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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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Downward wage rigidity and optimal steady-state inflation
Fagan, Gabriel; Messina, Julián - European Central Bank - 2009
This paper examines the impact of downward wage rigidity (nominal and real) onoptimal steady-state inflation. For this … andFinland). The calibrated heterogeneous agent models are then solved for differentsteady state rates of inflation to derive …
Persistent link: https://www.econbiz.de/10005866626
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Globalisation, domestic inflation and global output gaps: Evidence from the euro area
Calza, Alessandro - European Central Bank - 2008
This paper tests whether the proposition that globalisation has led to greater sensitivity of domestic inflation to the … for domestic consumer price inflation in the euro area. Based on these findings, the prescription that central banks …
Persistent link: https://www.econbiz.de/10005344845
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Globalisation and the competitiveness of the euro area
Mauro, Filippo di; Forster, Katrin - European Central Bank - 2008
competitiveness, specifically with a stronger emphasis on productivity performance, the paper also introduces a more elaborate … framework that takes into account the interactions between country-specific factors and firm-level productivity. It thus makes …
Persistent link: https://www.econbiz.de/10005222269