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Inflation dynamics with labour market matching: assessing alternative specifications

Christoffel, Kai; Costain, James S.; De Walque, Gregory; … - European Central Bank - 2009

This paper reviews recent approaches to modeling the labour market and assessestheir implications for ination dynamics through both their e¤ect on marginalcost and on price-setting behaviour. In a search and matching environment, weconsider the following modeling setups: right-to-manage...

Persistent link: https://www.econbiz.de/10005866597

Inflation dynamics with labour market matching: assessing alternative specifications

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

This paper reviews recent approaches to modeling the labour market and assesses their implications for inflation dynamics through both their effect on marginal cost and on price-setting behaviour. In a search and matching environment, we consider the following modeling setups: right-to-manage...

Persistent link: https://www.econbiz.de/10005002797

Understanding global liquidity

Eickmeier, Sandra; Gambacorta, Leonardo; Hofmann, Boris - Deutsche Bundesbank - 2013

We explore the concept of global liquidity based on a factor model estimated using a large set of financial and … macroeconomic variables from 24 advanced and emerging market economies. We measure global liquidity conditions based on the common … global factors in the dynamics of liquidity indicators. By imposing theoretically motivated sign restrictions on factor …

Persistent link: https://www.econbiz.de/10010957104

The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics

Christoffel, Kai; Linzert, Tobias - Deutsche Bundesbank - 2006

In this paper we incorporate a labor market with matching frictions and wage rigidities into the New Keynesian business cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions affect the transmission process of monetary policy. The...

Persistent link: https://www.econbiz.de/10005083106

Monetary policy, housing booms and financial (im)balances

Eickmeier, Sandra; Hofmann, Boris - Deutsche Bundesbank - 2010

This paper uses a factor-augmented vector autoregressive model (FAVAR) estimated on U.S. data in order to analyze monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to explore the role of monetary policy in the three...

Persistent link: https://www.econbiz.de/10008595899

The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics

Christoffel, Kai; Linzert, Tobias - European Central Bank - 2005

Persistent link: https://www.econbiz.de/10005816213

Monetary policy, housing booms and financial (im)balances

Eickmeier, Sandra; Hofmann, Boris - European Central Bank - 2010

Persistent link: https://www.econbiz.de/10008476125

Gauging the effectiveness of quantitative forward guidance: evidence from three inflation targeters

Andersson, Magnus; Hofmann, Boris - European Central Bank - 2009

This paper conducts a comparative analysis of the performances of the forward guidance strategies adopted by the Reserve Bank of New Zealand, the Norges Bank and the Riksbank, with the aim to gauge whether forward guidance via publication of an own interest rate path enhances a central bank’s...

Persistent link: https://www.econbiz.de/10008477228