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Household Semi-Public Goods and the Estimation of Consumer Equivalence Scales: Some First Steps

Bradbury, Bruce - EconWPA - 1995

Models of household consumption used to estimate the relative needs of people living in different family types need to … take account of economies of household size, price-like substitution effects and the allocation of consumption among the … individuals of the household. No existing estimation method tackles all three of these issues in a simultaneous and transparent …

Persistent link: https://www.econbiz.de/10005077071

Fiscal policy and the great recession in the Euro area

Coenen, Günter; Straub, Roland; Trabandt, Mathias - European Central Bank - 2012

How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of...

Persistent link: https://www.econbiz.de/10010541257

Financial conditions index and credit supply shocks for the euro area

Darracq Pariès, Matthieu; Maurin, Laurent; Moccero, Diego - European Central Bank - 2014

We implement a two-step approach to construct a financing conditions index (FCI) for the euro area and its four larger member states (Germany, France, Italy and Spain). The method, which follows Hatzius et al. (2010), is based on factor analysis and enables to summarise information on financing...

Persistent link: https://www.econbiz.de/10010753758

Inflation dynamics in the euro area and the role of expectations

Paloviita, Maritta - EconWPA - 2004

This paper assesses empirically the two main alternative specifications of the output gap-based Phillips relation for the euro area: the older expectations-augmented Phillips curve and the new Keynesian Phillips curve. The main focus is on the role of expectations and comparison of the two...

Persistent link: https://www.econbiz.de/10005126170

Trends and cycles in the Euro Area: how much heterogeneity and should we worry about it?

Giannone, Domenico; Reichlin, Lucrezia - EconWPA - 2005

Not so much and we should not, at least not yet.

Persistent link: https://www.econbiz.de/10005126213

Lending Booms in Europe’s Periphery: South-Western Lessons for Central-Eastern Members

Brzoza-Brzezina, Michal - EconWPA - 2005

In this paper we analyse the potential for lending booms in three biggest new EU member states (Czech Republic, Hungary and Poland) during the process of Euro adoption. Experience of old members (Greece, Ireland and Portugal) as well as econometric evidence speak in favour of strong increases in...

Persistent link: https://www.econbiz.de/10005126434

Money as an indicator variable for monetary policy when money demand is forward looking

Kajanoja, Lauri - EconWPA - 2004

This paper studies the gain from using money as an indicator when monetary policy in made under data uncertainty. We use a forward and backward looking model, calibrated for the euro area. The policymaker cannot completely observe the state of the economy. Money reveals some of the private...

Persistent link: https://www.econbiz.de/10005126466

Equal size, equal role? Interdependence between the euro area and the United States

Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2004

This paper investigates whether the degree and the nature of economic and monetary policy interdependence between the United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the perspective of financial markets by analysing the...

Persistent link: https://www.econbiz.de/10005070391

Forecasting with a Bayesian DSGE model: an application to the euro area

Smets, Frank; Wouters, Raf - European Central Bank - 2004

In monetary policy strategies geared towards maintaining price stability conditional and unconditional forecasts of inflation and output play an important role. This paper illustrates how modern sticky-price dynamic stochastic general equilibrium models, estimated using Bayesian techniques, can...

Persistent link: https://www.econbiz.de/10005162894

An application of index numbers theory to interest rates

Huerga, Javier; Steklacova, Lucia - European Central Bank - 2008

This paper uses index number theory to disentangle changes in aggregate retail interest rates due to changes in individual component rates (“interest rate effect”) from those caused by changes in the weights of each component (“weight effect”), on the basis of the “difference” index...

Persistent link: https://www.econbiz.de/10005530730