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National prices and wage setting in a currency union
Sánchez, Marcelo - European Central Bank - 2009
Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typicallypredicts more aggressive wage setting under monetary union. This insight has not beenconfirmed by the EMU experience, which has been characterised by wage moderation,thereby eliciting criticism from Posen and...
Persistent link: https://www.econbiz.de/10005866574
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National prices and wage setting in a currency union
Sánchez, Marcelo - European Central Bank - 2009
Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typically predicts more aggressive wage setting under monetary union. This insight has not been confirmed by the EMU experience, which has been characterised by wage moderation, thereby eliciting criticism from Posen...
Persistent link: https://www.econbiz.de/10005002814
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The real effects of money growth in dynamic general equilibrium
Graham, Liam; Snower, Dennis J. - European Central Bank - 2004
We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off,...
Persistent link: https://www.econbiz.de/10005162920
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Fiscal policy challenges in oil-exporting countries – a review of key issues.
Sturm, Michael; Gurtner, François; Alegre, Juan Gonzalez - European Central Bank - 2009
expansion has added to inflationary pressure, and monetary policy has been constrained in tackling inflation as a result of …
Persistent link: https://www.econbiz.de/10005036735
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Energy markets and the euro area macroeconomy
European Central Bank; Task Force of the Monetary … - 2010
impact of energy price changes on overall inflation in the future. For instance, the reaction of HICP inflation to energy …
Persistent link: https://www.econbiz.de/10010688316
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Energy markets and the euro area macroeconomy
European Central Bank; Task Force of the Monetary … - 2010
impact of energy price changes on overall inflation in the future. For instance, the reaction of HICP inflation to energy …
Persistent link: https://www.econbiz.de/10008602651
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Maintaining low inflation: money, interest rates, and policy stance
Reynard, Samuel - European Central Bank - 2007
qualitative and quantitative information on subsequent inflation. The usefulness of monetary analysis is contrasted to weaknesses … in modeling monetary policy and inflation with respectively short-term interest rates and real activity measures. The … analysis sheds light on the recent change in inflation volatility and persistence as well as on the Phillips curve flattening …
Persistent link: https://www.econbiz.de/10005530771
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The central bank as a risk manager: quantifying and forecasting inflation risks
Kilian, Lutz; Manganelli, Simone - European Central Bank - 2003
situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation …
Persistent link: https://www.econbiz.de/10005530801
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Forecasting inflation and tracking monetary policy in the euro area: does national information help?
Cristadoro, Riccardo; Venditti, Fabrizio; Saporito, Giuseppe - European Central Bank - 2008
the Generalized Dynamic Factor model to develop a set of core inflation indicators that, combining national data with area …
Persistent link: https://www.econbiz.de/10005530864
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Opting out of the Great Inflation: German monetary policy after the break down of Bretton Woods
Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - European Central Bank - 2009
interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …
Persistent link: https://www.econbiz.de/10005002749