Positive Trend Inflation in the New Keynesian Model | Considering different forms of state-dependent price-setting frequency and different versions of the Taylor rule

Publisher

S�dwestdeutscher Verlag f�r Hochschulschriften

Publication Date

2016

Language

English

ISBN 10

3838135245

ISBN 13

9783838135243

Binding

Taschenbuch

Condition

Neu

Dimensions

Weight

715 grams

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About this title

Synopsis

In this book, a baseline New Keynesian model is linearised around a possibly positive trend inflation rate. The trend inflation, i.e. target inflation rate, is brought about either by a forward-looking or contemporaneous Taylor rule. The model is based on the assumption of strategic complementarity in price-setting. Steady-state, determinacy and model dynamics are analysed. A focus is on different versions of trend-inflation dependent price-setting frequencies. Like in many other studies, welfare considerations do not justify an inflation target considerably above zero. It appears, however, that higher price-flexibility favours a slightly higher target. Overall, price-setting frequency is of considerable importance for the results.

About the Author

Katrin Heinrichs obtained a B.Sc. and M.Sc. in Economics at Otto von Guericke University Magdeburg. She works at FernUniversit�t Hagen, where she obtained her Ph.D. in Economics in 2014.

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