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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

The political economy under monetary union: has the euro made a difference?

Fratzscher, Marcel; Stracca, Livio - European Central Bank - 2008

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...

Persistent link: https://www.econbiz.de/10005530784

Does liquidity matter? Properties of a synthetic divisia monetary aggregate in the euro area

Stracca, Livio - European Central Bank - 2001

M3. More in general, the paper lends further support to the view that money and 'liquidity' should be assigned an …

Persistent link: https://www.econbiz.de/10005530804

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

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

Should we take inside money seriously?

Stracca, Livio - European Central Bank - 2007

This paper presents a dynamic general equilibrium model with sticky prices, in which "inside" money, made out of commercial banks’ liabilities, plays an active, structural role role. It is shown that, in such a model, an inside money shock has a well-defined meaning. A calibrated version of...

Persistent link: https://www.econbiz.de/10005344903

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

What is global excess liquidity, and does it matter?

Rüffer, Rasmus; Stracca, Livio - European Central Bank - 2006

liquidity”, a concept which has attracted considerable attention in recent years. The contribution of this paper is threefold …. First, we present some conceptual discussion on the meaning of excess liquidity in advanced countries with developed … excess liquidity and spill-overs between them for a relatively large sample of industrialised and developing countries. Third …

Persistent link: https://www.econbiz.de/10005816250

Non-standard central bank loss functions, skewed risks, and certainty equivalence

al-Nowaihi, Ali; Stracca, Livio - European Central Bank - 2002

This paper sets out to investigate the role of additive uncertainty under plausible non-standard central bank loss functions over future inflation. Building on a substantial body of evidence in the economic psychology literature, this paper postulates (i) period-by-period loss functions that are...

Persistent link: https://www.econbiz.de/10005816268

Housing, consumption and monetary policy: how different are the US and the euro area?

Musso, Alberto; Neri, Stefano; Stracca, Livio - European Central Bank - 2010

The paper provides a systematic empirical analysis of the role of the housing market in the macroeconomy in the US and in the euro area. First, it establishes some stylised facts concerning key variables in the housing market, such as the real house price, residential investment and mortgage...

Persistent link: https://www.econbiz.de/10008541287