Trend inflation, sticky prices, and expectational stability
In: Journal of economic dynamics & control, Band 42, S. 175-187
ISSN: 0165-1889
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In: Journal of economic dynamics & control, Band 42, S. 175-187
ISSN: 0165-1889
In: Journal of monetary economics, Band 55, Heft 7, S. 1277-1289
In: Journal of Monetary Economics, Band 53, Heft 4, S. 827-846
In: Globalization and Monetary Policy Institute Working Paper No. 366
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Working paper
In: Globalization and Monetary Policy Institute Working Paper No. 347
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Working paper
In: Pacific economic review, Band 17, Heft 2, S. 208-230
ISSN: 1468-0106
AbstractThe observed decline in the relative price of investment goods to consumption goods in Japan suggests the existence of investment‐specific technological (IST) changes. We examine whether IST changes are a major source of business fluctuations in Japan, by estimating a dynamic stochastic general equilibrium model using Bayesian methods. We show that IST changes are less important than neutral technological changes in explaining output fluctuations. We also demonstrate that investment fluctuations are mainly driven by shocks to investment adjustment costs. Such shocks represent variations of costs involved in changing investment spending, such as financial intermediation costs. We find that the estimated series of the investment adjustment cost shock correlates strongly with the diffusion index of firms' financial position in theTankan(Short‐term Economic Survey of Enterprises in Japan). Therefore, we argue that the large decline in investment growth in the early 1990s was due to an increase in investment adjustment costs stemming from firms' financial constraints after the collapse of Japan's asset price bubble.
In: Journal of Monetary Economics, Band 57, Heft 8, S. 1038-1048
In: Journal of economic dynamics & control, Band 31, Heft 2, S. 399-431
ISSN: 0165-1889
In: Journal of economic dynamics & control, Band 164, S. 104874
ISSN: 0165-1889
In: FRB of Cleveland Working Paper No. 22-17
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In: European Economic Review, Forthcoming
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Working paper
In: FRB of Cleveland Working Paper No. 20-20
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In: FRB of Cleveland Working Paper No. 19-16, August 2019
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In: Federal Reserve Bank of Kansas City Working Paper No. RWP 16-09
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Working paper
In: Federal Reserve Bank of Kansas City Working Paper No. 16-09
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