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Changing inflation dynamics, evolving monetary policy
Empirical models have failed to explain inflation behavior over the last 20 years in most developed economies. The unusual inflation dynamics—the ‘missing deflation’ during recessions and the ‘missing inflation’ during recoveries—points to a failure of Phillips curve predictions. Several hypotheses ...
The passthrough of large-cost shocks in an inflationary economy
This paper surveys and modestly extends the theory of menu-cost
models of the behavior of the aggregate price level after large-cost
shocks. It does so in the context of an economy with a high underlying
rate of inflation. It concentrates on the effect of large permanent and
unexpected increases ...
Independence, credibility, and communication of central banking
The three topics covered in the title of this volume have proved to be critical in the remarkable success of modern central banks around the globe in the fight to control inflation and smooth macroeconomic fluctuations. Despite these achievements...