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  • All HBS Web  (149)
    • Faculty Publications  (12)

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    • All HBS Web  (149)
      • Faculty Publications  (12)

      Inflation Dynamics Remove Inflation Dynamics →

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      'Amazon effect' could have impact on inflation dynamics: paper
      Macroeconomic Drivers of Bond and Equity Risks
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      • August 2020
      • Article

      Macroeconomic Drivers of Bond and Equity Risks

      By: John Y. Campbell, Carolin E. Pflueger and Luis M. Viceira
      Our new model of consumption-based habit generates time-varying risk premia on bonds and stocks from loglinear, homoskedastic macroeconomic dynamics. Consumers' first-order condition for the real risk-free bond generates an exactly loglinear consumption Euler equation,...  View Details
      Keywords: Consumption-based Habit Formation; Consumption Euler Equation; Time-varying Risk Premia; Inflation Dynamics; Bond-stock Correlation; Risk And Uncertainty; Bonds; Macroeconomics
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      Campbell, John Y., Carolin E. Pflueger, and Luis M. Viceira. "Macroeconomic Drivers of Bond and Equity Risks." Journal of Political Economy 128, no. 8 (August 2020): 3148–3185.
      • 2019
      • Article

      More Amazon Effects: Online Competition and Pricing Behaviors

      By: Alberto Cavallo
      I study how online competition, with its shrinking margins, algorithmic pricing technologies, and the transparency of the web, can change the pricing behavior of large retailers in the U.S. and affect aggregate inflation dynamics. In particular, I show that in the past...  View Details
      Keywords: Amazon; Online Prices; inflation; Uniform Pricing; Price Stickiness; Monetary Economics; Economics; Macroeconomics; inflation And Deflation; System Shocks; United States
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      Cavallo, Alberto. "More Amazon Effects: Online Competition and Pricing Behaviors." Jackson Hole Economic Symposium Conference Proceedings (Federal Reserve Bank of Kansas City) (2019).
      • Article

      Om det meningslösa och farliga med monetär heroism [On the Futility and Hazards of Monetary Heroics]

      By: Amar Bhide
      The decentralized enterprise that sustains the dynamism of economies makes top-down monetary interventions, such as quantitative easing, that target aggregates such as overall inflation, futile. Moreover, economic stability and dynamism also require prudent,...  View Details
      Keywords: Innovation; Monetary Policy; Decentralization; Quantitative Easing
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      Bhide, Amar. "Om det meningslösa och farliga med monetär heroism [On the Futility and Hazards of Monetary Heroics]." Ekonomisk Debatt 45, no. 4 (2017).
      • Article

      Online and Official Price Indexes: Measuring Argentina's Inflation

      By: Alberto Cavallo
      Prices collected from online retailers can be used to construct daily price indexes that complement official statistics. This paper studies their ability to match official inflation estimates in five Latin American countries, with a focus on Argentina, where official...  View Details
      Keywords: inflation; Online Price Index; Economics; Macroeconomics; inflation And Deflation; Price; Latin America; Argentina
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      Cavallo, Alberto. "Online and Official Price Indexes: Measuring Argentina's Inflation." Journal of Monetary Economics 60, no. 2 (March 2013): 152–165.
      • October 2012
      • Case

      Brazil 2003: Inflation Targeting and Debt Dynamics (Abridged)

      By: Laura Alfaro and Rafael Di Tella
      In October 2002, Brazilians elected a left-wing president, Luis Inacio Lula da Silva, for the first time in that country's history. As markets faltered in response, Lula sought to reaffirm his commitment to fiscal discipline, a floating exchange rate, and inflation...  View Details
      Keywords: Brazil; inflation; Emerging Markets; inflation And Deflation; Brazil
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      Alfaro, Laura, and Rafael Di Tella. "Brazil 2003: Inflation Targeting and Debt Dynamics (Abridged) ." Harvard Business School Case 713-041, October 2012.
      • December 2010
      • Article

      Nominal versus Indexed Debt: A Quantitative Horse Race

      By: Laura Alfaro and Fabio Kanczuk
      The main arguments in favor of and against nominal and indexed debt are the incentive to default through inflation versus hedging against unforeseen shocks. We model and calibrate these arguments to assess their quantitative importance. We use a dynamic equilibrium...  View Details
      Keywords: Borrowing And Debt; Motivation And Incentives; inflation And Deflation; System Shocks; Taxation; Risk And Uncertainty; Framework; Problems And Challenges; Interest Rates; Cost; Developing Countries And Economies; Service Operations
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      Alfaro, Laura, and Fabio Kanczuk. "Nominal versus Indexed Debt: A Quantitative Horse Race." Journal of International Money and Finance 29, no. 8 (December 2010): 1706–1726. (Also Harvard Business School Working Paper No. 05-053 and NBER Working Paper No. 13131.)
      • June 2005
      • Article

      Inflation, Openness, and Exchange Rate Regimes: The Quest for Short-Term Commitment

      By: Laura Alfaro
      This paper further tests Romer's (1993) extension of Kydland and Prescott's (1977) predictions for dynamic-inconsistency problems in open economies. In a panel data set of developed and developing countries from 1973 to 1998, I find that openness does not play a role...  View Details
      Keywords: Forecasting And Prediction; Economy; Currency Exchange Rate; Developing Countries And Economies; inflation And Deflation
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      Alfaro, Laura. "Inflation, Openness, and Exchange Rate Regimes: The Quest for Short-Term Commitment." Journal of Development Economics 77, no. 1 (June 2005): 229–249.
      • 2005
      • Working Paper

      Nominal versus Indexed Debt: A Quantitative Horse Race

      By: Laura Alfaro and Fabio Kanczuk
      The main arguments in favor of and against nominal and indexed debt are the incentive to default through inflation versus hedging against unforeseen shocks. We model and calibrate these arguments to assess their quantitative importance. We use a dynamic equilibrium...  View Details
      Keywords: Borrowing And Debt; Taxation; Risk And Uncertainty; inflation And Deflation; System Shocks; Developing Countries And Economies; Mathematical Methods
      Citation
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      Alfaro, Laura, and Fabio Kanczuk. "Nominal versus Indexed Debt: A Quantitative Horse Race." Harvard Business School Working Paper, No. 05-053, January 2005. (Revised March 2010. Also NBER Working Paper No. 13131.)
      • May 2004 (Revised July 2008)
      • Teaching Note

      Brazil 2003: Inflation Targeting and Debt Dynamics (TN)

      By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
      Teaching Note to (9-704-028).  View Details
      Keywords: inflation And Deflation; Borrowing And Debt; Brazil
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      Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "Brazil 2003: Inflation Targeting and Debt Dynamics (TN)." Harvard Business School Teaching Note 704-039, May 2004. (Revised July 2008.)
      • February 2004 (Revised March 2010)
      • Case

      Brazil 2003: Inflation Targeting and Debt Dynamics

      By: Laura Alfaro, Rafael M. Di Tella and Ingrid Vogel
      In October 2002, Brazilians elected a left-wing president, Luis Inacio Lula da Silva, for the first time in that country's history. As markets faltered in response, Lula sought to reaffirm his commitment to fiscal discipline, a floating exchange rate, and inflation...  View Details
      Keywords: Economy; inflation And Deflation; Money; Borrowing And Debt; Policy; Emerging Markets; Brazil
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      Alfaro, Laura, Rafael M. Di Tella, and Ingrid Vogel. "Brazil 2003: Inflation Targeting and Debt Dynamics." Harvard Business School Case 704-028, February 2004. (Revised March 2010.)
      • Research Summary

      Inflation, Openness, and Exchange-Rate Regimes. The Quest for Short-Term Commitment

      By: Laura Alfaro
      This paper further tests Romer s (1993) extension of Kydland and Prescott s (1977) predictions on dynamic-inconsistency problems with regard to open economies. In a panel data set, I find that openness does not seem to play a role in the short run in restricting...  View Details
      • Research Summary

      Nominal versus Indexed Debt: A Quantitative Horse Race (joint with Fabio Kanczuk)

      By: Laura Alfaro
      There are different arguments in favor and against nominal and indexed debt which broadly include the incentive to default through inflation versus hedging against unforeseen shocks. We model these arguments and calibrate the model to assess the quantitative importance...  View Details
      • 1

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      'Amazon effect' could have impact on inflation dynamics: paper
      Macroeconomic Drivers of Bond and Equity Risks
      → Search All HBS Web
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