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Bank of Canada RSS Feedsen2024-03-19T13:03:24+00:00Predetermined Prices and the Persistent Effects of Money on Output
https://www.bankofcanada.ca/2001/08/working-paper-2001-13/
This paper illustrates a model of predetermined pricing, where firms set a fixed schedule of nominal prices at the time of price readjustment, based on the work of Fischer (1977). This type of price-setting specification cannot produce any excess persistence in a fixed-duration model of staggered prices, but we show that with a probabilistic model of price adjustment, as in Calvo (1983), a predetermined pricing specification can produce excess persistence.2001-08-01T15:24:55+00:00enPredetermined Prices and the Persistent Effects of Money on Output2001-08-01Monetary policy transmissionWorking Paper 2001-13 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp01-13.pdfPredetermined Prices and the Persistent Effects of Money on OutputMichael DevereuxJames YetmanAugust 2001EE3E30Gaining Credibility for Inflation Targets
https://www.bankofcanada.ca/2001/07/working-paper-2001-11/
In this paper, I consider a simple model in which agents learn about the inflation target of a central bank over time by observing the policy instrument or inflation outcomes. Measuring credibility as the distance between the perceived target and the actual target, an increase in credibility is beneficial to the central bank because it brings the policy consistent with attaining the inflation target closer to that required to attain the output target.2001-07-01T14:51:24+00:00enGaining Credibility for Inflation Targets2001-07-01CredibilityInflation targetsWorking Paper 2001-11 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp01-11.pdfGaining Credibility for Inflation TargetsJames YetmanJuly 2001EE5E52