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Displaying results 1 to 4 of 4.

  1. Why is there so much inertia in inflation and output?
    a behavioral explanation
    Author: Ji, Yuemei
    Published: 2018
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich

    Serial correlation in macroeconomics is pervasive. Macroeconomic modellers find it impossible to model this feature without relying on serially correlated shocks. Using a behavioral macroeconomic model, I show that serial correlation in inflation and... more

    Location:
    Staats- und Universitätsbibliothek Bremen
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63 (7181)
    Inter-library loan:
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    Serial correlation in macroeconomics is pervasive. Macroeconomic modellers find it impossible to model this feature without relying on serially correlated shocks. Using a behavioral macroeconomic model, I show that serial correlation in inflation and output can easily be explained in the context that agents do not have rational expectation. This important feature is missing in the standard New Keynesian rational expectations models. The rational expectation models need serially correlated exogenous shocks to account for the high serial correlation in inflation and output while the behavioral model produces serial correlation in these variables endogenously. I also show that inertia in the beliefs about the future is a strong force in producing the serial correlation in inflation and output.

     
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    Volltext (kostenfrei)
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/185379
    Series: Array ; no. 7181
    Subjects: behavioral macroeconomics; serial correlation; inflation; output gap; inertia in belief; endogenous business cycle
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  2. On the impact of the launch of the euro on EMU macroeconomic vulnerability
    Author: Morvillier, Florian
    Published: [2018]
    Publisher:  EconomiX - UMR7235, Université Paris Nanterre, Nanterre

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 334
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Working paper / EconomiX ; 2018, 51
    Subjects: Global imbalances; current account; output gap; exchange-rate misalignments; panel VAR
    Scope: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  3. The return of the European Wage Phillips curve
    Author: Orlandi, Fabrice; Röger, Werner; Thum-Thysen, Anna
    Published: 2018
    Publisher:  Publications Office of the European Union, Luxembourg

    In this paper we compare the accelerationist Phillips curve to the New-Keynesian Wage Phillips curve in Euro Area countries which went through major swings in the unemployment rate in recent years. We find that the New-Keynesian wage Phillips curve... more

    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 289 (85)
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    In this paper we compare the accelerationist Phillips curve to the New-Keynesian Wage Phillips curve in Euro Area countries which went through major swings in the unemployment rate in recent years. We find that the New-Keynesian wage Phillips curve signals cyclical fluctuations in unemployment more clearly and yields less pro-cyclical estimates of the NAWRU in four crisis-hit EU member states (Greece, Spain, Ireland and Portugal) than a traditional Phillips curve model, which may not treat price rigidities adequately. Slightly augmenting the NKP model by allowing for real wage rigidities further improves the extraction of a cyclical unemployment component.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789279774225
    Other identifier:
    Series: Array ; 085 (September 2018)
    Subjects: NAWRU; output gap; wage Phillips curve; New-Keynesian; Kalman filter; cyclical unemployment; economic growth; hidden unemployment; unemployment; economic model; regions of Greece; regions of Spain; Ireland; Portugal
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  4. Fearing the Fed
    how Wall Street reads Main Street
    Author: Law, Tzuo Hann; Song, Dongho; Yaron, Amir
    Published: [2018]
    Publisher:  Rodney L. White Center for Financial Research], [Philadelphia, PA

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    Keine Speicherung
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    Content information
    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This Version: April 29, 2018
    Series: [Working papers / Rodney L. White Center for Financial Research ; 11, 18]
    Subjects: Macroeconomic news announcements; cyclical return variation; interest rateexpectations; phase of business cycle; output gap; return decomposition
    Scope: 1 Online-Ressource (circa 54 Seiten), Illustrationen