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What to expect of the euro? Analysing price differences of individual products in Luxembourg and its surrounding regions

Mathä, Thomas - Central Bank of Luxembourg - 2003

This paper uses individual supermarket prices and analyses to what extent absolute deviations from the law of one price are attributable to transaction costs. The results indicate that absolute percentage price differences are increasing in distance, but at a decreasing rate. Similarly, crossing...

Persistent link: https://www.econbiz.de/10009276955

Consumer price behaviour in Luxembourg: evidence from micro CPI data

Lünnemann, Patrick; Mathä, Thomas - Central Bank of Luxembourg - 2005

inflation, wage adjustment due to indexation, the cash changeover and a larger number of competitors increase the probability of …

Persistent link: https://www.econbiz.de/10009276965

Inflation dynamics with labour market matching: assessing alternative specifcations

Christoffel, Kai; Costain, James; Walque, Gregory de; … - Central Bank of Luxembourg - 2009

This paper reviews recent approaches to modeling the labour market and assesses their implications for inflation … volatile inflation. Models with wage stickiness and right-to-manage bargaining or with firm-specific labour emerge as the most …

Persistent link: https://www.econbiz.de/10009276967

Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation

Walque, Gregory de; Pierrard, Olivier; Sneessens, Henri; … - Central Bank of Luxembourg - 2008

inflation persistence. The closer to zero is this parameter, (i ) the more firms adjust on the intensive margin, reducing … power in the hours negotiation, we produce realistic labor market statistics together with inflation persistence. …

Persistent link: https://www.econbiz.de/10009276972

Are internet prices sticky?

Lünnemann, Patrick; Wintr, Ladislav - Central Bank of Luxembourg - 2006

This paper studies the behaviour of Internet prices. It compares price rigidities on the Internet and in traditional brick-and-mortar stores and provides a cross-country perspective. The data set covers a broad range of items typically sold over the Internet. It includes more than 5 million...

Persistent link: https://www.econbiz.de/10009276980

Nominal rigidities and inflation persistence in Luxembourg: a comparison with EU 15 member countries with particular focus on services and regulated prices

Lünnemann, Patrick; Mathä, Thomas Y. - Central Bank of Luxembourg - 2005

This paper analyses the degree of price rigidity and of inflation persistence across different product categories with … overall inflation persistence, we find that, for most of the EU15 countries as well as for the EU15 and the euro area … aggregates, excluding services from the full HICP results in a reduction in the measured degree of inflation persistence; for …

Persistent link: https://www.econbiz.de/10009276983

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Search in the product market and the real business cycle

Mathä, Thomas Y.; Pierrard, Olivier - Central Bank of Luxembourg - 2008

This paper develops a search-matching model, where producers provide effort to find customers (e.g. in form of advertising and marketing expenditures). Firms form long-term contractual relationships and bargain over prices. The price bargain results in mark up pricing above marginal cost. The...

Persistent link: https://www.econbiz.de/10009276987

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Regional mc parity: do common pricing points reduce deviations from the law of one price?

Mathä, Thomas Y. - Central Bank of Luxembourg - 2008

This paper analyses price differences of McDonald?s products in four different countries. I show that pricing at pricing points in different currencies may contribute to explaining deviations from the law of one price. Observing strictly equal prices is more probable if prices are at...

Persistent link: https://www.econbiz.de/10009276998

Macro-financial linkages: Evidence from country-specific VARs

Guarda, Paolo; Jeanfils, Philippe - Central Bank of Luxembourg - 2012

This paper estimates the contribution of financial shocks to fluctuations in the real economy by augmenting the standard macroeconomic vector autoregression (VAR) with five financial variables (real stock prices, real house prices, term spread, loans-to-GDP ratio and loans-todeposits ratio)....

Persistent link: https://www.econbiz.de/10010826809

Estimating the natural interest rate for the euro area and Luxembourg

Wintr, Ladislav; Guarda, Paolo; Rouabah, Abdelaziz - Central Bank of Luxembourg - 2005

This paper estimates the natural real interest rate that is consistent with stable inflation and output at its …

Persistent link: https://www.econbiz.de/10009276957