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Displaying results 1 to 4 of 4.

  1. Inflation surprises in a New Keynesian economy with a true consumption function
    Author: Tamborini, Roberto
    Published: [2023]
    Publisher:  Università di Trento, Dipartimento di economia e management, [Trento]

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 740
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: DEM working papers ; n. 2023, 01
    Subjects: Cost-push inflation; real income effect; stagflation; New Keynesian models for monetary policy
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  2. Inflation surprises in a New Keynesian economy with a true consumption function
    Author: Tamborini, Roberto
    Published: December 2022
    Publisher:  CESifo, Munich, Germany

    The resurgence of inflation since the late 2021 is now accompanied by a reversal of prospects of growth, reviving fears of stagflation across the world (IMF 2022, World Bank 2022). In almost all accounts of the mounting stagflation threats a... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    The resurgence of inflation since the late 2021 is now accompanied by a reversal of prospects of growth, reviving fears of stagflation across the world (IMF 2022, World Bank 2022). In almost all accounts of the mounting stagflation threats a prominent role is played by the fall of households' purchasing power, and hence consumption, owing to the inflation shock visà-vis nominal wages lagging behind. The theoretical issue that motivates this paper is that this endogenous real income effect of inflation surprises, independent of restrictive monetary policy, is not present in the standard New Keynesian models for monetary policy. The paper shows how this channel can be introduced reformulating the consumption function, with the consequence that it exerts a stabilisation effect on inflation endogenously. By means of simulations the paper discusses the main monetary policy implication: what is the role left to monetary policy which purports to curb inflation in the same way?

     
    Export to reference management software   RIS file
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/271838
    Series: CESifo working papers ; 10194 (2022)
    Subjects: cost-push inflation; real income effect; stagflation; New Keynesian models for monetary policy
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  3. When should central banks fear inflation expectations?
    Author: Gobbi, Lucio; Mazzocchi, Ronny; Tamborini, Roberto
    Published: February 2024
    Publisher:  CESifo, Munich, Germany

    When inflation picks up, central banks are most concerned that the de-anchoring of inflation expectations and the ignition of wage-price spirals will trigger inflation dynamic instability. However, such scenarios do not materialize in the standard... more

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    When inflation picks up, central banks are most concerned that the de-anchoring of inflation expectations and the ignition of wage-price spirals will trigger inflation dynamic instability. However, such scenarios do not materialize in the standard New Keynesian theoretical framework for monetary policy. Using a simulative model, we show that they can materialize upon introducing in particularly strong doses boundedly-rational expectations that de-anchor endogenously, as they are updated according to the actual inflation process, with indexed wages, and persistent inflation shocks. In these cases, a more hawkish central-bank stance on inflation expands the stability region of the system, which however remains bounded. On the other hand, the critical combinations of factors that trigger instability can be regarded as extreme in empirical terms, while in "normal times" the system is resilient to shocks and expectation de-anchoring even with more dovish monetary policy.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/296055
    Series: CESifo working papers ; 10966 (2024)
    Subjects: cost-push inflation; New Keynesian models for monetary policy; wage-price spiral; de-anchoring of inflation expectations
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  4. When should central banks fear inflation expectations?
    Author: Gobbi, Lucio; Mazzocchi, Ronny; Tamborini, Roberto
    Published: [2024]
    Publisher:  Università di Trento, Dipartimento di economia e management, [Trento]

    Access:
    Verlag (kostenfrei)
    Verlag (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 740
    Inter-library loan:
    No inter-library loan
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: DEM working papers ; n. 2024, 03
    Subjects: Cost-push inflation; New Keynesian models for monetary policy; wage-price spiral; de-anchoring of inflation expectations
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen