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- Title
Competitiveness, inflation, and monetary policy.
- Authors
Khan, Hashmat; Moessner, Richhild
- Abstract
Examines how differences in the level of steady-state competitiveness and the trends rate of inflation might affect inflation responses to monetary policy shocks in Great Britain. Use of a standard Keynesian model to allow positive trend inflation and cyclical variations in competitiveness; Tendency of lower steady-state competitiveness to partially offset the effect of the higher degree of price stickiness; Extent to which procyclical changes in competitiveness dampen the impulse response of inflation to a given monetary policy shock.
- Subjects
UNITED Kingdom; ECONOMIC competition; PRICE inflation; MONETARY policy; ECONOMIC policy; COMMERCE; ECONOMIC trends
- Publication
Bank of England Quarterly Bulletin, 2005, Vol 45, Issue 1, p47
- ISSN
0005-5166
- Publication type
Article