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Joint Vienna Macroeconomics Seminar |
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The Joint Vienna Institute and the Institute for Advanced Studies (IHS) cordially invite you to the following Joint Vienna Macroeconomics Seminar:
Jesper Linde (Sveriges Riksbank)
Resolving the Missing Deflation Puzzle
Abstract: We propose a resolution of the missing deflation puzzle. Our resolution stresses the impor- tance of nonlinearities in price- and wage-setting when the economy is exposed to large shocks. We show that a nonlinear macroeconomic
model with real rigidities resolves the missing deflation puzzle, while a linearized version of the same underlying nonlinear model fails to do so. In addition, our nonlinear model reproduces the skewness of inflation and other macroeconomic variables observed
in post-war U.S. data. All told, our results caution against the common practice of using linearized models to study inflation and output dynamics.
Co-Author: Mathias Trabandt (Freie Universität Berlin, School of Business and Economics)
We are looking forward to seeing you!
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