{"title":"Comment on “How to fund unemployment insurance with informality and false claims: Evidence from Senegal” by Ndiaye, Herkenhoff, Cissé, Dell’Acqua, and Mbaye","authors":"Serdar Birinci","doi":"10.1016/j.jmoneco.2024.103700","DOIUrl":"10.1016/j.jmoneco.2024.103700","url":null,"abstract":"<div><div>This is a comment on “How to Fund Unemployment Insurance with Informality and False Claims: Evidence from Senegal,” by Ndiaye, Herkenhoff, Cissé, Dell’Acqua, and Mbaye.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"150 ","pages":"Article 103700"},"PeriodicalIF":4.3,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143372971","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Discussion of “Singles, Couples, Time-Averaging, and Taxation”","authors":"Richard Blundell , Eric French","doi":"10.1016/j.jmoneco.2024.103719","DOIUrl":"10.1016/j.jmoneco.2024.103719","url":null,"abstract":"<div><div>This discussion comments on “Singles, Couples, Time-Averaging, and Taxation” by Hans Holter, Lars Ljungqvist, Thomas Sargent, and Serhiy Stepanchuk. This work represents an exciting new agenda, combining recent findings in the dynamic micro labor supply and retirement literature with key features of the macro environment by including general equilibrium feedback and a government budget constraint. We point to some areas where the specification could be improved but these do not detract from the key insights in this paper and the significant steps it makes toward building a coherent micro and macro framework for research on labor supply and taxation.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"150 ","pages":"Article 103719"},"PeriodicalIF":4.3,"publicationDate":"2024-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143372977","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Price discounts and cheapflation during the post-pandemic inflation surge: A comment","authors":"Joseph Vavra","doi":"10.1016/j.jmoneco.2024.103661","DOIUrl":"10.1016/j.jmoneco.2024.103661","url":null,"abstract":"","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103661"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142177707","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"A global perspective on post pandemic inflation and its retreat: Remarks prepared for NBER conference on “inflation in the COVID era”","authors":"Richard Clarida","doi":"10.1016/j.jmoneco.2024.103657","DOIUrl":"10.1016/j.jmoneco.2024.103657","url":null,"abstract":"<div><div>This paper provides a high level review of the common sources of the post pandemic surge in global inflation and some observations about how this surge - and the conduct of monetary policy during this period - may inform us about monetary policy frameworks and execution.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103657"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142177716","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Discussion of “Relative-price changes as aggregate supply shocks revisited: Theory and evidence” by Hassan Afrouzi, Saroj Bhattarai, Edson Wu","authors":"Raphael Schoenle","doi":"10.1016/j.jmoneco.2024.103651","DOIUrl":"10.1016/j.jmoneco.2024.103651","url":null,"abstract":"","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103651"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142177734","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Price discounts and cheapflation during the post-pandemic inflation surge","authors":"Alberto Cavallo , Oleksiy Kryvtsov","doi":"10.1016/j.jmoneco.2024.103644","DOIUrl":"10.1016/j.jmoneco.2024.103644","url":null,"abstract":"<div><div>We study how within-store price variation changes with inflation, and whether households exploit it to attenuate the inflation burden. We use micro price data for food products sold by 91 large multi-channel retailers in ten countries between 2018 and 2024. Measuring unit prices within narrowly defined product categories, we analyze two key sources of variation in prices within a store: temporary price discounts and differences across similar products. Price changes associated with discounts grew at a much lower average rate than regular prices, helping to mitigate the inflation burden. By contrast, <em>cheapflation</em> – a faster rise in prices of cheaper goods relative to prices of more expensive varieties of the same good – exacerbated it. Using Canadian Homescan Panel Data, we estimate that spending on discounts reduced the change in the average unit price by 4.1 percentage points, but expenditure switching to cheaper brands <em>raised</em> it by 2.8 percentage points.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103644"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141871722","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Discussion of “Phillips meets Beveridge,” by Regis Barnichon and Adam Shapiro","authors":"Katharine G. Abraham","doi":"10.1016/j.jmoneco.2024.103672","DOIUrl":"10.1016/j.jmoneco.2024.103672","url":null,"abstract":"<div><div>None</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103672"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142177710","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Felix Aidala , Olivier Armantier , Giorgio Topa , Wilbert van der Klaauw
{"title":"Partisan expectations and COVID era inflation: A comment","authors":"Felix Aidala , Olivier Armantier , Giorgio Topa , Wilbert van der Klaauw","doi":"10.1016/j.jmoneco.2024.103659","DOIUrl":"10.1016/j.jmoneco.2024.103659","url":null,"abstract":"<div><div>In this note we provide comments on the paper “Partisan Expectations and COVID Era Inflation” (2024) by Binder, Kamdar, and Ryngaert (BKR). We complement BKR’s analysis by bringing to bear new evidence from the New York Fed’s Survey of Consumer Expectations. Our analysis confirms BKR’s results of a relationship between political affiliation and inflation expectations. However, we find no clear evidence that Republicans’ inflation expectations became unanchored during the Covid-19 era. We also offer some commentary on BKR’s MSA-level empirical Phillips curve analysis and conclude with some observations on how BKR’s paper contributes to the literature on consumers’ inflation expectations.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103659"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142177717","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Discussion of “Who bears the costs of inflation? Euro area households and the 2021–2022 shock”","authors":"Klaus Adam","doi":"10.1016/j.jmoneco.2024.103655","DOIUrl":"10.1016/j.jmoneco.2024.103655","url":null,"abstract":"","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103655"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142592892","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Comment on “The long and variable lags of monetary policy: Evidence from disaggregated price indices” by S. Borağan Aruoba and Thomas Drechsel","authors":"Jonathan H. Wright","doi":"10.1016/j.jmoneco.2024.103653","DOIUrl":"10.1016/j.jmoneco.2024.103653","url":null,"abstract":"<div><div>The vast majority of the literature on the effects of monetary policy shocks has considered their impacts on aggregate variables, including aggregate prices. The paper by Borağan Aruoba and Thomas Drechsel studies the impacts of monetary policy on the components of PCE. It documents considerable variability in the impulse response functions across components and finds that monetary policy shocks have large but very delayed effects on price aggregates. The finding of cross-sectional variability and its implications are very convincing, The large but delayed effects on aggregates may be more dependent on methodology and shock identification.</div></div>","PeriodicalId":48407,"journal":{"name":"Journal of Monetary Economics","volume":"148 ","pages":"Article 103653"},"PeriodicalIF":4.3,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142177732","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}