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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 in‡ation 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
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The impact of reference norms on inflation persistence when wages are staggered
Knell, Mark; Stiglbauer, Alfred - European Central Bank - 2009
In this paper we present an extension of the Taylor model with staggered wages inwhich wage-setting is also influenced by reference norms (i.e. by benchmark wages).We show that reference norms can considerably increase the persistence of inflationand the extent of real wage rigidity but that...
Persistent link: https://www.econbiz.de/10005866627
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HOW ARE FIRMS’ WAGES AND PRICES LINKED SURVEY EVIDENCE IN EUROPE
Druant, Martine; Fabiani, Silvia; Kézdi, Gábor; Lamo, Ana - European Central Bank - 2009
This paper presents new evidence on the patterns of price and wage adjustment inEuropean firms and on the extent of nominal rigidities. It uses a unique dataset collectedthrough a firm-level survey conducted in a broad range of countries and covering varioussectors. Several conclusions are drawn...
Persistent link: https://www.econbiz.de/10005866453
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optimal monetary Policy in a new keynesian model with habits in consumption
Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - European Central Bank - 2009
While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...
Persistent link: https://www.econbiz.de/10005866485
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Regulatory reforms in selected EU network industries
Martin, Reiner; Roma, Moreno; Vansteenkiste, Isabel - European Central Bank - 2005
In the course of the 1990s, the EU has embarked on an ambitious regulatory reform programme for a number of European network industries, such as telecommunications, energy and transport. This paper analyses the potential benefits of successful reforms in these sectors with a focus on the price...
Persistent link: https://www.econbiz.de/10005530655
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Are Non-Euro Area EU Countries Importing Low Inflation from the Euro Area?
Iossifov, Plamen; Podpiera, Jiri - International Monetary Fund (IMF) - 2014
are affected by the undershooting of the euro area inflation target. To shed light on this issue, we estimate an open …-economy, New Keynsian Phillips curve, in which we control for imported inflation. Regression results suggest that falling food and … energy prices have been the main disinflationary driver. But low core inflation in the euro area has also had a clear and …
Persistent link: https://www.econbiz.de/10010959481