Inflation Dynamics And The Great Recession
DOWNLOAD
Download Inflation Dynamics And The Great Recession PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Inflation Dynamics And The Great Recession book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Inflation Dynamics And The Great Recession
DOWNLOAD
Author : Laurence M. Ball
language : en
Publisher: International Monetary Fund
Release Date : 2011-06-01
Inflation Dynamics And The Great Recession written by Laurence M. Ball and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-01 with Business & Economics categories.
This paper examines inflation dynamics in the United States since 1960, with a particular focus on the Great Recession. A puzzle emerges when Phillips curves estimated over 1960-2007 are ussed to predice inflation over 2008-2010: inflation should have fallen by more than it did. We resolve this puzzle with two modifications of the Phillips curve, both suggested by theories of costly price adjustment: we measure core inflation with the median CPI inflation rate, and we allow the slope of the Phillips curve to change with the level and vairance of inflation. We then examine the hypothesis of anchored inflation expectations. We find that expectations have been fully "shock-anchored" since the 1980s, while "level anchoring" has been gradual and partial, but significant. It is not clear whether expectations are sufficiently anchored to prevent deflation over the next few years. Finally, we show that the Great Recession provides fresh evidence against the New Keynesian Phillips curve with rational expectations.
The Great Recession And The Inflation Puzzle
DOWNLOAD
Author : Mr.Troy Matheson
language : en
Publisher: International Monetary Fund
Release Date : 2013-05-22
The Great Recession And The Inflation Puzzle written by Mr.Troy Matheson and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-22 with Business & Economics categories.
Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been remarkably stable. We find that a traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s. Using a non-linear Kalman filter that allows for time-varying parameters, we find that three factors have contributed to the observed stability of inflation: inflation expectations have become better anchored and to a lower level; the slope of the Phillips curve has flattened; and the importance of import-price inflation has increased.
Inflation Dynamics During The Financial Crisis
DOWNLOAD
Author : Federal Reserve Board
language : en
Publisher: CreateSpace
Release Date : 2015-04-10
Inflation Dynamics During The Financial Crisis written by Federal Reserve Board and has been published by CreateSpace this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-04-10 with categories.
Firms with limited internal liquidity significantly increased prices in 2008, while their liquidity unconstrained counterparts slashed prices. Differences in the firms' price-setting behavior were concentrated in sectors likely characterized by customer markets. We develop a model, in which firms face financial frictions, while setting prices in a customer-markets setting. Financial distortions create an incentive for firms to raise prices in response to adverse demand or financial shocks. These results reflect the firms' reaction to preserve internal liquidity and avoid accessing external finance, factors that strengthen the countercyclical behavior of markups and attenuate the response of inflation to fluctuations in output.
Did The Global Financial Crisis Break The U S Phillips Curve
DOWNLOAD
Author : Stefan Laseen
language : en
Publisher: International Monetary Fund
Release Date : 2016-09-07
Did The Global Financial Crisis Break The U S Phillips Curve written by Stefan Laseen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-09-07 with Business & Economics categories.
Inflation dynamics, as well as its interaction with unemployment, have been puzzling since the Global Financial Crisis (GFC). In this empirical paper, we use multivariate, possibly time-varying, time-series models and show that changes in shocks are a more salient feature of the data than changes in coefficients. Hence, the GFC did not break the Phillips curve. By estimating variations of a regime-switching model, we show that allowing for regime switching solely in coefficients of the policy rule would maximize the fit. Additionally, using a data-rich reduced-form model we compute conditional forecast scenarios. We show that financial and external variables have the highest forecasting power for inflation and unemployment, post-GFC.
Understanding Post Covid Inflation Dynamics
DOWNLOAD
Author : Martin Harding
language : en
Publisher: International Monetary Fund
Release Date : 2023-01-20
Understanding Post Covid Inflation Dynamics written by Martin Harding and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-01-20 with Business & Economics categories.
We propose a macroeconomic model with a nonlinear Phillips curve that has a flat slope when inflationary pressures are subdued and steepens when inflationary pressures are elevated. The nonlinear Phillips curve in our model arises due to a quasi-kinked demand schedule for goods produced by firms. Our model can jointly account for the modest decline in inflation during the Great Recession and the surge in inflation during the Post-Covid period. Because our model implies a stronger transmission of shocks when inflation is high, it generates conditional heteroskedasticity in inflation and inflation risk. Hence, our model can generate more sizeable inflation surges due to cost-push and demand shocks than a standard linearized model. Finally, our model implies that the central bank faces a more severe trade-off between inflation and output stabilization when inflation is high.
Financial Shocks And Inflation Dynamics
DOWNLOAD
Author : Angela Abbate
language : en
Publisher:
Release Date : 2016
Financial Shocks And Inflation Dynamics written by Angela Abbate and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
We assess the effects of financial shocks on inflation, and to what extent financial shocks can account for the "missing disinflation" during the Great Recession. We apply a vector autoregressive model to US data and identify financial shocks through sign restrictions. Our main finding is that expansionary financial shocks temporarily lower inflation. This result withstands a large battery of robustness checks. Moreover, negative financial shocks helped preventing a deflation during the latest financial crisis. We then explore the transmission channels of financial shocks relevant for inflation, and find that the cost channel can explain the inflation response. A policy implication is that financial shocks that move output and inflation in opposite directions may worsen the trade-off for a central bank with a dual mandate.
Economic Policy And The Great Stagflation
DOWNLOAD
Author : Alan S. Blinder
language : en
Publisher: New York; Toronto : Academic Press
Release Date : 1979
Economic Policy And The Great Stagflation written by Alan S. Blinder and has been published by New York; Toronto : Academic Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1979 with Business & Economics categories.
Monograph using economic theory to analyse errors in economic policy leading to economic recession and inflation in the USA during 1971 to 1976 - outlines basic concepts of stagflation such as aggregate supply and demand analysis and the trade-off between inflation and unemployment, examines recession dynamics (productivity, consumption and investment problems) and effects of rising prices, and presents economic analysis of wages-price controls, fiscal policy and monetary policy. Bibliography pp. 219 to 223 and graphs.
Disequilibrium
DOWNLOAD
Author : Steven Ricchiuto
language : en
Publisher: Greenleaf Book Group
Release Date : 2016-12-20
Disequilibrium written by Steven Ricchiuto and has been published by Greenleaf Book Group this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-20 with Business & Economics categories.
Who caused the Great Recession? We did. In Disequilibrium,economist Steven Ricchiuto traces how destructive changes in our economic systems have created our present unbalanced economy. He expertly shows how today’s disequilibrium between supply and demand came from decades of misguided economic policies made in response to the Great Inflation of the 1970s and 1980s. Ricchiuto then goes even further, investigating how economic forces created in the World War II era laid the groundwork for this destructive shift. Ricchiuto's timely book offers a method for assessing macro economic credit quality and suggests policy makers alter their behavior to handle new macro dynamics. Today’s economic framework cannot be counted on to protect us forever. In Disequilibrium, Ricchiuto shows us where we went wrong in the past so that we can work to get the future right.
Disequilibrium
DOWNLOAD
Author : Steven Ricchiuto
language : en
Publisher: Greenleaf Book Group Press
Release Date : 2016-12-20
Disequilibrium written by Steven Ricchiuto and has been published by Greenleaf Book Group Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-20 with categories.
The Great Recession With A Postscript On Stagflation
DOWNLOAD
Author : Otto Eckstein
language : en
Publisher: Amsterdam ; New York : North-Holland Publishing Company ; New York : distributors for the U.S. and Canada, Elsevier/North Holland, 1978, 1979 printing.
Release Date : 1978
The Great Recession With A Postscript On Stagflation written by Otto Eckstein and has been published by Amsterdam ; New York : North-Holland Publishing Company ; New York : distributors for the U.S. and Canada, Elsevier/North Holland, 1978, 1979 printing. this book supported file pdf, txt, epub, kindle and other format this book has been release on 1978 with Business & Economics categories.