Essays on inflation dynamics and monetary policy

This thesis consists of three essays that analyze the role of sectoral heterogeneity on inflation dynamics and optimal monetary policy. In the first chapter, I consider a framework where firms are connected through input-output linkages. Inflation dynamics depend on the importance of the production...

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Detalles Bibliográficos
Autor: Höynck, Christian
Tipo de recurso: tesis doctoral
Estado:Versión publicada
Fecha de publicación:2021
País:España
Institución:CBUC, CESCA
Repositorio:TDR. Tesis Doctorales en Red
OAI Identifier:oai:www.tdx.cat:10803/670843
Acceso en línea:http://hdl.handle.net/10803/670843
Access Level:acceso abierto
Palabra clave:Inflation
Monetary policy
33
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spelling Essays on inflation dynamics and monetary policyHöynck, ChristianInflationMonetary policy33This thesis consists of three essays that analyze the role of sectoral heterogeneity on inflation dynamics and optimal monetary policy. In the first chapter, I consider a framework where firms are connected through input-output linkages. Inflation dynamics depend on the importance of the production network to the overall economy and on the importance of particular sectors within the network. Calibrating the model to data from the United States, I document how changes to the U.S. production network can explain why the sensitivity of inflation to economic activity has declined in the past 50 years. In chapter 2, we explore the implications of market power for inflation and monetary policy. We document how the whole distribution of markups as well as the correlation between market power and price rigidity matter for the effectiveness of monetary policy and the optimal design of monetary policy. Chapter 3 provides an empirical investigation of the relative forecasting performance of core inflation for predicting underlying inflation. My results indicate that the forecast accuracy of different measures of core inflation is time-varying and that there is a trade-off in the exclusion of items between reducing noise and removing signals.Programa de doctorat en Economia, Finances i EmpresaUniversitat Pompeu FabraGalí, JordiRossi, BarbaraUniversitat Pompeu Fabra. Departament d'Economia i Empresa202120232021info:eu-repo/semantics/doctoralThesisinfo:eu-repo/semantics/publishedVersion191 p.application/pdfapplication/pdfhttp://hdl.handle.net/10803/670843TDX (Tesis Doctorals en Xarxa)reponame:TDR. Tesis Doctorales en Redinstname:CBUC, CESCAInglésADVERTIMENT. Tots els drets reservats. L'accés als continguts d'aquesta tesi doctoral i la seva utilització ha de respectar els drets de la persona autora. Pot ser utilitzada per a consulta o estudi personal, així com en activitats o materials d'investigació i docència en els termes establerts a l'art. 32 del Text Refós de la Llei de Propietat Intel·lectual (RDL 1/1996). Per altres utilitzacions es requereix l'autorització prèvia i expressa de la persona autora. En qualsevol cas, en la utilització dels seus continguts caldrà indicar de forma clara el nom i cognoms de la persona autora i el títol de la tesi doctoral. No s'autoritza la seva reproducció o altres formes d'explotació efectuades amb finalitats de lucre ni la seva comunicació pública des d'un lloc aliè al servei TDX. Tampoc s'autoritza la presentació del seu contingut en una finestra o marc aliè a TDX (framing). Aquesta reserva de drets afecta tant als continguts de la tesi com als seus resums i índexs.info:eu-repo/semantics/openAccessoai:www.tdx.cat:10803/6708432026-06-14T12:46:07Z
dc.title.none.fl_str_mv Essays on inflation dynamics and monetary policy
title Essays on inflation dynamics and monetary policy
spellingShingle Essays on inflation dynamics and monetary policy
Höynck, Christian
Inflation
Monetary policy
33
title_short Essays on inflation dynamics and monetary policy
title_full Essays on inflation dynamics and monetary policy
title_fullStr Essays on inflation dynamics and monetary policy
title_full_unstemmed Essays on inflation dynamics and monetary policy
title_sort Essays on inflation dynamics and monetary policy
dc.creator.none.fl_str_mv Höynck, Christian
author Höynck, Christian
author_facet Höynck, Christian
author_role author
dc.contributor.none.fl_str_mv Galí, Jordi
Rossi, Barbara
Universitat Pompeu Fabra. Departament d'Economia i Empresa
dc.subject.none.fl_str_mv Inflation
Monetary policy
33
topic Inflation
Monetary policy
33
description This thesis consists of three essays that analyze the role of sectoral heterogeneity on inflation dynamics and optimal monetary policy. In the first chapter, I consider a framework where firms are connected through input-output linkages. Inflation dynamics depend on the importance of the production network to the overall economy and on the importance of particular sectors within the network. Calibrating the model to data from the United States, I document how changes to the U.S. production network can explain why the sensitivity of inflation to economic activity has declined in the past 50 years. In chapter 2, we explore the implications of market power for inflation and monetary policy. We document how the whole distribution of markups as well as the correlation between market power and price rigidity matter for the effectiveness of monetary policy and the optimal design of monetary policy. Chapter 3 provides an empirical investigation of the relative forecasting performance of core inflation for predicting underlying inflation. My results indicate that the forecast accuracy of different measures of core inflation is time-varying and that there is a trade-off in the exclusion of items between reducing noise and removing signals.
publishDate 2021
dc.date.none.fl_str_mv 2021
2021
2023
dc.type.none.fl_str_mv info:eu-repo/semantics/doctoralThesis
info:eu-repo/semantics/publishedVersion
format doctoralThesis
status_str publishedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/10803/670843
url http://hdl.handle.net/10803/670843
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv 191 p.
application/pdf
application/pdf
dc.publisher.none.fl_str_mv Universitat Pompeu Fabra
publisher.none.fl_str_mv Universitat Pompeu Fabra
dc.source.none.fl_str_mv TDX (Tesis Doctorals en Xarxa)
reponame:TDR. Tesis Doctorales en Red
instname:CBUC, CESCA
instname_str CBUC, CESCA
reponame_str TDR. Tesis Doctorales en Red
collection TDR. Tesis Doctorales en Red
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15.300724

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