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Inflation rate dispersion and convergence in monetary and economic unions: lessons for the ECB
Weber, Axel A.; Beck, Günter W. - Center for Financial Studies - 2005
within the European Monetary Union (EMU). In line with findings in the so-called border literature these results suggest that …
Persistent link: https://www.econbiz.de/10010986384
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Price stability, inflation convergence and diversity in EMU: Does one size fit all?
Weber, Axel A.; Beck, Günter W. - Center for Financial Studies - 2005
major EMU countries before and after the introduction of the euro. For both periods, we find strong evidence in favor of … present evidence for the sustainability of the ECBs inflation target of an EMU-wide average inflation rate of less than but …
Persistent link: https://www.econbiz.de/10010986440
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Inflation Rate Dispersion and Convergence in Monetary and Economic Unions: Lessons for the ECB
Beck, Günter W.; Weber, Axel A. - Center for Financial Studies - 2005
within the European Monetary Union (EMU). In line with findings in the so-called ‘border literature’ these results suggest …
Persistent link: https://www.econbiz.de/10005022439
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Price Stability, Inflation Convergence and Diversity in EMU: Does One Size Fit All?
Weber, Axel A.; Beck, Günter W. - Center for Financial Studies - 2005
major EMU countries before and after the introduction of the euro. For both periods, we find strong evidence in favor of … present evidence for the sustainability of the ECB’s inflation target of an EMU-wide average inflation rate of less than but …
Persistent link: https://www.econbiz.de/10005022451
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Improving market-based forecasts of short-term interest rates: Time-varying stationarity and the predictive content of switching regime-expectations
Ahrens, Ralf - Center for Financial Studies - 1999
Modeling short-term interest rates as following regime-switching processes has become increasingly popular. Theoretically, regime-switching models are able to capture rational expectations of infrequently occurring discrete events. Technically, they allow for potential time-varying stationarity....
Persistent link: https://www.econbiz.de/10010958750
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Learning, endogenous indexation and disinflation in the New-Keynesian model
Wieland, Volker - Center for Financial Studies - 2008
This paper introduces adaptive learning and endogenous indexation in the New-Keynesian Phillips curve and studies disinflation under inflation targeting policies. The analysis is motivated by the disinflation performance of many inflation-targeting countries, in particular the gradual Chilean...
Persistent link: https://www.econbiz.de/10011200313
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Monetary Policy and TIPS Yields Before the Crisis
Gerlach, Stefan; Moretti, Laura - Center for Financial Studies - 2011
We make three points. First, the decade before the financial crisis in 2007 was characterized by a collapse in the yield on TIPS. Second, estimated VARs for the federal funds rate and the TIPS yield show that while monetary policy shocks had negligible effects on the TIPS yield, shocks to the...
Persistent link: https://www.econbiz.de/10009293136
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Money in monetary policy design: Monetary cross-checking in the New-Keynesian Model
Beck, Guenter W.; Wieland, Volker - Center for Financial Studies - 2009
In the New-Keynesian model, optimal interest rate policy under uncertainty is formulated without reference to monetary aggregates as long as certain standard assumptions on the distributions of unobservables are satisfied. The model has been criticized for failing to explain common trends in...
Persistent link: https://www.econbiz.de/10010958545
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Monetary policy, long real yields and the financial crisis
Moretti, Laura - Center for Financial Studies - 2014
This paper investigates the role of monetary policy in the collapse in the long-term real interest rates in the decade before the onset of the financial crisis using a sample of five advanced economies (United States, United Kingdom, the euro area, Sweden and Canada). The results from an...
Persistent link: https://www.econbiz.de/10010958555
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Equal size, equal role? Interest rate interdependence between the Euro area and the United States
Ehrmann, Michael; Fratzscher, Marcel - Center for Financial Studies - 2003
United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the … increased strongly around EMU. Although spillover effects from the United States to the euro area remain stronger than in the … EMU. Second, beyond these general linkages, the paper finds that certain macroeconomic news about the US economy have a …
Persistent link: https://www.econbiz.de/10010958641