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Year: 2007 Publisher: Cambridge, Mass. National Bureau of Economic Research
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Year: 2024 Publisher: National Bureau of Economic Research
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Year: 2013 Publisher: London Centre For Economic Policy Research
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Year: 2013 Publisher: London Centre For Economic Policy Research
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Year: 2007 Publisher: Cambridge, Mass. NBER
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Year: 2007 Publisher: Cambridge, Mass. National Bureau of Economic Research
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In the wake of the 1997-98 financial crises, interest rates in Asia were raised immediately, and then reduced sharply. We describe an environment in which this is the optimal monetary policy. The optimality of the immediate rise in the interest rate is an example of the theory of the second best: although high interest rates introduce an inefficiency wedge into the labor market, they are nevertheless welfare improving because they mitigate distortions due to binding collateral constraints. Over time, as various real frictions wear off and the collateral constraint is less binding, the familiar Friedman forces dominate, and interest rates are optimally set as low as possible.
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Year: 2024 Publisher: Cambridge, Mass. National Bureau of Economic Research
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We study the long-term effects of inflation surges on inflation expectations. German households living in areas with higher local inflation during the hyperinflation of the 1920s expect higher inflation today, after partialling out determinants of historical inflation and current inflation expectations . Our evidence points towards transmission of inflation experiences from parents to children and through collective memory. Differential historical inflation also modulates the updating of expectations to current inflation, the response to economic policies affecting inflation, and financial decisions. We obtain similar results for Polish households residing in formerly German areas. Overall, our findings are consistent with inflationary shocks having a long-lasting impact on attitudes towards inflation.
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