18 results with keyword: 'monetary policy regime shifts and inflation persistence'
Alternatively, the volatile inflation in the 1970s could reflect higher shock volatility, so estimating the MSNK model with switching only in monetary policy could incorrectly
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Since the empirical findings confirm that persistence of inflation is strongly sensitive to inflation level and monetary policy regime, policymakers should commit to the
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Importantly, this non-existence of shifts to high-volatility regimes, both in the permanent and transitory components of in‡ation, is not due exclusively to the adoption of the
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In Section 4, it is shown that a system with asymptotically stable zero dynamics is high-gain stabilizable with constant gain (in case of proper inverse transfer function) and
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Using a simple in‡ation-responding Taylor rule, I show analytically that the intertemporal dependence between current in‡ation and its lags is a function of the interest rate
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While it is well know that in a New-Keynesian model a weak central bank response to in‡ation generates sunspot ‡uctuations, the consequences of pooling ob- servations from
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Specifically, we find that a first-difference rule which relates changes in the short-term nominal interest rate to the one-year ahead forecast of inflation and the current output
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The role of learning increases in periods of high uncertainty about the monetary policy regime thereby creating a link between inflation persistence and the stability and
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Under aggressive inflation targeting regime (like in monetary unions), the policy combination of active monetary policy and passive fiscal policy (depicting monetary dominance)
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The previous subsection presents the optimal weights attached to sectoral inations when the nominal rigidity measure proposed by BL-S is the same across sectors but this rigidity
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Using a structural objective function for the central bank based on the representative agent’s utility within micro-founded models of in fl ation persistence can alter the results
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To the extent that it is reasonable to expect that nominal rigidities are more similar among the Spanish and the United States regions than among the Euro countries, we have
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With regime shifts in shock variances, introducing regime shifts in the inflation target synchronized with regime shifts in shock variances (DSGE-2cv) or allowing the inflation
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In other words, when lagged inflation is zero and the estimated inflation persistence is equal to the intrinsic persistence, the optimal monetary policy response to a shock
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In other words, when lagged inflation is zero and the estimated inflation persistence is equal to the intrinsic persistence, the optimal monetary policy response to a shock
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You can configure P2P explicit backup tunnels on point of local repair (PLR) nodes for link protection of P2MP sub-LSPs, similar to LSPs for P2P TE tunnels.. You can also
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