Arbeitspapier
State-dependent pricing and its implications for monetary policy
Strong evidence now exists both in macro and micro data that price/wage durations are depent on the state of the economy and especially inflation. We embed this dependence in a macro model of the US that otherwise does well in matching the economy's behaviour in the last three decades; it now also matches it over the whole post-war period. This finding implies a major role for monetary policy in influencing the economy's price stickiness. We find that by targetin nominal GDP monetary policy can achieve high price stability while also preventing large cyclical output fluctuations.
- Sprache
-
Englisch
- Erschienen in
-
Series: Cardiff Economics Working Papers ; No. E2019/15
- Klassifikation
-
Wirtschaft
- Thema
-
state-dependence
New Keynesian
Rational Expectations crises
price stability
nominal GDP
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Le, Vo Phuong Mai
Meenagh, David
Minford, Patrick
- Ereignis
-
Veröffentlichung
- (wer)
-
Cardiff University, Cardiff Business School
- (wo)
-
Cardiff
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Le, Vo Phuong Mai
- Meenagh, David
- Minford, Patrick
- Cardiff University, Cardiff Business School
Entstanden
- 2019
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