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Are the effects of monetary policy in the euro area greater in recessions than in booms?

Peersman, Gert; Smets, Frank - European Central Bank - 2001

the contribution of monetary policy shocks to the short-term interest rate in a simple VAR for the euro area economy, have …

Persistent link: https://www.econbiz.de/10005816245

Forecasting with a Bayesian DSGE model: an application to the euro area

Smets, Frank; Wouters, Raf - European Central Bank - 2004

In monetary policy strategies geared towards maintaining price stability conditional and unconditional forecasts of inflation and output play an important role. This paper illustrates how modern sticky-price dynamic stochastic general equilibrium models, estimated using Bayesian techniques, can...

Persistent link: https://www.econbiz.de/10005162894

Persistence, the transmission mechanism and robust monetary policy

Angeloni, Ignazio; Coenen, Günter; Smets, Frank - European Central Bank - 2003

In this paper we first explore the impact of nominal and real persistence on the transmission process of various shocks in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the performance of various monetary policies when the policy...

Persistent link: https://www.econbiz.de/10005344927

Inflation persistence and price-setting behaviour in the euro area – a summary of the IPN evidence

Altissimo, Filippo; Ehrmann, Michael; Smets, Frank - European Central Bank - 2006

This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings are - i) Under the current monetary policy regime, the...

Persistent link: https://www.econbiz.de/10005530648

What horizon for price stability

Smets, Frank - European Central Bank - 2000

forward-looking model of the euro area economy, the three main findings are: 1) The policy horizon becomes shorter the greater … economy and the greater the slope of the Phillips curve; 2) The optimal policy horizon for a price level objective is … stabilisation in the loss function. This result depends, however, on the structure of the economy. JEL Classification: E4, E5 …

Persistent link: https://www.econbiz.de/10005530807

A monetary policy strategy in good and bad times: lessons from the recent past

Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - European Central Bank - 2011

We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in … May 2009 were critical to preserving price stability and forestalling a more disruptive collapse of the macro-economy. JEL …

Persistent link: https://www.econbiz.de/10009002548

An estimated stochastic dynamic general equilibrium model of the euro area

Smets, Frank; Wouters, Raf - European Central Bank - 2002

This paper develops and estimates a stochastic dynamic general equilibrium (SDGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is...

Persistent link: https://www.econbiz.de/10005222316

Shocks and frictions in US business cycles: a Bayesian DSGE approach

Smets, Frank; Wouters, Raf - European Central Bank - 2007

Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy …

Persistent link: https://www.econbiz.de/10005222323