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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

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

Multilateral Aggregation-Theoretic Monetary Aggregation over Heterogeneous Countries

Barnett, William A. - EconWPA - 2004

We derive fundamental new theory for measuring monetary service flows aggregated over countries within a multicountry economic union. We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the...

Persistent link: https://www.econbiz.de/10005412714

Exchange Rate Risk and Convergence to the Euro

Orlowski, Lucjan T - EconWPA - 2005

This paper proposes a new monetary policy framework for effectively navigating the path to adopting the euro. The proposed policy is based on relative inflation forecast targeting and incorporates an ancillary target of declining exchange rate risk, which is suggested as a key criterion for...

Persistent link: https://www.econbiz.de/10005412757

EMU enlargement and convergence of price levels: Lessons from the German reunification

Maier, Philipp; Cavelaars, Paul - EconWPA - 2003

We analyse the possible impact of EMU enlargement on inflation rates in the accession countries. Using a simple theoretical model we show that the optimal path price adjustments should be asymmetric, i.e. occuring mostly in the candidate countries. Using data from the German reunification we...

Persistent link: https://www.econbiz.de/10005412769

Testing for a Forward-Looking Phillips Curve. Additional Evidence from European and US data

Jondeau, Eric; Bihan, Hervé Le - EconWPA - 2001

The "New Keynesian" Phillips Curve (NKPC) states that inflation has a purely forward-looking dynamics. In this paper, we test whether European and US inflation dynamics can be described by this model. For this purpose, we estimate hybrid Phillips curves, which include both backward and...

Persistent link: https://www.econbiz.de/10005412788

Aggregation-Theoretic Monetary Aggregation over the Euro Area, when Countries are Heterogeneous

Barnett, William A. - EconWPA - 2003

We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European Monetary Union (EMU). We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the...

Persistent link: https://www.econbiz.de/10005412834