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Author : Peter Albert Abken
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (313 download)
Download or read book Inflation Uncertainty and the Nominal Term Structure written by Peter Albert Abken and published by . This book was released on 1994 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Hiona Balfoussia
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Inflation and Nominal Uncertainty written by Hiona Balfoussia and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between inflation and inflation uncertainty for Greece between 1981 and 2008. Univariate GARCH models are used to generate alternative measures of inflation uncertainty using both seasonally-adjusted and unadjusted data. Granger causality tests are subsequently employed to investigate causality and to detect its direction and sign. The results suggest that causality runs from inflation to inflation uncertainty while the sign of this effect is positive, in line with the Friedman-Ball hypothesis. Interestingly these findings break down in the post-1993 and post-2000 periods, arguably as a consequence of inflation-targeting, which resulted in lower inflation, reduced uncertainty and anchored expectations.
Author : Carliss Y. Baldwin
Publisher : Forgotten Books
ISBN 13 : 9780666315342
Total Pages : 26 pages
Book Rating : 4.3/5 (153 download)
Download or read book Inflation, Uncertainty, and Investment (Classic Reprint) written by Carliss Y. Baldwin and published by Forgotten Books. This book was released on 2018-02-25 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Inflation, Uncertainty, and Investment This paper considers the effects of inflation, interest rates and uncertainty on a firm's choice between assets of different lives. We first focus on the impact of inflation and interest rates on the value of nominal depreciation tax shields. We find that the effect of an inflation-induced increase in nominal interest rates on the breakeven prices of short and long-lived assets is not monotonic. At low initial nominal interest rates, an increase in the interest rate increases the maximum price that the firm is willing to pay for the short-lived asset relative to the long-lived asset. At some point, the effect reverses so that a further increase in interest rates reduces the maximum or breakeven price of the short-lived asset. Simulation results indicate that these changes occur at rates that are within the range of recent u.s. Experience, 52 to 202. Second, we focus on the impact of relative price uncertainty on the decision to choose a short or long-lived asset. We find that uncertainty increases the breakeven price of shorter-lived assets: in other words, given uncertainty about future relative prices, short-lived assets will be chosen over long - lived assets at higher prices than under certainty. The change in the breakdown price occurs because both long and short-lived assets have a valuable switching option. The Option is more valuable for short-lived assets because the opportunity to switch occurs sooner. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
Author : Benjamin Russo
Publisher :
ISBN 13 :
Total Pages : 316 pages
Book Rating : 4.:/5 (82 download)
Download or read book Inflation Uncertainty, Demand for Nominal Assets, and Interest Rates written by Benjamin Russo and published by . This book was released on 1985 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stilianos Fountas
Publisher :
ISBN 13 :
Total Pages : 21 pages
Book Rating : 4.:/5 (873 download)
Download or read book Inflation, Output Growth, and Nominal and Real Uncertainty written by Stilianos Fountas and published by . This book was released on 2002 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stephen Wright
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (933 download)
Download or read book Monetary Policy, Nominal Interest Rates and Long-horizon Inflation Uncertainty written by Stephen Wright and published by . This book was released on 1998 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard Hartman
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (254 download)
Download or read book Inflation Uncertainty and Interest Rates written by Richard Hartman and published by . This book was released on 1982 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops two models, one involving risk neutrality and the other risk aversion, which suggest that inflation uncertainty affects interest rates. Both models give rise to essentially the same interest rate equation for estimation. Empirical evidence supports the hypothesis that inflation uncertainty affects interest rates. Interpreted in terms of the risk neutral model, the empirical results suggest that inflation uncertainty has a negative impact on nominal interest rates and a positive impact on the expected real rate. If the results are interpreted in terms of the risk averse model, inflation uncertainty has a negative impact on nominal interest rates. The expected real rate is not of direct interest in a risk averse world. The results raise real questions about the use of the Fisherian definition of the real interest rate in situations when there is uncertainty about inflation rates. It is argued that even with risk neutrality the Fisherian definition of the real rate is not the appropriate concept upon which to base economic decisions if inflation uncertainty is present. The appropriate concept is an expected real rate which involves an adjustment for uncertainty. Moreover, if the world is risk averse, the expected real rate is not a relevant concept for economic decisions
Author : Richard T. Froyen
Publisher : Edward Elgar Publishing
ISBN 13 : 1784717193
Total Pages : 466 pages
Book Rating : 4.7/5 (847 download)
Download or read book Optimal Monetary Policy under Uncertainty, Second Edition written by Richard T. Froyen and published by Edward Elgar Publishing. This book was released on 2019 with total page 466 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.
Author : Peter J. N. Sinclair
Publisher : Routledge
ISBN 13 : 1135179778
Total Pages : 402 pages
Book Rating : 4.1/5 (351 download)
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Author : Michael Thomas Bond
Publisher :
ISBN 13 :
Total Pages : 117 pages
Book Rating : 4.:/5 (126 download)
Download or read book Nominal Interest Rates, Expected Inflation, Marginal Tax Rates, and Inflation Uncertainty written by Michael Thomas Bond and published by . This book was released on 1985 with total page 117 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Zeynel Abidin Ozdemir
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Dynamics of Inflation, Output Growth and Their Uncertainty in the UK written by Zeynel Abidin Ozdemir and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this paper is to analyse the dynamics relationships between inflation, output growth, and real and nominal uncertainty using the VARFIMA-BEKK MGARCH model of inflation and output growth and quarterly data for the UK covering the 1957:Q2-2006:Q4 period. The analysis is also done for the three sub-periods determined by considering the structural changes such as the Great Moderation in the series of the UK. Two findings are obtained. First, the evidence obtained from the full period supports a number of important conclusions, one of which is mixed evidence regarding the effect of inflation on inflation uncertainty, another one being strong evidence regarding the positive effect of inflation uncertainty on inflation and output growth. Taking this into account, it is possible to put forward that an essential determinant of economic growth is uncertainty about the inflation rate. The last finding for this period is that output growth uncertainty is a positive determinant of the inflation and output growth rate. Second, the evidence found from the sub-periods is that there are no linkages between inflation, output growth and their volatility.
Author : Stilianos Fountas
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Inflation Uncertainty, Output Growth Uncertainty and Macroeconomic Performance written by Stilianos Fountas and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We use a bivariate generalized autoregressive conditionally heteroskedastic (GARCH) model of inflation and output growth to examine the causality relationship among nominal uncertainty, real uncertainty and macroeconomic performance measured by the inflation and output growth rates. The application of the constant conditional correlation GARCH(1,1) model leads to a number of interesting conclusions. First, inflation does cause negative welfare effects, both directly and indirectly, i.e. via the inflation uncertainty channel. Secondly, in some countries, more inflation uncertainty provides an incentive to Central Banks to surprise the public by raising inflation unexpectedly. Thirdly, in contrast to the assumptions of some macroeconomic models, business cycle variability and the rate of economic growth are related. More variability in the business cycle leads to more output growth.
Author : Helen Kerr
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (154 download)
Download or read book Nominal Interest Rates, Inflation and Uncertainty in New Zealand written by Helen Kerr and published by . This book was released on 1993 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Gregory Paul Hoelscher
Publisher :
ISBN 13 :
Total Pages : 133 pages
Book Rating : 4.:/5 (864 download)
Download or read book Inflation Rate Uncertainty and Its Effects on Saving and Investment written by Gregory Paul Hoelscher and published by . This book was released on 1981 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christian Conrad
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (13 download)
Download or read book Modeling the Link Between US Inflation and Output written by Christian Conrad and published by . This book was released on 2014 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper employs an augmented version of the UECCC GARCH specification proposed in Conrad and Karanasos (2010) which allows for lagged in-mean effects, level effects as well as asymmetries in the conditional variances. In this unified framework we examine the twelve potential intertemporal relationships between inflation, growth and their respective uncertainties using US data. We find that high inflation is detrimental to output growth both directly and indirectly via the nominal uncertainty. Output growth boosts inflation but mainly indirectly through a reduction in real uncertainty. Our findings highlight how macroeconomic performance affects nominal and real uncertainty in many ways and that the bidirectional relation between inflation and growth works to a large extent indirectly via the uncertainty channel.
Author : Victor Gaiduch
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book Inflation Targeting Under Potential Output Uncertainty written by Victor Gaiduch and published by International Monetary Fund. This book was released on 2000-10 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concept of sustainable productive capacity is playing an increasingly important role in monetary policy formulation throughout the world. Specifying price stability as a central objective of monetary policy has contributed to this increased importance. The long lags between policy actions and inflation outcomes mean that indicators of future inflation pressures must be relied on to guide current policy actions that are aimed at achieving price stability. The extent to which an economy's productive resources are being utilized is considered to be a useful indicator of future price pressures. Whether productive resources are defined in terms of the goods market (potential output) or the labor market (trend unemployment), policymakers rely on estimates of these concepts to determine whether current levels of activity can be sustained without generating price pressures. If activity is deemed to be above a sustainable level, policymakers may suspect that upward pressure on inflation will emerge if they do not take actions to moderate activity. Conversely, if current activity is below the sustainable level this may lead policymakers to stimulate activity to avoid future downward pressure on inflation.
Author : Ann-Charlotte Eliasson
Publisher : International Monetary Fund
ISBN 13 : 1451849710
Total Pages : 61 pages
Book Rating : 4.4/5 (518 download)
Download or read book Simple Monetary Policy Rules Under Model Uncertainty written by Ann-Charlotte Eliasson and published by International Monetary Fund. This book was released on 1999-05-01 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using stochastic simulations and stability analysis, the paper compares how different monetary rules perform in a moderately nonlinear model with a time-varying nonaccelerating-inflation-rate-of-unemployment (NAIRU). Rules that perform well in linear models but implicitly embody backward-looking measures of real interest rates (such as conventional Taylor rules) or substantial interest rate smoothing perform very poorly in models with moderate nonlinearities, particularly when policymakers tend to make serially correlated errors in estimating the NAIRU. This challenges the practice of evaluating rules within linear models, in which the consequences of responding myopically to significant overheating are extremely unrealistic.
