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On Modeling the Effects of Inflation Shocks: Comments and Some Further Evidence

  • Paolo Giordani
Veröffentlicht/Copyright: 9. Januar 2003
Contributions in Macroeconomics
Aus der Zeitschrift Contributions in Macroeconomics Band 3 Heft 1

Fair (2002) argues that New Keynesian models are wrong in predicting that an inflation shock has contractionary effects only if it raises the real interest rate, and that a coefficient on inflation higher than one in the Taylor rule is a necessary condition for stability. While Fair uses his macroeconometric model as a benchmark to evaluate the predictions of the standard New Keynesian framework, we adopt a VAR supported by models in that framework, and the model of Rudebusch and Svensson (1999). The findings are broadly in line with Fair's.

Keywords: inflation shocks; VAR; New Keynesian models
Published Online: 2003-1-9

©2011 Walter de Gruyter GmbH & Co. KG, Berlin/Boston

Artikel in diesem Heft

  1. Topics Article
  2. Balance of Payments Constrained Non-Scale Growth and the Population Puzzle
  3. The Human Capital Constraint: Of Increasing Returns, Education Choice and Coordination Failure
  4. ``To Furnish an Elastic Currency'': Banking, Aggregate Risk, and Welfare
  5. How Prudent are Community Representative Consumers?
  6. Price Distribution in a Symmetric Economy
  7. The Role of Stock Markets in Current Account Dynamics: a Time Series Approach
  8. Shiftwork, Adjustment Costs and Uncertainty
  9. How Do Future Constraints Affect Current Investment?
  10. The Politics of Endogenous Growth
  11. Sticky Prices, Coordination and Enforcement
  12. Fractional Integration with Bloomfield Disturbances in the Specification of Real Output in the G7 Countries
  13. Monetary Policy When the Nominal Short-Term Interest Rate is Zero
  14. High-Tech Human Capital: Do the Richest Countries Invest the Most?
  15. Substitution Elasticities and Investment Dynamics in Two-Country Business Cycle Models
  16. Contributions Article
  17. On Modeling the Effects of Inflation Shocks: Comments and Some Further Evidence
  18. Optimal Monetary Policy and the Correlation between Prices and Output
  19. Are Banking Supervisory Data Useful for Macroeconomic Forecasts?
  20. An Analytical Approach to the Welfare Cost of Business Cycles and the Benefit from Activist Monetary Policy
  21. Interpreting the Significance of the Lagged Interest Rate in Estimated Monetary Policy Rules
  22. Idle Capital and Long-Run Productivity
  23. The Money Metric, Price and Quantity Aggregation and Welfare Measurement
  24. Parente and Prescott's Theory May Work in Practice But Does Not Work in Theory
  25. Explaining Movements in the Labor Share
  26. Endogenous Growth with Intertemporally Dependent Preferences
  27. On the Friedman Rule in Search Models with Divisible Money
  28. Finance Causes Growth: Can We Be So Sure?
  29. Advances Article
  30. Where Is the Natural Rate? Rational Policy Mistakes and Persistent Deviations of Inflation from Target
  31. Downward Nominal Wage Rigidity: Evidence from the Employment Cost Index
https://doi.org/10.2202/1534-6005.1068
Schlagwörter für diesen Artikel
inflation shocks; VAR; New Keynesian models

Artikel in diesem Heft

  1. Topics Article
  2. Balance of Payments Constrained Non-Scale Growth and the Population Puzzle
  3. The Human Capital Constraint: Of Increasing Returns, Education Choice and Coordination Failure
  4. ``To Furnish an Elastic Currency'': Banking, Aggregate Risk, and Welfare
  5. How Prudent are Community Representative Consumers?
  6. Price Distribution in a Symmetric Economy
  7. The Role of Stock Markets in Current Account Dynamics: a Time Series Approach
  8. Shiftwork, Adjustment Costs and Uncertainty
  9. How Do Future Constraints Affect Current Investment?
  10. The Politics of Endogenous Growth
  11. Sticky Prices, Coordination and Enforcement
  12. Fractional Integration with Bloomfield Disturbances in the Specification of Real Output in the G7 Countries
  13. Monetary Policy When the Nominal Short-Term Interest Rate is Zero
  14. High-Tech Human Capital: Do the Richest Countries Invest the Most?
  15. Substitution Elasticities and Investment Dynamics in Two-Country Business Cycle Models
  16. Contributions Article
  17. On Modeling the Effects of Inflation Shocks: Comments and Some Further Evidence
  18. Optimal Monetary Policy and the Correlation between Prices and Output
  19. Are Banking Supervisory Data Useful for Macroeconomic Forecasts?
  20. An Analytical Approach to the Welfare Cost of Business Cycles and the Benefit from Activist Monetary Policy
  21. Interpreting the Significance of the Lagged Interest Rate in Estimated Monetary Policy Rules
  22. Idle Capital and Long-Run Productivity
  23. The Money Metric, Price and Quantity Aggregation and Welfare Measurement
  24. Parente and Prescott's Theory May Work in Practice But Does Not Work in Theory
  25. Explaining Movements in the Labor Share
  26. Endogenous Growth with Intertemporally Dependent Preferences
  27. On the Friedman Rule in Search Models with Divisible Money
  28. Finance Causes Growth: Can We Be So Sure?
  29. Advances Article
  30. Where Is the Natural Rate? Rational Policy Mistakes and Persistent Deviations of Inflation from Target
  31. Downward Nominal Wage Rigidity: Evidence from the Employment Cost Index
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