Similar Search Results

Political referenda and investment : evidence from Scotland

Azqueta-Gavaldon, Andres - 2020

machine learning algorithm over the period 2008-2017, we construct three important uncertainty indices underlying reports in …

Persistent link: https://www.econbiz.de/10012212854

Model of the United States economy with learning MUSEL

Baumann, Ursel; Dieppe, Alistair; González Pandiella, … - 2014

Persistent link: https://www.econbiz.de/10010441074

State-dependency and firm-level optimization : a contribution to Calvo price staggering

McAdam, Peter (contributor); Willman, Alpo (contributor) - 2007

We implement a tractable state-dependent Calvo price-setting signal dependent on inflation and aggregate competitiveness. This allows us to derive a New Keynesian Phillips Curve (NKPC) expressed in terms of the actual levels of variables - rather than in-deviation from steady stateʺ form - and...

Persistent link: https://www.econbiz.de/10003516714

Robust monetary policy with imperfect knowledge

Orphanides, Athanasios (contributor); … - 2007

: rational expectations and learning. We show that in this environment the ability to stabilize the real side of the economy is … private learning and misperceptions of natural rates call for greater policy inertia, a more aggressive response to inflation … economy. We show that such policies are quite robust to potential misspecification of private sector learning and the …

Persistent link: https://www.econbiz.de/10003484111

Markups in the euro area and the US over the period 1981-2004 : a comparison of 50 sectors

Christopoulou, Rebekka (contributor); … - 2008

This paper provides estimates of price-marginal cost ratios or markups for 50 sectors in 8 euro area countries and the US over the period 1981-2004. The estimates are obtained applying the methodology developed by Roeger (1995) on the EU KLEMS March 2007 database. Five stylized facts are...

Persistent link: https://www.econbiz.de/10003636104

Price setting on the two sides of the Atlantic : evidence from supermarket-scanner data

Karadi, Peter; Amann, Jurgen; Sánchez Bachiller, Javier; … - 2023

We compare supermarket price setting in the US and the euro area and assess its impact on food inflation. We introduce a novel scanner dataset of Germany, the Netherlands, France, and Italy (EA4) and contrast it with an equivalent dataset from the US. We find that both higher frequency and...

Persistent link: https://www.econbiz.de/10014477711

International transmission and monetary policy cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2008

We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...

Persistent link: https://www.econbiz.de/10003636288

International evidence on sticky consumption growth

Carroll, Chris (contributor); Slacalek, Jirka (contributor); … - 2008

We estimate the degree of "stickiness" in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of autocorrelation, with a stickiness...

Persistent link: https://www.econbiz.de/10003778438

Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation

De Walque, Gregory; Pierrard, Olivier; Sneessens, Henri R. - 2009

We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...

Persistent link: https://www.econbiz.de/10003831761

Comparing and evaluating Bayesian predictive distributions of assets returns

Geweke, John; Amisano, Gianni - 2008

Bayesian inference in a time series model provides exact, out-of-sample predictive distributions that fully and coherently incorporate parameter uncertainty. This study compares and evaluates Bayesian predictive distributions from alternative models, using as an illustration five alternative...

Persistent link: https://www.econbiz.de/10003825870