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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
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Fiscal consolidation in the euro area : long-run benefits and short-run costs
Coenen, Günter (contributor); Mohr, Matthias (contributor);  … - 2008
In this paper, we examine the macroeconomic effects of alternative fiscal consolidation policies in the New Area-Wide Model (NAWM), a two-country open-economy model of the euro area developed at the European Central Bank (cf. Coenen et al., 2007). We model fiscal consolidation as a permanent...
Persistent link: https://www.econbiz.de/10003778833
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Forecasting with a Bayesian DSGE model : an application to the euro area
Smets, Frank; Wouters, Rafael - 2004
In monetary policy strategies geared towards maintaining price stability conditional and unconditional forecasts of inflation and output play an important role. In this paper we illustrate how modern sticky-price dynamic stochastic general equilibrium (DSGE) models, estimated using Bayesian...
Persistent link: https://www.econbiz.de/10003285769
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The New Area-Wide Model of the euro area : a micro-founded open-economy model for forecasting and policy analysis
Christoffel, Kai (contributor); Coenen, Günter (contributor) - 2008
In this paper, we outline a version of the New Area-Wide Model (NAWM) of the euro area designed for use in the (Broad) Macroeconomic Projection Exercises regularly undertaken by ECB/Eurosystem staff. We present estimation results for the NAWM that are obtained by employing Bayesian inference...
Persistent link: https://www.econbiz.de/10003790951
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Europäische Medienmärkte: Die Rolle der Wettbewerbspolitik
Budzinski, Oliver - 2008
Persistent link: https://www.econbiz.de/10003864444
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A new two-pillar strategy for the ECB
De Grauwe, Paul; Gros, Daniel - 2009
The ECB has been arguing in the past that since there is no trade-off between price stability and financial stability, the pursuit of price stability is the best a central bank can do to also maintain financial stability. We argue that there is a potential trade-off between price stability and...
Persistent link: https://www.econbiz.de/10003888991
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The analysis of coordinated effects in EU merger control : where do we stand after Sony/BMG and Impala?
Aigner, Gisela (contributor); Budzinski, Oliver (contributor) - 2007
institutional and substantive development of EU Merger Control. Firstly, Impala introduces an ambitious symmetric standard of proof …
Persistent link: https://www.econbiz.de/10003417458
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The Oracle/PeopleSoft case : unilateral effects, simulation models and econometrics in contemporary merger control
Budzinski, Oliver (contributor);  … - 2007
An increasingly important part of contemporary merger control both in the US and the EU is unilateral effects analysis … application of these sophisticated economic tools by the EU and US authorities so far. This makes an in-depth study of the case …. Therefore, we highlight certain similarities as well as (minor) differences between the EU and US proceedings. Interestingly …
Persistent link: https://www.econbiz.de/10003417465
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Real wages and monetary policy transmission in the euro area
McCallum, Andrew (contributor); Smets, Frank (contributor) - 2007
We use the Factor-Augmented Vector Autoregression (FAVAR) approach of Bernanke, Boivin and Eliasz (2005) to estimate the effects of monetary policy shocks on wages and employment in the euro area. The use of a large data set comprising country, sectoral and euro area-wide data allows us to...
Persistent link: https://www.econbiz.de/10003486502
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Tax reform and labour-market performance in the euro area : a simulation-based analysis using the New Area-Wide Model
Coenen, Günter (contributor); McAdam, Peter (contributor);  … - 2007
In this paper, we employ a calibrated two-country version of the New Area-Wide Model (NAWM) currently under development at the European Central Bank to examine the potential benefits and spillovers of reducing labour-market distortions caused by euro area tax structures. Our analysis shows that...
Persistent link: https://www.econbiz.de/10003457015