Browsing College of Human Sciences by Author "Rudd, Jeremy"

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Browsing College of Human Sciences by Author "Rudd, Jeremy"

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Can rational expectations sticky-price models explain inflation dynamics

Rudd, Jeremy ; Whelan, Karl (Central Bank of Ireland, 2003-08)

Recent years have seen an important trend in macroeconomic research towards analysing business cycles and stabilization policy in the context of models that incorporate both nominal rigidities and optimising agents with ...
Can rational expectations sticky-price models explain inflation dynamics?

Whelan, Karl ; Rudd, Jeremy (American Economic Association, 2006-03)

The canonical inflation specification in sticky-price rational expectations models (the new-Keynesian Phillips curve) is often criticized for failing to account for the dependence of inflation on its own lags. In response, ...
Does labor's share drive inflation?

Rudd, Jeremy ; Whelan, Karl (Blackwell - published on behalf of The Ohio State University, 2005-04)

A number of researchers have recently argued that the new-Keynesian Phillips curve matches the empirical behavior of inflation well when the labor income share is used as a driving variable, but fits poorly when deterministically ...
Does the labour share of income drive inflation?

Whelan, Karl ; Rudd, Jeremy (Central Bank of Ireland, 2002-06)

Woodford (2001) has presented evidence that the new-Keynesian Phillips curve fits the empirical behavior of inflation well when the labor income share is used as a driving variable, but fits poorly when deterministically ...
Empirical proxies for the consumption–wealth ratio

Rudd, Jeremy ; Whelan, Karl (Elsevier Science, 2006)

Using a log-linearized approximation to an aggregate budget constraint, it is possible to show that the ratio of consumption to total (human and non-human) wealth summarizes agents' expectations concerning both future labor ...
Inflation targets, credibility and persistence in a simple sticky-price framework

Whelan, Karl ; Rudd, Jeremy (Central Bank of Ireland, 2003-08)

An important trend in macroeconomic research in recent years involves the increased use of optimization-based models with nominal rigidities (such as sticky prices) to analyse how monetary policy affects the economy and ...
Inflation targets, credibility, and persistence in a simple sticky-price framework

Whelan, Karl ; Rudd, Jeremy (Federal Reserve, 2003-07-23)

This paper presents a re-formulated version of a canonical sticky-price model that has been extended to account for variations over time in the central bank's inflation target. We derive a closed-form solution for the ...
Modeling inflation dynamics : a critical review of recent research

Whelan, Karl ; Rudd, Jeremy (Blackwell, 2007-02)

In recent years, a broad academic consensus has arisen that favors using rational expectations sticky-price models to capture inflation dynamics. We review the principal conclusions of this literature concerning: (1) the ...
Modelling inflation dynamics : a critical review of recent research

Whelan, Karl ; Rudd, Jeremy (Central Bank of Ireland, 2005-11)

In recent years, a broad academic consensus has arisen around the use of rational expectations sticky-price models to capture inflation dynamics. These models are seen as providing an empirically reasonable characterization ...
New tests of the New-Keynesian Phillips Curve

Whelan, Karl ; Rudd, Jeremy (Federal Reserve, 2001-06-26)

Is the observed correlation between current and lagged inflation a function of backward-looking inflation expectations, or do the lags in inflation regressions merely proxy for rational forward-looking expectations, as in ...
A note on the cointegration of consumption, income, and wealth

Whelan, Karl ; Rudd, Jeremy (Central Bank of Ireland, 2002-11)

Lettau and Ludvigson (2001) argue that a log-linearized approximation to an aggregate budget constraint predicts that log consumption, assets, and labour income will be cointegrated. They conclude that this cointegrating ...
On the relationships between real consumption, income, and wealth

Whelan, Karl ; Palumbo, Michael ; Rudd, Jeremy (Central Bank of Ireland, 2002-11)

The existence of durable goods implies that the welfare flow from consumption cannot be directly associated with total consumption expenditures. As a result, tests of standard theories of consumption (such as the Permanent ...
On the relationships between real consumption, income, and wealth

Whelan, Karl ; Palumbo, Michael ; Rudd, Jeremy (American Statistical Association, 2006-01)

Many studies relate real nondurables and services consumption to real income and wealth, with the latter measures obtained by deflating with a price index for total consumption expenditures. This procedure is appropriate ...