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56 records from EconBiz based on author Name
1. Perceptions and expectations of inflation by U.S. households
abstractTo better understand inflation expectations, we examine newly available data on U.S. households' inflation perceptions-what people think inflation has been in the past. The overarching summary is that inflation perceptions look similar to inflation expectations. The central tendencies of the responses for perceived inflation over the past five to ten years are similar to those of expected inflation for the next five to ten years, and all are a little above official estimates of inflation. Thus, survey respondents overall do not expect long-term inflation to change in the future relative to the recent past. Moreover, individuals who perceive higher inflation in the past tend to expect higher inflation in the future; people whose perceptions change tend to revise their expectations in the same direction; and perceptions and expectations vary similarly by gender and income. These results suggest that if inflation perceptions were to change, they could lead inflation e xpectations to change as well
Axelrod, Sandor; Lebow, David E.; Peneva, Ekaterina V.;2018
Type: Arbeitspapier; Working Paper;
Availability: Link
Link 2. Inflation measurement
Lebow, David E.; Rudd, Jeremy B.;2006
Type: Arbeitspapier; Working Paper;
Availability:
3. The Monetisation of Japan's Government Debt
abstractJapan's government debt is extremely high, especially considering the fact that the data exclude likely future liabilities stemming from an ageing population and possible requirements of the financial system. Nevertheless, an offsetting factor is the degree to which the Bank of Japan has already monetised the debt. The monetary expansion up to the end of 2003 has increased the net worth of the Bank of Japan, properly measured, to more than 17% of GDP, directly reducing the debt position of the consolidated government and central bank - the most relevant measure of the government's fiscal position. Furthermore, the consolidated debt ratio could fall further depending both on the degree to which the monetary expansion is reversed to prevent inflation from rising too much and on the response of nominal interest rates to any temporary inflation that does occur. Under reasonable scenarios, the consolidated government/central bank debt position could be noticeably lower than indicated by commonly cited debt statistics
Lebow, David E.;2013
Availability: Link Link
Citations: 2 (based on OpenCitations)
4. Recent Fiscal Policy in Selected Industrial Countries
abstractThis paper summarises fiscal developments over the past 10 years in 16 industrial countries, based on OECD data and projections. Several countries that had substantial fiscal deficits early in the 1990s turned to surpluses by the year 2000, with some countries improving their fiscal balances by 5% of GDP or more, even abstracting from the effects of strong economic growth. But in many countries - especially the largest economies - this strong performance had given way to the reappearance of large fiscal deficits by 2003. Based on current fiscal legislation, the OECD expects to see no clear improvement in cyclically adjusted balances by 2005. All countries' fiscal positions in 2003 were worse than had been expected in late 2000, but after abstracting from the effects of a surprisingly weak economy, the negative surprise was largest for the United States, followed by the United Kingdom and Ireland. Sustainability calculations suggest that preventing rising net debt ratios requires a fiscal adjustment of some 7% of GDP in Japan, 2½ to 3% of GDP in the United States, 1½% of GDP in the United Kingdom, and about 1% of GDP in France and Germany. Italy's fiscal position is strong enough to stabilise the debt ratio at its current high level, but not strong enough to bring the debt ratio down appreciably
Lebow, David E.;2013
Availability: Link Link
5. The Monetisation of Japan’s Government Debt
abstractThe analysis by Lebow concerns Japan. Given the high public debt levels, it focuses on the fiscal implications of the monetary expansion undertaken since the early nineties and those of a possible reversal of such a policy in case inflation picks up. The paper argues that for analysing fiscal policy, the consolidated government and central bank net debt is the appropriate aggregate to be considered. According to this view, even if the ratio of public debt to GDP is high, there are important offsetting elements. First, the central bank has already monetised to a relevant extend this debt. Moreover, in case the monetary expansion is allowed to generate temporary inflation, the consolidated debt ratio would fall further. Finally, even in the case of a reversal of the monetary stance, there would be consolidated debt levels lower then generally recognised if small price increases are allowed
Lebow, David E.;2012
Availability: Link
6. The monetisation of Japan's government debt
Lebow, David E.;2004
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability:
7. Recent fiscal policy in selected industrial countries
Lebow, David E.;2004
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability:
8. Measurement error in the consumer price index : where do we stand?
Lebow, David E.; Rudd, Jeremy B.;2001
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability:
9. Downward nominal wage rigidity : evidence from the employment cost index
Lebow, David E.; Saks, Raven E.; Wilson, Beth Anne;1999
Type: Arbeitspapier; Working Paper; Graue Literatur; Non-commercial literature;
Availability:
Link 10. Inflation measurement
Lebow, David E.; Rudd, Jeremy B.;2006
Availability: Link