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Generalized Taylor and Generalized Calvo price and wage-setting: micro evidence with macro implications
Dixon, H.; Le Bihan, H. - Banque de France - 2011
The Generalized Calvo and the Generalized Taylor model of price and wage-setting are, unlike the standard Calvo and … Taylor counterparts, exactly consistent with the distribution of durations observed in the data. Using price and wage micro … monetary policy transmission by embedding these calibrated models in a standard DSGE model. The Generalized Taylor model is …
Persistent link: https://www.econbiz.de/10008873323
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A unified framework for understanding and comparing dynamic wage and price-setting models.
Dixon, H. D. - Banque de France - 2009
-biased sampling. Modelling the price-spell durations in this way enables us to see how Taylor, Calvo and their generalizations relate …
Persistent link: https://www.econbiz.de/10008509451
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Monetary Policy Inertia or Persistent Shocks?
Carrillo, J.; Fève, P.; Matheron, J. - Banque de France - 2006
In this paper, we propose a simple econometric framework to disentangle the respective roles of monetary policy inertia and persistent shocks in interest rate rules. The procedure exploits the cross-equation restrictions provided by a DSGE model which is confronted to a monetary SVAR. We show...
Persistent link: https://www.econbiz.de/10005082518
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Monetary Policy and Herd Behavior: Leaning Against Bubbles.
Loisel, O.; Pommeret, A.; Portier, T. - Banque de France - 2012
to laisser-faire, in terms of ex ante welfare. …
Persistent link: https://www.econbiz.de/10010815962
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Optimal Monetary and Prudential Policies.
Collard, F.; Dellas, H.; Diba, B.; Loisel, O. - Banque de France - 2012
The recent financial crisis has highlighted the interconnectedness between macroeconomic and financial stability and has raised the question of whether and how to combine the corresponding main policy instruments (interest rate and bank-capital requirements). This paper offers a characterization...
Persistent link: https://www.econbiz.de/10010816018
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Une estimation de la cible implicite d’inflation dans la zone euro
Fève, P.; Matheron, J.; Sahuc, J-G. - Banque de France - 2009
Euro area countries as a whole have experienced a marked downward trend over the 1980s. Over this period, the unemployment rate has increased and economic activity has been sluggish. Changes in the implicit inflation target, viewed as low frequency movements of inflation, might possibly explain...
Persistent link: https://www.econbiz.de/10008477171
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Chocs d’Offre et Optimalité de la Politique Monétaire dans la Zone Euro
Fève, P.; Matheron, J.; Sahuc, J-G. - Banque de France - 2008
This article assesses monetary policy's performances in the Euro zone in the face of supply shocks. We determine the responses of output, inflation, labor share and the nominal interest rate to a supply shock as identified through a structural VAR model. We then develop a DSGE model with nominal...
Persistent link: https://www.econbiz.de/10008528507
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The Dynamic Effects of Disinflation Policies.
Collard, F.; Fève, P.; Matheron, J. - Banque de France - 2007
This paper investigates the effects of disinflation policies on key macroeconomic variables. Using postwar US data and episode techniques, we identify disinflation shocks as shocks that drive the inflation rate to a lower level in the long-run. We find that in the immediate aftermath of a...
Persistent link: https://www.econbiz.de/10004998837
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A Time-Varying Natural Rate for the Euro Area
Mésonnier, J-S.; Renne, J-P. - Banque de France - 2004
In this article we estimate a time-varying " natural " rate of interest (TVNRI) for a synthetic euro area over the period 1979Q1-2002Q4 using a small backward-looking macroeconomic model, broadly following a methodology developed by Laubach and Williams (2003) for the United States. The Kalman...
Persistent link: https://www.econbiz.de/10005056544
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Inflation Target Shocks and Monetary Policy Inertia in the Euro Area
Fève, P.; Matheron, J.; Sahuc, J-G. - Banque de France - 2009
The Euro area as a whole has experienced a marked downward trend in inflation over the past decades and, concomitantly, a protracted period of depressed activity. Can permanent and gradual shifts in monetary policy be held responsible for these dynamics? To answer this question, we embed...
Persistent link: https://www.econbiz.de/10008556976