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Is money informative? Evidence from a large model used for policy analysis

Altissimo, Filippo; Gaiotti, Eugenio; Locarno, Alberto - EconWPA - 2004

, taking as a benchmark the forecasting errors generated by the quarterly model used by the Bank of Italy in the 1990s. We … Kalman filter approach, in order to improve the forecasts. Then we look at the sample correlations among forecasting errors …

Persistent link: https://www.econbiz.de/10005412693

Learning, inflation expectations and optimal monetary policy

Schaling, Eric - EconWPA - 2004

; in the second, the central bank has to learn the private sector inflation forecasting rule. With imperfect knowledge …

Persistent link: https://www.econbiz.de/10005561368

Predictive likelihood comparisons with DSGE and DSGE-VAR models

Warne, Anders; Coenen, Günter; Christoffel, Kai - European Central Bank - 2013

distribution. As an empirical illustration, we use euro area data and compare the forecasting performance of the New Area …

Persistent link: https://www.econbiz.de/10010686802

Euro area labour markets: different reaction to shocks?

Brůha, Jan; Pierluigi, Beatrice; Serafini, Roberta - European Central Bank - 2011

A small labour market model for the six largest euro area countries (Germany, France, Italy, Spain, the Netherlands, Belgium) is estimated in a state -space framework. The model entails, in the long run, four driving forces: a trend labour force component, a trend labour productivity component,...

Persistent link: https://www.econbiz.de/10008784825