Does the Phillips Curve Lie Down as We Age?
Journal of Money, Credit and Banking, EarlyView.Abstract Using microlevel data, we present evidence that older individuals are less willing to substitute across varieties of goods. We estimate the elasticity of substitution for different age groups and find that the youngest cohort (aged 25–34) exhibits a higher elasticity of substitution compared to the oldest group (65+).
CHADWICK CURTIS +2 more
wiley +1 more source
Public sector employment rigidity and macroeconomic fluctuation: A DSGE simulation for China. [PDF]
PLoS OneZhang X.
europepmc +1 more source
Interest Rate Pegs and the Reversal Puzzle: On the Role of Anticipation
Journal of Money, Credit and Banking, EarlyView.Abstract We revisit the reversal puzzle: a counterintuitive contraction of inflation in response to an interest rate peg. We show that its occurrence is intimately related to the degree of agents' anticipation. If agents perfectly anticipate the peg, reversals occur depending on the duration of the peg.
RAFAEL GERKE +2 more
wiley +1 more source
Financial investments in AI-based technologies and carbon footprint in selected advanced industrial economies. [PDF]
Carbon Balance ManagKonat G, Salihoğlu E, Han A.
europepmc +1 more source
Heterogeneity in Imperfect Inflation Expectations: Theory and Evidence from a Novel Survey
Journal of Money, Credit and Banking, EarlyView.Abstract Using survey data from Germany, we study heterogeneity in how households form inflation expectations. We elicit (i) uncertainty in perceptions of current inflation and (ii) how persistent households perceive inflation to be. Combining these with standard survey questions on inflation, we infer laws of motion for expectations at the individual ...
ALISTAIR MACAULAY, JAMES MOBERLY
wiley +1 more source
Monetary and Macroprudential Policies under Dollar‐Denominated Foreign Debt
Journal of Money, Credit and Banking, EarlyView.Abstract This paper studies monetary and macroprudential policies in a small open economy that borrows from abroad in foreign currency. The model features a novel mechanism in which exchange rate depreciation triggered by a borrowing constraint is amplified through balance of payments adjustments, increasing the real burden of foreign debt and causing ...
HIDEHIKO MATSUMOTO
wiley +1 more source
IMF WEO macroeconomic forecasts panel dataset. [PDF]
Data BriefEch-Charfi NE.
europepmc +1 more source
CBDC as Imperfect Substitute to Bank Deposits: A Macroeconomic Perspective
Journal of Money, Credit and Banking, EarlyView.Abstract The impact of Central Bank Digital Currency (CBDC) is analyzed in a closed‐economy model with monopolistic competition in banking and where CBDC is an imperfect substitute with bank deposits. The design of CBDC is characterized by its interest rate, its substitutability with bank deposits, and its relative liquidity.
PHILIPPE BACCHETTA, ELENA PERAZZI
wiley +1 more source
Capturing the Value of Vaccination within Health Technology Assessment and Health Economics-Practical Considerations for Expanding Valuation by Including Key Concepts. [PDF]
Vaccines (Basel)Biundo E +17 more
europepmc +1 more source