Search results for "inflation"
showing 10 items of 210 documents
- EL EFECTO FISHER Y LA PARIDAD DE INTERÉS REAL. EVIDENCIA PARA LA ECONOMÍA ESPAÑOLA
1999
This paper provides an empirical test of the Fisher effect and of the real interest parity. The objetive is to determinate the behavior of the ex-ante real interest that condicionate the intertemporal savings and investment decisions. The method used is the time series properties of the data, which allows to separate estimation of the long-run equilibrium relationship from the nuisance parameters that characterize the short-run dynamics. The results find support inthe long run for a tax-adjusted Fisher hypothesis but not for the real interest parity. En este trabajo se contrasta empíricamente el cumplimiento de la hipótesis de Fisher y de la paridad de interés real para el caso español. El …
Interest rates, expectations and the credibility of the Bank of Spain
1995
The purpose of the paper is to pinpoint the date of the change of monetary policy regime which occurred in Spain during the year 1984, when it moved away from controlling monetary aggregates towards interest rate targeting. The most likely date for the change is estimated and, surprisingly, there is evidence that agents learned about the new intermediate target quite rapidly.A week after the change, the term structure of interest rates showed how market agents attributed much more informational content to interest rate changes than they had previously. Two types of transitions are tried: a one-step and a gradual logistic swithing function.
Nonlinear dynamics of interest rate and inflation
2004
According to several empirical studies, US inflation and nominal interest rates, as well as the real interest rate, can be described as unit root processes. These results imply that nominal interest rates and expected inflation do not move one-for-one in the long run, which is not consistent with the theoretical models. In this paper we introduce a nonlinear bivariate mixture autoregressive model that seems to fit quarterly US data (1952 Q1 – 2000 Q2) reasonably well. It is found that the three-month treasury bill rate and inflation share a common nonlinear component that explains a large part of their persistence. The real interest rate is devoid of this component, indicating one-for-one m…
Que valent vraiment les diplômes universitaires sur le marché du travail ?
2006
Le débat autour du CPE a relancé durablement l'inquiétude des jeunes quant à leur investissement dans l'éducation. La réalité socio-économique va-t-elle les orienter désormais vers des diplômes professionnalisant et les détourner des formations choisies par « goût » ?
The Interplay between Money Market Development and Changes in Monetary Policy Operations in Small European Countries, 1980-2000
2006
We study the interplay between money market development and changes in monetary policy operating procedures in 11 European countries from c. 1980 up to the launch of the EMU. Aspects of money market development such as size and structure of different market segments, and institutional and regulatory changes, are addressed. We recount and empirically examine the reorientation of monetary policy instruments away from quantitative direct control instruments towards indirect market-based instruments.The process of deregulation is uniform across countries. The path of money market development varies substantially, whereas changes in central bank instruments show both similarities and differences…
Spacetime curvature and Higgs stability after inflation
2015
We investigate the dynamics of the Higgs field at the end of inflation in the minimal scenario consisting of an inflaton field coupled to the Standard Model only through the non-minimal gravitational coupling $\xi$ of the Higgs field. Such a coupling is required by renormalisation of the Standard Model in curved space, and in the current scenario also by vacuum stability during high-scale inflation. We find that for $\xi\gtrsim 1$, rapidly changing spacetime curvature at the end of inflation leads to significant production of Higgs particles, potentially triggering a transition to a negative-energy Planck scale vacuum state and causing an immediate collapse of the Universe.
Postinationary vacuum instability and Higgs-inflaton couplings
2016
The Higgs-inflaton coupling plays an important role in the Higgs field dynamics in the early Universe. Even a tiny coupling generated at loop level can have a dramatic effect on the fate of the electroweak vacuum. Such Higgs-inflaton interaction is present both at the trilinear and quartic levels in realistic reheating models. In this work, we examine the Higgs dynamics during the preheating epoch, focusing on the effects of the parametric and tachyonic resonances. We use lattice simulations and other numerical tools in our studies. We find that the resonances can induce large fluctuations of the Higgs field which destabilize the electroweak vacuum. Our considerations thus provide an upper …
Slow roll in simple non-canonical inflation
2007
17 pages, 4 figures.-- ISI Article Identifier: 000245945000008.-- ArXiv pre-print available at: http://arxiv.org/abs/astro-ph/0701343
Entropy Production during Asymptotically Safe Inflation
2011
The Asymptotic Safety scenario predicts that the deep ultraviolet of Quantum Einstein Gravity is governed by a nontrivial renormalization group fixed point. Analyzing its implications for cosmology using renormalization group improved Einstein equations we find that it can give rise to a phase of inflationary expansion in the early Universe. Inflation is a pure quantum effect here and requires no inflaton field. It is driven by the cosmological constant and ends automatically when the renormalization group evolution has reduced the vacuum energy to the level of the matter energy density. The quantum gravity effects also provide a natural mechanism for the generation of entropy. It could eas…
From Big Bang to Asymptotic de Sitter: Complete Cosmologies in a Quantum Gravity Framework
2005
Using the Einstein-Hilbert approximation of asymptotically safe quantum gravity we present a consistent renormalization group based framework for the inclusion of quantum gravitational effects into the cosmological field equations. Relating the renormalization group scale to cosmological time via a dynamical cutoff identification this framework applies to all stages of the cosmological evolution. The very early universe is found to contain a period of ``oscillatory inflation'' with an infinite sequence of time intervals during which the expansion alternates between acceleration and deceleration. For asymptotically late times we identify a mechanism which prevents the universe from leaving t…