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3035 Results

Exploring Wage Phillips Curves in Advanced Economies

Staff Discussion Paper 2019-8 Rose Cunningham, Vikram Rai, Kristina Hess
We investigate the extent to which excess supply (demand) in labour markets contributes to a lower (higher) growth rate of average nominal wages for workers. Using panel methods on data from 10 advanced economies for 1992–2018, we produce reduced-form estimates of a wage Phillips curve specification that is consistent with a New Keynesian framework.
Content Type(s): Staff research, Staff discussion papers Research Topic(s): Inflation and prices, Labour markets, Monetary policy JEL Code(s): C, C3, C33, E, E3, E31, E32

Import Price Dynamics in Major Advanced Economies and Heterogeneity in Exchange Rate Pass-Through

Staff Working Paper 2008-39 Stephane Dees, Matthias Burgert, Nicolas Parent
This paper aims at showing heterogeneity in the degree of exchange rate pass-through to import prices in major advanced economies at three different levels: 1) across destination markets; 2) across types of exporters (distinguishing developed economy from emerging economy exporters); and 3) over time.
Content Type(s): Staff research, Staff working papers Research Topic(s): Exchange rates, Inflation and prices JEL Code(s): E, E3, E31, F, F3, F4, F41

Government and Private E-Money-Like Systems: Federal Reserve Notes and National Bank Notes

Staff Working Paper 2015-18 Warren E. Weber
The period from 1914 to 1935 in the United States is unique in that it was the only time that both privately-issued bank notes (national bank notes) and central bank-issued bank notes (Federal Reserve notes) were simultaneously in circulation.

A Macroprudential Theory of Foreign Reserve Accumulation

Staff Working Paper 2019-43 Fernando Arce, Julien Bengui, Javier Bianchi
This paper proposes a theory of foreign reserves as macroprudential policy. We study an open-economy model of financial crises in which pecuniary externalities lead to overborrowing, and show that by accumulating international reserves, the government can achieve the constrained-efficient allocation.

Inventories, Markups and Real Rigidities in Sticky Price Models of the Canadian Economy

Staff Working Paper 2011-9 Oleksiy Kryvtsov, Virgiliu Midrigan
Recent New Keynesian models of macroeconomy view nominal cost rigidities, rather than nominal price rigidities, as the key feature that accounts for the observed persistence in output and inflation. Kryvtsov and Midrigan (2010a,b) reassess these conclusions by combining a theory based on nominal rigidities and storable goods with direct evidence on inventories for the U.S.
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