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The Long-Run Phillips Curve and Non-Stationary Inflation

Russell, Bill; Banerjee, Anindya - Department of Economics, European University Institute - 2006

Modern theories of inflation incorporate a vertical long-run Phillips curve and are usually estimated using techniques that ignore the non-stationary behaviour of inflation. Consequently, the estimates obtained are imprecise and are unable to distinguish between competing models of inflation and...

Persistent link: https://www.econbiz.de/10005744361

Competition, the Lisbon Strategy and the Euro

Banerjee, Anindya; Russell, Bill - Department of Economics, European University Institute - 2004

This paper considers whether the Euro-area economies have become more competitive since the introduction of the Euro and the implementation of the Lisbon strategy. Using a measure of the markup as a proxy for competition we show that while the markup has varied considerably over the past 25...

Persistent link: https://www.econbiz.de/10005697713

Firm Size and Monetary Policy Transmission - Evidence from German Business Survey Data.

Ehrmann, M. - Department of Economics, European University Institute - 2000

Using business survey data on German manufacturing firms, this paper provides tests for hypotheses that predict distributrional effects in the transmission mechanism of monetary policy. Effects of monetary policy shocks on the business conditions of firms of several size classes are analysed,...

Persistent link: https://www.econbiz.de/10005816413

The transmission mechanism in a changing world

ARTIS, Michael; GALVÃO, Ana Beatriz C.; MARCELLINO, … - Department of Economics, European University Institute - 2003

an e.ect of a US shock. More generally, the models have a good forecasting performance over short horizons. …

Persistent link: https://www.econbiz.de/10005744260

Labor Market Dynamics and the Business Cycle: Structural Evidence for the United States

Ravn, Morten O.; Simonelli, Saverio - Department of Economics, European University Institute - 2007

volatility, and the comovement between labor market variables and other key aggregate variables in response to the shock. We … shocks. For each shock, we examine the dynamic e®ects on the labor market, the importance of the shock for labor market … policy shocks are important for labor market volatility but the ranking of their importance is sensitive to the VAR …

Persistent link: https://www.econbiz.de/10005744302

The Markup and the Business Cycle Reconsidered.

Banerjee, A.; Russell, B. - Department of Economics, European University Institute - 2000

A fresh interpretaion is provided of the influential finding that the markup of prices over marginal costs is counter-cyclical. Using Rotemberg and Woodford's data set we argue that the markup is best modelled as a variable that is integrated of order one. A consequence of this finding is that...

Persistent link: https://www.econbiz.de/10005744315

A New Approach to the Analysis of Shocks and the Cycle in a Model of Output and Employment.

Krolzig, H.-M.; Toro, J. - Department of Economics, European University Institute - 1999

There is a wide literature on the dynamic adjustment of employment and its relationship with the business cycle. Our aim is to propose a statistical model that offers a congruent representation of post-war US employment and output data. We use a cointegrated vector autoregressive...

Persistent link: https://www.econbiz.de/10005557752

The European Business Cycle.

Artis, M.; Krolzig, H.-M.; Toro, J. - Department of Economics, European University Institute - 1999

This paper deals with the existence of a common European growth cycle and its identification. Based on the analysis of some descriptive statistics in the time and frequency domain there is clear evidence of comovement in output growth among European countries.

Persistent link: https://www.econbiz.de/10005697719

Bayesian Testing of Granger Causality in Markov-Switching VARs

Droumaguet, Matthieu; Wozniak, Tomasz - Department of Economics, European University Institute - 2012

the volatility and the distributions. We propose a method of testing restrictions for Granger noncausality on all these …

Persistent link: https://www.econbiz.de/10009653955

Financial Intermediation, House Prices, and the Distributive Effects of the U.S. Great Recession

Menno, Dominik; Oliviero, Tommaso - Department of Economics, European University Institute - 2013

negative shock to financial intermediation and aggregate income. We find that (i) in the Great recession constrained agents … their nature, re-distributive effects and - when coupled with a negative income shock as in the Great Recession - give rise …

Persistent link: https://www.econbiz.de/10010905866