying results 1 to 6 of 6.

  1. Employment, hours and optimal monetary policy
    Author: Dossche, Maarten; Lewis, Vivien; Poilly, Céline
    Published: 2015
    Publisher:  Dt. Bundesbank, Frankfurt am Main

    We characterize optimal monetary policy in a New Keynesian search-and-matching model where multiple-worker firms satisfy demand in the short run by adjusting hours per worker. Imperfect product market competition and search frictions reduce steady... more

    Location:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Location:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 12 (2015,1)
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    Location:
    Universitätsbibliothek Osnabrück
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    We characterize optimal monetary policy in a New Keynesian search-and-matching model where multiple-worker firms satisfy demand in the short run by adjusting hours per worker. Imperfect product market competition and search frictions reduce steady state hours per worker below the efficient level. Bargaining results in a convex 'wage curve' linking wages to hours. Since the steady-state real marginal wage is low, wages respond little to hours. As a result, firms overuse the hours margin at the expense of hiring, which makes hours too volatile. The Ramsey planner uses inflation as a instrument to dampen inefficient hours fluctuations.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783957291158
    Other identifier:
    hdl: 10419/106787
    Series: Discussion paper / Deutsche Bundesbank ; 01/2015
    Subjects: employment; hours; wage curve; optimal monetary policy
    Scope: Online-Ressource (40, [4] S.), graph. Darst.
  2. US monetary and fiscal policies
    conflict or cooperation?
    Author: Chen, Xiaoshan; Leeper, Eric M.; Leith, Campbell B.
    Published: 2015
    Publisher:  Univ. of Glasgow, Adam Smith Business School, Glasgow

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Discussion paper series / University of Glasgow, Adam Smith Business School ; 2015,14
    Subjects: Bayesian Estimation; interest rate rules; fiscal policy rules; optimal monetary policy; optimal fiscal policy; great moderation; commitment; discretion
    Scope: Online-Ressource (66 S.), graph. Darst.
  3. Preços relativos e política monetária no Brasil
    uma discussão a partir do Índice de Contribuição para o Desvio da Meta de Inflação (ICMI) e da desagregação do IPCA por natureza dos produtos
    Author: Martinez, Thiago Sevilhano
    Published: 2015
    Publisher:  IPEA, Brasília, DF

    The objective of this paper is to present the contributions of different sectors to deviations of the inflation target center from 2000 to 2013, and discuss implications for monetary policy. The contributions are measured by the Inflation Targeting... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 194 (2055)
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    The objective of this paper is to present the contributions of different sectors to deviations of the inflation target center from 2000 to 2013, and discuss implications for monetary policy. The contributions are measured by the Inflation Targeting deviation Contribution Index (ITCI), which is an enhanced version of the index presented in Martinez and Cerqueira (2013). ITCI is applied to a disaggregation by type of product of the National Consumer Price Index (IPCA), in three levels. The observed trends, particularly the recent rise in services inflation, are discussed in the light of the new-Keynesian literature on optimal monetary policy under sectorial heterogeneity in price rigidity.

     
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    Source: Union catalogues
    Language: Portuguese
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/121644
    Series: Texto para discussão / Instituto de Pesquisa Econômica Aplicada ; 2055
    Subjects: relative prices; optimal monetary policy; inflation targeting; inflation decomposition; IPCA; ITCI
    Scope: Online-Ressource (60, [1] S.), graph. Darst.
    Notes:

    Zsfassung in engl. Sprache
  4. The optimal monetary and fiscal policy mix in a financially heterogeneous monetary union
    Author: Palek, Jakob
    Published: 2015
    Publisher:  Univ., Dep. of Business Administration & Economics, Marburg

    Recent work on financial frictions in New Keynesian models suggest that there is a sizable spread between the risk-less interest rate and the borrowing rate. We analyze the optimal policy mix of monetary and fiscal authorities in a currency union... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 102 (2015,6)
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    Recent work on financial frictions in New Keynesian models suggest that there is a sizable spread between the risk-less interest rate and the borrowing rate. We analyze the optimal policy mix of monetary and fiscal authorities in a currency union with a country-specific credit spread by introducing a cost channel differential. The cost channel decreases the efficiency of monetary policy and increases the need for fiscal stabilization. We show that the importance of fiscal policy in stabilizing shocks increases, when there is a gap in the inflation differential due to a relative shock, an idiosyncratic shock or a credit spread differential. The welfare losses will be increasing (decreasing) in the size of the cost channel, if the nominal interest rate is a demand- (supply-) side instrument.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/109686
    Series: Joint discussion paper series in economics ; 06-2015
    Subjects: cost channel; financial frictions; credit spreads; optimal monetary policy; fiscal policy; monetary union
    Scope: Online-Ressource (45 S.), graph. Darst.
  5. On the perils of stabilizing prices when agents are learning
    Author: Mele, Antonio; Molnár, Krisztina; Santoro, Sergio
    Published: 2015
    Publisher:  CESifo, München

    We show that price level stabilization is not optimal in an economy where agents have incomplete knowledge about the policy implemented and try to learn it. A systematically more accommodative policy than what agents expect generates short term gains... more

    Location:
    Staats- und Universitätsbibliothek Bremen
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    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63 (5173)
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    We show that price level stabilization is not optimal in an economy where agents have incomplete knowledge about the policy implemented and try to learn it. A systematically more accommodative policy than what agents expect generates short term gains without triggering an abrupt loss of confidence, since agents update expectations sluggishly. In the long run agents learn the policy implemented, and the economy converges to a rational ex- pectations equilibrium in which policy does not stabilize prices, economic volatility is high, and agents suffer the corresponding welfare losses. However, these losses are outweighed by short term gains from the learning phase.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/107297
    RVK Categories: QB 910
    Series: Array ; 5173
    Subjects: Inflationserwartung; Inflationssteuerung; Lernprozess; Neoklassische Synthese; optimal monetary policy; learning; price level targeting
    Scope: Online-Ressource (49 S.), graph. Darst.
  6. Liquidity traps, capital flows
    Author: Acharya, Sushant; Bengui, Julien
    Published: December 17, 2015
    Publisher:  [Départment de Sciences Économiques, Université de Montréal], [Montréal]

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 33 (2015,9)
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 1866/12959
    Series: Cahier de recherche / Département de Sciences Économiques, Université de Montréal ; [2015-09]
    Subjects: capital flows; international spillovers; liquidity traps; uncovered interest parity; capital flow management; policy coordination; optimal monetary policy
    Scope: 1 Online-Ressource (59 Seiten), Illustrationen