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Evidence from Surveys of Price-Setting Managers: Policy Lessons and Directions for Ongoing Research

Gaspar, Vítor; Levin, Andrew; Martins, Fernando Manuel; … - C.E.P.R. Discussion Papers - 2007

inflation and in determining how monetary policy affects inflation and real economic activity. The Inflation Persistence Network …

Persistent link: https://www.econbiz.de/10005791860

Why Does the Yield Curve Predict Economic Activity? Dissecting the Evidence for Germany and the United States

Smets, Frank; Tsatsaronis, Kostas - C.E.P.R. Discussion Papers - 1997

States. A structural VAR is used to identify aggregate supply, aggregate demand, monetary policy and inflation scare shocks … inflation scares do not. As the latter are more important in the United States, they reduce the predictive content of the term …

Persistent link: https://www.econbiz.de/10005123911

The Monetary Transmission Mechanism: Evidence from the G-7 Countries

Gerlach, Stefan; Smets, Frank - C.E.P.R. Discussion Papers - 1995

In this paper we compare the effects of monetary policy on output and prices in the G-7 countries using a parsimonious macroeconometric model comprising output, prices and a short-term interest rate. We identify monetary policy shocks by assuming that they do not affect real output...

Persistent link: https://www.econbiz.de/10005498157

Financial Asset Prices and Monetary Policy: Theory and Evidence

Smets, Frank - C.E.P.R. Discussion Papers - 1997

prices depends on how these changes affect the central bank’s inflation forecast, which in turn depends on two factors: the … financial asset prices, including the exchange rate, in two countries with inflation targets (Australia and Canada) and suggests …

Persistent link: https://www.econbiz.de/10005504548

Forecasting with a Bayesian DSGE Model: An Application to the Euro Area

Smets, Frank; Wouters, Rafael - C.E.P.R. Discussion Papers - 2004

inflation and output play an important role. In this Paper we illustrate how modern sticky-price dynamic stochastic general … distribution of the forecast, as well as various inflation risk measures that have been proposed in the literature. Finally, the …

Persistent link: https://www.econbiz.de/10005114391

Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach

Smets, Frank; Wouters, Rafael - C.E.P.R. Discussion Papers - 2007

explain the cross-correlation between output and inflation? What are the effects of productivity on hours worked? What are the …

Persistent link: https://www.econbiz.de/10005656292