Testing For Asymmetry In The Inflation Unemployment Trade Off
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Author | : Miguel St. Aubyn |
Publisher | : |
Total Pages | : 32 |
Release | : 2000 |
Genre | : |
ISBN | : |
Download Testing for Asymmetry in the Inflation-unemployment Trade-off Book in PDF, Epub and Kindle
Author | : Mr.Peter B. Clark |
Publisher | : International Monetary Fund |
Total Pages | : 60 |
Release | : 1995-08 |
Genre | : Business & Economics |
ISBN | : |
Download Asymmetry in the U.S. Output-Inflation Nexus Book in PDF, Epub and Kindle
This paper presents empirical evidence supporting the proposition that there is a significant asymmetry in the U.S. output-inflation process, which implies that excess demand conditions are much more inflationary than excess supply conditions are disinflationary. The important policy implication of this asymmetry is that it can be very costly if the economy overheats because this will necessitate a severe tightening in monetary conditions in order to reestablish inflation control. The small model of the U.S. outputinflation process developed in the paper shows that the seeds of large recessions, such as that in 1981-82, are planted by allowing the economy to overheat. This type of asymmetry implies that the measure of excess demand which is appropriate in estimating the Phillips curve cannot have a zero mean; instead, this mean must be negative if inflation is to be stationary. The paper also shows that a failure to account for this important implication of asymmetry can explain why some other researchers may have been misled into falsely accepting the linear model. The empirical results presented in the paper show that the conclusions regarding asymmetry are robust to a number of tests for sensitivity to changes in the method used to estimate potential output and in the specification of the Phillips curve.
Author | : Mr.Douglas Laxton |
Publisher | : International Monetary Fund |
Total Pages | : 56 |
Release | : 1994-11 |
Genre | : Business & Economics |
ISBN | : |
Download Asymmetric Effects of Economic Activityon Inflation Book in PDF, Epub and Kindle
This paper examines the evidence on asymmetries in the effects of activity on inflation. Data for the G-7 countries are found to strongly support the view that the inflation-activity relationship is nonlinear, with high levels of activity raising inflation by more than low levels decrease it. In the face of such asymmetries, the average level of output in an economy subject to demand shocks will be below the level of output at which there is no tendency for inflation to rise or fall, contrary to the implications of linear models. One implication of these results is that policymakers can raise the average level of output over time by responding promptly to demand shocks, thus reducing the variance of output around trend.
Author | : Ms.Valerie Cerra |
Publisher | : International Monetary Fund |
Total Pages | : 50 |
Release | : 2020-05-29 |
Genre | : Business & Economics |
ISBN | : 1513536990 |
Download Hysteresis and Business Cycles Book in PDF, Epub and Kindle
Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as “hysteresis,” argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and theoretical literature that motivate this paradigm shift. The renewed interest in hysteresis has been sparked by the persistence of the Global Financial Crisis and fears of a slow recovery from the Covid-19 crisis. The findings of the recent literature have far-reaching conceptual and policy implications. In recessions, monetary and fiscal policies need to be more active to avoid the permanent scars of a downturn. And in good times, running a high-pressure economy could have permanent positive effects.
Author | : Weshah Razzak |
Publisher | : |
Total Pages | : 36 |
Release | : 1997 |
Genre | : Consumer price indexes |
ISBN | : |
Download The Inflation-output Trade-off Book in PDF, Epub and Kindle
Author | : Zidong An |
Publisher | : International Monetary Fund |
Total Pages | : 22 |
Release | : 2021-11-12 |
Genre | : Business & Economics |
ISBN | : 1616356049 |
Download Okun's Law, Development, and Demographics: Differences in the Cyclical Sensitivities of Unemployment Across Economy and Worker Groups Book in PDF, Epub and Kindle
The negative and stable relationship between an economy’s aggregate demand conditions and overall unemployment is well-documented. We show that there is a large degree of heterogeneity in the cyclical sensitivities of unemployment across worker and economy groups. First, unemployment is more than twice as sensitive to aggregate demand in advanced as in emerging market and developing economies. Second, youth’s unemployment is twice as sensitive as that of adults’. Third, women’s unemployment is significantly less sensitive to demand than men’s in advanced economies. These findings point to the highly unequal impacts of the business cycle across worker and economy groups.
Author | : Barbara Petrongolo |
Publisher | : |
Total Pages | : 0 |
Release | : 2000 |
Genre | : |
ISBN | : |
Download Looking Into the Black Box Book in PDF, Epub and Kindle
Author | : Mr.Pau Rabanal |
Publisher | : International Monetary Fund |
Total Pages | : 68 |
Release | : 2004-12-01 |
Genre | : Business & Economics |
ISBN | : 1451875657 |
Download Technology Shocks and Aggregate Fluctuations Book in PDF, Epub and Kindle
Our answer: Not so well. We reached that conclusion after reviewing recent research on the role of technology as a source of economic fluctuations. The bulk of the evidence suggests a limited role for aggregate technology shocks, pointing instead to demand factors as the main force behind the strong positive comovement between output and labor input measures.
Author | : Claude Giorno |
Publisher | : |
Total Pages | : 48 |
Release | : 1997 |
Genre | : Europe |
ISBN | : |
Download European Unemployment Book in PDF, Epub and Kindle
Author | : Michel De Vroey |
Publisher | : Cambridge University Press |
Total Pages | : 451 |
Release | : 2016-01-08 |
Genre | : Business & Economics |
ISBN | : 0521898439 |
Download A History of Macroeconomics from Keynes to Lucas and Beyond Book in PDF, Epub and Kindle
This book retraces the history of macroeconomics from Keynes's General Theory to the present. Central to it is the contrast between a Keynesian era and a Lucasian - or dynamic stochastic general equilibrium (DSGE) - era, each ruled by distinct methodological standards. In the Keynesian era, the book studies the following theories: Keynesian macroeconomics, monetarism, disequilibrium macro (Patinkin, Leijongufvud, and Clower) non-Walrasian equilibrium models, and first-generation new Keynesian models. Three stages are identified in the DSGE era: new classical macro (Lucas), RBC modelling, and second-generation new Keynesian modeling. The book also examines a few selected works aimed at presenting alternatives to Lucasian macro. While not eschewing analytical content, Michel De Vroey focuses on substantive assessments, and the models studied are presented in a pedagogical and vivid yet critical way.