Showing 1 - 10 of 26
of such opportunities. Cointegration between the volume of credit and the P/E ratios is tested for relevant sub …
Persistent link: https://www.econbiz.de/10011099590
This paper considers the problem of testing for the presence of stochastic trends in multivariate time series with structural breaks. The breakpoints are assumed to be known. The testing framework is the multivariate Locally Best Invariant test and the common trend test of Nyblom and Harvey...
Persistent link: https://www.econbiz.de/10005113652
The paper finds evidence of non-linearities in the dynamics of the euro-area demand for the narrow aggregate M1. A long-run money demand relationship is first estimated over a sample period covering the last three decades. While the parameters of the relationship are jointly stable, there are...
Persistent link: https://www.econbiz.de/10005113659
promptly identifying turning points in inflation. The focus of this paper is the so-called "cost-of-living" index, the most … used measure of Italian inflation. Our aim is to identify and test a model of its seasonal component, which is important in …
Persistent link: https://www.econbiz.de/10005486712
issue is of particular interest for those monetary authorities that target headline consumer price inflation, which has been …
Persistent link: https://www.econbiz.de/10011099718
Between 2013 and 2014, following the recession triggered by the sovereign debt crisis, euro-area inflation decreased … sharply. Although a fall in the inflation rate was to be expected, given the severity of the recession, professional … inflation, which was unaccounted for in forecasting models. We probe this explanation in the context of a simple backward …
Persistent link: https://www.econbiz.de/10011100362
Since 2013 the inflation rate in the euro area has fallen steadily, reaching all-time lows at the end of 2014. Market …-based measures of inflation expectations (such as inflation swaps) have also declined to extremely low levels, which suggests … increasing concern about the credibility of the ECB in maintaining price stability. Inflation releases have often surprised …
Persistent link: https://www.econbiz.de/10011207925
The paper analyzes the short-run impact of periods of strong monetary growth on inflation dynamics for 15 …
Persistent link: https://www.econbiz.de/10005770764
level, after controlling for inflation expectations, and whether it is concentrated among those firms that are more exposed …
Persistent link: https://www.econbiz.de/10005770766
This paper proposes a monetary policy game based on a microfounded general equilibrium model. The approach allows some key features of the policy game to be related to basic technological and preference parameters. Moreover, it shows how results are affected by the presence of non-atomistic...
Persistent link: https://www.econbiz.de/10005780671