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Статті в журналах з теми "Great Inflation"

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Автор: Grafiati

Опубліковано: 10 грудня 2022

Оновлено: 28 січня 2023

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1

Suda, Jacek, and Anastasia S. Zervou. "INTERNATIONAL GREAT INFLATION AND COMMON MONETARY POLICY." Macroeconomic Dynamics 22, no. 6 (July 27, 2017): 1428–61. http://dx.doi.org/10.1017/s1365100516000730.

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Анотація:

We study whether monetary authorities in the G7 countries were changing their responses to inflation in a similar manner during and following the Great Inflation era. We find that the common to the G7 countries inflation pattern during the Great Inflation period could be associated with a common pattern in the monetary policy response to inflation: we find that until the early 1980s monetary authorities in the G7 countries responded mildly to inflation, systematically fought it throughout the 1980s and lessened again their response during the 2000s. The estimated Taylor rule coefficients on inflation are co-integrated, implying the existence of a long-run relationship in the responses to inflation during and after the Great Inflation period. At the same time, principal component analysis of the residuals of the estimated Taylor rules indicates that the shocks' structure cannot account enough for the monetary policies' co-movements. We interpret these findings as suggestive of common monetary policy patterns.

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2

Collard, Fabrice, and Harris Dellas. "The Great Inflation of the 1970s." International Finance Discussion Paper 2004, no. 799 (April 2004): 1–35. http://dx.doi.org/10.17016/ifdp.2004.799.

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3

Carboni, Giacomo, and Martin Ellison. "The Great Inflation and the Greenbook." Journal of Monetary Economics 56, no. 6 (September 2009): 831–41. http://dx.doi.org/10.1016/j.jmoneco.2009.06.003.

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4

Ball, Laurence, and Sandeep Mazumder. "Inflation Dynamics and the Great Recession." Brookings Papers on Economic Activity 2011, no. 1 (2011): 337–81. http://dx.doi.org/10.1353/eca.2011.0005.

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5

Mazumder, Sandeep, and Laurence M. Ball. "Inflation Dynamics and the Great Recession." IMF Working Papers 11, no. 121 (2011): 1. http://dx.doi.org/10.5089/9781455263387.001.

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6

COLLARD, FABRICE, and HARRIS DELLAS. "The Great Inflation of the 1970s." Journal of Money, Credit and Banking 39, no. 2-3 (March 2007): 713–31. http://dx.doi.org/10.1111/j.0022-2879.2007.00043.x.

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7

Nikolsko-Rzhevskyy, Alex, and David H. Papell. "Taylor rules and the Great Inflation." Journal of Macroeconomics 34, no. 4 (December 2012): 903–18. http://dx.doi.org/10.1016/j.jmacro.2012.05.007.

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8

Best, Gabriela. "POLICY PREFERENCES AND POLICY MAKERS' BELIEFS: THE GREAT INFLATION." Macroeconomic Dynamics 21, no. 8 (May 24, 2016): 1957–95. http://dx.doi.org/10.1017/s1365100516000079.

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Анотація:

The literature has proposed two potential channels through which monetary policy played a role in the Great Inflation in the United States. One approach posits that the Federal Reserve held misperceptions of the economy. An alternative explanation contends that policy makers shifted preferences from an output gap stabilization goal toward inflation stabilization after 1979. This paper develops a medium-scale macroeconomic model that incorporates real-timelearningby policy makers as well as a (potential) shift in policy makers' preferences. The empirical results show that combining both views—distorted policy makers' beliefs about the persistence of inflation and the inflation-output gap trade-off, accompanied by a stronger preference for inflation stabilization after 1979—illuminates the role played by monetary policy in propagating and ending the Great Inflation.

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9

Çekin, Semih Emre, and Victor J. Valcarcel. "Inflation volatility and inflation in the wake of the great recession." Empirical Economics 59, no. 4 (July 8, 2019): 1997–2015. http://dx.doi.org/10.1007/s00181-019-01724-2.

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10

Watson, Mark W. "Inflation Persistence, the NAIRU, and the Great Recession." American Economic Review 104, no. 5 (May 1, 2014): 31–36. http://dx.doi.org/10.1257/aer.104.5.31.

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Анотація:

The rate of inflation fell far less over the period 2007-2013 than in the period 1979-1985 despite similar large increases in the unemployment rate. This paper asks why. Possible explanations include a change in the persistence of inflation, changes in NAIRU, and other shocks. A change in the persistence of inflation, with inflation more anchored in the period 2007-2013 than in the period 1979-1985, is found to be important. The level and change in the NAIRU cannot be precisely estimated, but the data suggest an increase of nearly 1 percentage point since 2007.

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11

Hedlund, Aaron. "Failure to Launch: Housing, Debt Overhang, and the Inflation Option." American Economic Journal: Macroeconomics 11, no. 2 (April 1, 2019): 228–74. http://dx.doi.org/10.1257/mac.20160371.

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Can inflating away nominal mortgage liabilities effectively combat recessions? I address this question using a model of illiquid housing, endogenous credit supply, and equilibrium default. I show that, in an ordinary recession, temporarily raising the inflation target has only modest or even counterproductive effects. However, during episodes like the Great Recession, inflation effectively boosts house prices, consumption, and dramatically cuts foreclosures, but only when fixed-rate mortgages are the dominant instrument. The quantitative implications of inflation also vary if other nominal rigidities or demand externalities are present. In the cross section, inflation delivers especially large gains to highly leveraged homeowners. (JEL D14, E31, E32, E52, G21, R31)

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12

Nakamura, Emi, Jón Steinsson, Patrick Sun, and Daniel Villar. "The Elusive Costs of Inflation: Price Dispersion during the U.S. Great Inflation*." Quarterly Journal of Economics 133, no. 4 (August 6, 2018): 1933–80. http://dx.doi.org/10.1093/qje/qjy017.

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13

Matheson, Troy, and Emil Stavrev. "The Great Recession and the Inflation Puzzle." IMF Working Papers 13, no. 124 (2013): 1. http://dx.doi.org/10.5089/9781484334720.001.

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14

Aguirre, Anthony, Tom Banks, and Matthew Johnson. "Regulating Eternal Inflation II: The Great Divide." Journal of High Energy Physics 2006, no. 08 (August 25, 2006): 065. http://dx.doi.org/10.1088/1126-6708/2006/08/065.

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15

Orphanides, Athanasios. "Monetary Policy Rules and the Great Inflation." Finance and Economics Discussion Series 2002, no. 08 (January 2002): 1–11. http://dx.doi.org/10.17016/feds.2002.08.

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16

Orphanides, Athanasios. "Monetary-Policy Rules and the Great Inflation." American Economic Review 92, no. 2 (April 1, 2002): 115–20. http://dx.doi.org/10.1257/000282802320189104.

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17

Mazumder, Sandeep. "Inflation in Europe after the Great Recession." Economic Modelling 71 (April 2018): 202–13. http://dx.doi.org/10.1016/j.econmod.2017.12.014.

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18

Matheson, Troy, and Emil Stavrev. "The Great Recession and the inflation puzzle." Economics Letters 120, no. 3 (September 2013): 468–72. http://dx.doi.org/10.1016/j.econlet.2013.06.001.

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19

Christiano, Lawrence J., Martin S. Eichenbaum, and Mathias Trabandt. "Understanding the Great Recession." American Economic Journal: Macroeconomics 7, no. 1 (January 1, 2015): 110–67. http://dx.doi.org/10.1257/mac.20140104.

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Анотація:

We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions. We reach this conclusion by looking through the lens of an estimated New Keynesian model in which firms face moderate degrees of price rigidities, no nominal rigidities in wages, and a binding zero lower bound constraint on the nominal interest rate. Our model does a good job of accounting for the joint behavior of labor and goods markets, as well as inflation, during the Great Recession. According to the model the observed fall in total factor productivity and the rise in the cost of working capital played critical roles in accounting for the small drop in inflation that occurred during the Great Recession. (JEL E12, E23, E24, E31, E32, E52)

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20

Arndt, Sven W. "The "Great Moderation" in a Dual Exchange Rate Regime." Global Economy Journal 12, no. 4 (November 6, 2012): 1850276. http://dx.doi.org/10.1515/1524-5861.1900.

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Анотація:

In the early nineties, the U.S. economy was emerging from a brief slump, monetary policy was easy, and economic activity recovered quickly during the decade, with GDP eventually reaching and then passing the consensus full employment level. Yet aggregate inflation remained surprisingly subdued. This moderation in prices at the aggregate level persuaded policy makers to allow the easy-money stance to continue in spite of the presence of inflation in non-tradables and in housing and construction in particular. This paper uses a flex-price, mixed-exchange rate model to examine some of the major contributing factors to economic developments in the two-decade period that ended in the financial meltdown and the great recession. It argues that Chinese exchange rate manipulation and China's preference for holding dollar reserves were important contributing factors. On the U.S. side, failure to understand the importance of differencial inflation patterns in tradables and non-tradables sectors, and especially failure to see inflation in housing and construction as goods rather than asset inflation, allowed monetary expansion to last much longer than it should have.

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21

Binder, Carola, and Rupal Kamdar. "Expected and Realized Inflation in Historical Perspective." Journal of Economic Perspectives 36, no. 3 (August 1, 2022): 131–55. http://dx.doi.org/10.1257/jep.36.3.131.

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Анотація:

This paper provides historical context for the relationship between expected and realized inflation. We begin with a discussion of early theoretical thought about how inflation expectations are formed. Then, we discuss survey- and asset- based measures of inflation expectations and assess their empirical relationship with realized inflation. Expected and realized inflation are strongly correlated over long samples, but over short samples the correlations can weaken. Lastly, to better understand the subtleties of the interaction between expected and realized inflation over short-lived but important events, we provide a narrative account of the relationship during the Great Depression of the 1930s, the Great Inflation of the 1970s, the Great Recession of 2008–2009, and the recent COVID-19 pandemic. These episodes offer compelling evidence of the importance of expectations and policy regime changes in inflation dynamics.

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22

Nelson, Edward. "How Did It Happen?: The Great Inflation of the 1970s and Lessons for Today." Finance and Economics Discussion Series, no. 2022-037 (June 2022): 1–44. http://dx.doi.org/10.17016/feds.2022.037.

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Анотація:

The pickup in the U.S. inflation rate to its highest rates in forty years has led to renewed attention being given to the Great Inflation of the 1970s. This paper asks with regard to the Great Inflation: “How did it happen?” The answer offered is the fact that, in both the United Kingdom and the United States, monetary policy and other policy instruments were guided by a faulty doctrine—a nonmonetary view of inflation that perceived the concerted restraint of aggregate demand as both ineffective and unnecessary for inflation control. In the paper’s analysis, the difference in the economic policy doctrine in the 1970s from that prevailing in more recent decades is represented algebraically, with this representation backed up by documentation of policymakers’ views. A key conclusion implied by the analysis is that the fact that a nonmonetary perspective on inflation is no longer prevalent in policy circles provides grounds for believing that monetary policy in the modern era is well positioned to prevent the recurrence of *entrenched* high inflation rates of the kind seen in the 1970s.

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23

Weise, Charles L. "Political Pressures on Monetary Policy During the US Great Inflation." American Economic Journal: Macroeconomics 4, no. 2 (April 1, 2012): 33–64. http://dx.doi.org/10.1257/mac.4.2.33.

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Анотація:

Drawing on an analysis of Federal Open Market Committee (FOMC) documents, this paper argues that political pressures on the Federal Reserve were an important contributor to the rise in inflation in the United States in the 1970s. Members of the FOMC understood that a serious attempt to tackle inflation would generate opposition from Congress and the executive branch. Political considerations contributed to delays in monetary tightening, insufficiently aggressive anti-inflation policies, and the premature abandonment of attempts at disinflation. Empirical analysis verifies that references to the political environment at FOMC meetings are correlated with the stance of monetary policy during this period. (JEL D72, E32, E52, E58, N12)

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24

SCRIMGEOUR, DEAN. "The Great Inflation Was Not Asymmetric: International Evidence." Journal of Money, Credit and Banking 40, no. 4 (June 2008): 799–815. http://dx.doi.org/10.1111/j.1538-4616.2008.00137.x.

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25

CARLSTROM, CHARLES T., TIMOTHY S. FUERST, and MATTHIAS PAUSTIAN. "Inflation Persistence, Monetary Policy, and the Great Moderation." Journal of Money, Credit and Banking 41, no. 4 (June 2009): 767–86. http://dx.doi.org/10.1111/j.1538-4616.2009.00231.x.

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26

Seghezza, Elena. "Governor Baffi’s View on the Italian Great Inflation." Italian Economic Journal 6, no. 3 (September 24, 2019): 563–84. http://dx.doi.org/10.1007/s40797-019-00107-x.

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27

Coibion, Olivier, and Yuriy Gorodnichenko. "Monetary Policy, Trend Inflation, and the Great Moderation: An Alternative Interpretation." American Economic Review 101, no. 1 (February 1, 2011): 341–70. http://dx.doi.org/10.1257/aer.101.1.341.

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Анотація:

With positive trend inflation, the Taylor principle does not guarantee a determinate equilibrium. We provide new theoretical results on determinacy in New Keynesian models with positive trend inflation and new empirical findings on the Federal Reserve's reaction function before and after the Volcker disinflation to find that, (i) while the Fed likely satisfied the Taylor principle before Volcker, the US economy was still subject to self-fulfilling fluctuations in the 1970s, (ii) the US economy switched to determinacy during the Volcker disinflation, and (iii) the switch reflected changes in the Fed's response to macroeconomic variables and the decline in trend inflation. (JEL E12, E23, E31, E32, E52)

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28

Siegler, Mark V., and Kristin A. Van Gaasbeck. "From the Great Depression to the Great Inflation: Path dependence and monetary policy." Journal of Economics and Business 57, no. 5 (September 2005): 375–87. http://dx.doi.org/10.1016/j.jeconbus.2005.06.002.

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29

Spierdijk, Laura, and Zaghum Umar. "Stocks, bonds, T-bills and inflation hedging: From great moderation to great recession." Journal of Economics and Business 79 (May 2015): 1–37. http://dx.doi.org/10.1016/j.jeconbus.2014.12.002.

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30

Del Negro, Marco, Marc P. Giannoni, and Frank Schorfheide. "Inflation in the Great Recession and New Keynesian Models." American Economic Journal: Macroeconomics 7, no. 1 (January 1, 2015): 168–96. http://dx.doi.org/10.1257/mac.20140097.

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Анотація:

Several prominent economists have argued that existing DSGE models cannot properly account for the evolution of key macroeconomic variables during and following the recent Great Recession. We challenge this argument by showing that a standard DSGE model with financial frictions available prior to the recent crisis successfully predicts a sharp contraction in economic activity along with a protracted but relatively modest decline in inflation, following the rise in financial stress in 2008:IV. The model does so even though inflation remains very dependent on the evolution of economic activity and of monetary policy. (JEL E12, E31, E32, E37, E44, E52, G01)

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31

Pi, Jun, Yu Song, Shenggang Yang, and Fang Ju. "A Study of Influence upon Inflation Posed by Volatility of Housing Price." Journal of Advanced Computational Intelligence and Intelligent Informatics 20, no. 4 (July 19, 2016): 597–606. http://dx.doi.org/10.20965/jaciii.2016.p0597.

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Анотація:

In recent 30 years, countries from the world have attached great attention to the influence on inflation posed by asset price. Real estate market is a very important economic market for any country. Therefore, housing price has become a hot topic for discussion and research in China. Whether housing price will affect a country’s inflation or not and to what extent the effect will be are social focuses. Hence, it is feasible to theoretically apply Tobin’s Q Theory in this paper, combine the real estate market price with the assets replacement and study the inflationary impact posed by the housing price, through the application of the wealth effect theory. By using monthly statistics of China’s real estate market and inflation from the year 2005 to 2014, this paper will conduct a theoretical and empirical research on the influence that housing price has on inflation with the adoption of dynamic analysis methods including Granger Causality Test, impulse response and variance decomposition. Furthermore, this paper is featured with systematic and complete empirical thinking and methodology, comprehensive data selection and distinctive research results associated with the relationship between housing prices and inflations. According to the study result, housing price is the Granger Cause of inflation and will not drive inflation in short time. But as time passes, this effect will be gradually enhanced. This paper suggests that housing price and other price factors should be taken into consideration so as to establish a broad-sense inflation index in China.

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32

Eusepi, Stefano, and Bruce Preston. "Fiscal Foundations of Inflation: Imperfect Knowledge." American Economic Review 108, no. 9 (September 1, 2018): 2551–89. http://dx.doi.org/10.1257/aer.20131461.

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This paper proposes a theory of the fiscal foundations of inflation based on imperfect knowledge and learning. Because imperfect knowledge breaks Ricardian equivalence, the scale and composition of the public debt matter for inflation. High and moderate duration debt generates wealth effects on consumption demand that impairs the intertemporal substitution channel of monetary policy: aggressive monetary policy is required to anchor inflation expectations. Counterfactual experiments conducted in an estimated model reveal that the US economy would have been substantially more volatile over the Great Inflation and Great Moderation periods if US debt levels had been those observed in Italy or Japan. (JEL D84, E31, E32, E52, E62, H63)

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33

Andersen, Thomas Barnebeck, Nikolaj Malchow-Møller, and Jens Nordvig. "Inflation targeting and macroeconomic performance since the Great Recession." Oxford Economic Papers 67, no. 3 (March 29, 2015): 598–613. http://dx.doi.org/10.1093/oep/gpv024.

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34

Winder, Robert C. "The Great Inflation: The Rebirth of Modern Central Banking." Eastern Economic Journal 41, no. 2 (March 2015): 291–93. http://dx.doi.org/10.1057/eej.2014.19.

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35

Huang, Yu-Fan, and Sui Luo. "Potential output and inflation dynamics after the Great Recession." Empirical Economics 55, no. 2 (July 10, 2017): 495–517. http://dx.doi.org/10.1007/s00181-017-1293-7.

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36

Hyclak, Thomas, and Geraint Johnes. "REGIONAL WAGE INFLATION AND UNEMPLOYMENT DYNAMICS IN GREAT BRITAIN." Scottish Journal of Political Economy 39, no. 2 (May 1992): 188–200. http://dx.doi.org/10.1111/j.1467-9485.1992.tb00615.x.

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37

Hall, Thomas E., and William R. Hart. "The Samuelson–Solow Phillips Curve and the Great Inflation." History of Economics Review 55, no. 1 (January 2012): 62–72. http://dx.doi.org/10.1080/18386318.2012.11682193.

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38

Fan, Jingwen, Patrick Minford, and Zhirong Ou. "The role of fiscal policy in Britain's Great Inflation." Economic Modelling 58 (November 2016): 203–18. http://dx.doi.org/10.1016/j.econmod.2016.05.027.

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39

Murphy, Robert G. "Explaining inflation in the aftermath of the Great Recession." Journal of Macroeconomics 40 (June 2014): 228–44. http://dx.doi.org/10.1016/j.jmacro.2014.01.002.

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40

Cogley, Timothy, Giorgio E. Primiceri, and Thomas J. Sargent. "Inflation-Gap Persistence in the US." American Economic Journal: Macroeconomics 2, no. 1 (January 1, 2010): 43–69. http://dx.doi.org/10.1257/mac.2.1.43.

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Анотація:

We estimate vector autoregressions with drifting coefficients and stochastic volatility to investigate whether US inflation persistence has changed. We focus on the inflation gap, defined as the difference between inflation and trend inflation, and we measure persistence in terms of short- to medium-term predictability. We present evidence that inflation-gap persistence increased during the Great Inflation and that it fell after the Volcker disinflation. We interpret these changes using a dynamic new Keynesian model that highlights the importance of changes in the central bank's inflation target. (JEL E12, E31, E52, E58)

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41

Ashley, Richard, Kwok Ping Tsang, and Randal Verbrugge. "A new look at historical monetary policy (and the great inflation) through the lens of a persistence-dependent policy rule." Oxford Economic Papers 72, no. 3 (April 24, 2020): 672–91. http://dx.doi.org/10.1093/oep/gpaa006.

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Анотація:

Abstract The origins of the Great Inflation, a central 20th-century U.S. macroeconomic event, remain contested. Prominent explanations are poor inflation forecasts or inaccurate output gap measurement. An alternative view is that the Federal Open Market Committee (FOMC) was unwilling to fight inflation, perhaps due to political pressures. Here, we sort this out via a novel econometric approach, disaggregating the real-time unemployment and inflation time series entering the FOMC historical policy reaction-function into persistence components, using one-sided Fourier filtering; this implicitly estimates the unemployment gap in actual use. We find compelling evidence for (economically interpretable) persistence-dependence in both variables. Furthermore, our results support the “unwilling to fight” view: the FOMC’s unemployment gap responses were essentially unchanged pre- and post-Volcker, while its inflation responses sharpened markedly starting with Volcker.

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42

Wang, Kuan Min, Yuan-Ming Lee, and Nguyen T.T.Binh. "International Real Estate Review." International Real Estate Review 11, no. 1 (June 30, 2008): 65–82. http://dx.doi.org/10.53383/100090.

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Анотація:

Conclusions of past works on the inflation hedging ability of real estate investment are not consistent. The reason for this perplexity might be the neglect of separation between high and low state of inflation, which has a great influence on empirical results. In order to examine the inflation hedging effectiveness of real estate with Taiwanese monthly housing returns and inflation, this paper uses the inflation as the threshold variable to create the nonlinear vector correction model that divides the inflation rates into high and low regime. We find robust evidence that when inflation rates are higher than 0.83% threshold value, housing returns are able to hedge against inflation, and, otherwise, they are unable. Using new methodology to discover new implications is main contribution of this study.

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43

Bilbiie, Florin, and Roland Straub. "Asset Market Participation, Monetary Policy Rules, and the Great Inflation." IMF Working Papers 06, no. 200 (2006): 1. http://dx.doi.org/10.5089/9781451864601.001.

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44

Bilbiie, Florin O., and Roland Straub. "Asset Market Participation, Monetary Policy Rules, and the Great Inflation." Review of Economics and Statistics 95, no. 2 (May 2013): 377–92. http://dx.doi.org/10.1162/rest_a_00254.

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45

Nelson, Edward. "Ireland and Switzerland: The jagged edges of the Great Inflation." European Economic Review 52, no. 4 (May 2008): 700–732. http://dx.doi.org/10.1016/j.euroecorev.2007.04.003.

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46

CHURCH, KENNETH. "Emerging trends: Inflation." Natural Language Engineering 23, no. 5 (August 9, 2017): 807–12. http://dx.doi.org/10.1017/s1351324917000286.

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AbstractOur field has enjoyed amazing growth over the years. Is this a good thing or a bad thing, or just a thing? Good: Growth sounds good. It is hard to imagine a politician arguing against jobs. There are more people working in the field than ever before, and they are publishing more and more, and creating more and more value. What could be wrong with that? Bad: Whatever you measure you get. We are all under too much pressure to publish too much too quickly. Students are graduating these days with more publications than what used to be expected for tenure. So many people are publishing so much that no one has time to think great thoughts, or take time to learn about things that may not be directly relevant to the next publication. Neutral: Inflation is a fact of life. There are long-term macro trends on publication rates that are beyond our control. These trends hold over tens and hundreds of years, and will continue over the foreseeable future.

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47

Chugunov, Igor, Mykola Pasichnyi, and Anton Nepytaliuk. "Macroeconomic effects of inflation targeting in advanced and emerging market economies." Banks and Bank Systems 14, no. 4 (December 19, 2019): 153–65. http://dx.doi.org/10.21511/bbs.14(4).2019.15.

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The article assessed the treatment effects of targeting inflation regime on the real output and consumer inflation persistence in both advanced and emerging market economies. An empirical analysis is based on data from 35 OECD and 40 emerging countries and covers inflation and non-inflation targets over the period 1990–2017. The results showed that inflation targeting (henceforth – IT) had no significant impact on the GDP per capita growth rate but slightly reduced the output volatility. This study founded out that full-fledged IT had the effect of slowing down consumer inflation and reducing its volatility. Moreover, in the OECD countries, the monetary framework had certain advantages during the Great Recession. The authors argued that in order to maintain price stability in emerging economies, a high level of central bank independence and accountability is required.

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48

Canova, Fabio, and Luca Gambetti. "Do Expectations Matter? The Great Moderation Revisited." American Economic Journal: Macroeconomics 2, no. 3 (July 1, 2010): 183–205. http://dx.doi.org/10.1257/mac.2.3.183.

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We examine the role of expectations in the Great Moderation episode. We derive theoretical restrictions in a New-Keynesian model and test them using measures of expectations obtained from survey data, the Greenbook and bond markets. Expectations explain the dynamics of inflation and interest rates but their importance is roughly unchanged over time. Systems with and without expectations display similar reduced form characteristics. Results are robust to changes in the structure of the empirical model. (JEL E23, E24, E31, E32)

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49

Carrera, César, and N. R. Ramírez-Rondán. "INFLATION, INFORMATION RIGIDITY, AND THE STICKY INFORMATION PHILLIPS CURVE." Macroeconomic Dynamics 23, no. 07 (December 18, 2017): 2597–615. http://dx.doi.org/10.1017/s136510051700089x.

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The Great Moderation is characterized as a period of stable macroeconomic conditions, especially with regard to inflation. Under the sticky information theory, this environment may provide a few incentives for agents to update information on inflation, thus, producing a new slope of the sticky information Phillips curve. We estimate the degree of information rigidity implied by the sticky information Phillips curve. Using threshold models, we identify two regimes of high and low inflation, finding that each identified regime is associated with a specific degree of information stickiness. This evidence is consistent with agents that update information faster when inflation is higher.

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50

Živković, Aleksandra. "Analysis of nominal exchange rate pass-through effect on inflation rate in selected countries." Bankarstvo 50, no. 3 (2021): 8–35. http://dx.doi.org/10.5937/bankarstvo2103008z.

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Inflation rate is one of the essential macroeconomics variables and it represents the main goal of monetary policy. It is determined by a great number of factors, so it is necessary to analyse the impact their changes have on inflation rate. The purpose of this research is the analysis of the nominal exchange rate pass-through effect on inflation rate in selected emerging and developed countries in the period 2014-2020, which share the same characteristics of inflation targeting, as main monetary policy regime, and managed floating exchange rate, as exchange rate type. Inverse proportion between volatility of nominal exchange rate and inflation rate is proven (depreciation of nominal exchange rate of national currency leads towards the growth of inflation rate), as well as higher pass-through effect in emerging countries compared to developed countries.

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