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  1. A fiscal theory of persistent inflation
    Autor*in: Bianchi, Francesco; Faccini, Renato; Melosi, Leonardo
    Erschienen: [2023]
    Verlag:  Danmarks Nationalbank, Copenhagen

    We develop a new class of general equilibrium models with partially unfunded debt to propose a fiscal theory of persistent inflation. In response to business cycle shocks, the monetary authority controls inflation, and the fiscal authority stabilizes... mehr

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    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 135
    Fernleihe:
    keine Fernleihe

     

    We develop a new class of general equilibrium models with partially unfunded debt to propose a fiscal theory of persistent inflation. In response to business cycle shocks, the monetary authority controls inflation, and the fiscal authority stabilizes debt. However, the central bank accommodates unfunded fiscal shocks, causing persistent movements in inflation, output, and real interest rates. In an estimated quantitative model, fiscal inflation accounts for the bulk of inflation dynamics. In the aftermath of the pandemic, unfunded fiscal shocks sustain the recovery, but also cause a persistent increase in inflation. The model is able to predict the inflationary effects of the ARPA fiscal stimulus out of sample and using real time data.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Working paper / Danmarks Nationalbank ; nr. 195 (30 May 2023)
    Schlagworte: Unfunded fiscal spending; persistent inflation; large public debt; inflation risk; shock-specific rule
    Umfang: 1 Online-Ressource (circa 78 Seiten), Illustrationen
  2. Job-to-job mobility and inflation
    Autor*in: Faccini, Renato; Melosi, Leonardo
    Erschienen: [2023]
    Verlag:  Federal Reserve Bank of Chicago, [Chicago, Illinois]

    The low rate of inflation observed in the U.S. over the past decade is hard to reconcile with traditional measures of labor market slack. We develop a theory-based indicator of interfirm wage competition that can explain the missing inflation. Key to... mehr

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 244
    Fernleihe:
    keine Fernleihe

     

    The low rate of inflation observed in the U.S. over the past decade is hard to reconcile with traditional measures of labor market slack. We develop a theory-based indicator of interfirm wage competition that can explain the missing inflation. Key to this result is a drop in the rate of on-the-job search, which lowers the intensity of interfirm wage competition to retain or hire workers. We estimate the on-the-job search rate from aggregate labor-market flows and show that its recent drop is corroborated by survey data. During "the great resignation", the indicator of interfirm wage competition rose, raising inflation by around 1 percentage point during most of 2021.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/272818
    Schriftenreihe: [Working paper] / Federal Reserve Bank of Chicago ; WP 2023, 03 (January 19, 2023)
    Schlagworte: Missing inflation; labor market slack; Phillips curve; employment-to-employment rate; micro data
    Umfang: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  3. Job-to-job mobility and inflation
    Autor*in: Faccini, Renato; Melosi, Leonardo
    Erschienen: 21 January 2023
    Verlag:  Centre for Economic Policy Research, London

    Zugang:
    Verlag (lizenzpflichtig)
    Verlag (lizenzpflichtig)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    LZ 161
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Mannheim
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Array ; DP17829
    Schlagworte: Missing ináation; labor market slack; Phillips curve; employment-to-employmentrate; micro data
    Umfang: 1 Online-Ressource (circa 70 Seiten), Illustrationen