Narrow search
Showing 1 - 10 of 64
Cover Image
The global dimension of inflation - evidence from factor-augmented Phillips curves
Eickmeier, Sandra; Moll, Katharina - European Central Bank - 2009
We examine the global dimension of inflation in 24 OECD countries between 1980 and 2007 in a traditional Phillips curve … to affect inflation through (the common part of) domestic demand and supply conditions. Our most important result is that … the common component of changes in unit labor costs has a notable impact of inflation. We also find evidence that …
Persistent link: https://www.econbiz.de/10005002778
Cover Image
Bubble thy neighbor: portfolio effects and externalities from capital controls
Forbes, Kristin; Fratzscher, Marcel; Kostka, Thomas; … - European Central Bank - 2012
We use changes in Brazil’s tax on capital inflows from 2006 to 2011 to test for direct portfolio effects and …. We find that an increase in Brazil’s tax on foreign investment in bonds causes investors to significantly decrease their … portfolio allocations to Brazil in both bonds and equities. Investors simultaneously increase allocations to other countries …
Persistent link: https://www.econbiz.de/10010686793
Cover Image
The reception of public signals in financial marketswhat if central bank communication becomes stale?
Ehrmann, Michael; Sondermann, David - European Central Bank - 2009
-term interest rates to the Bank of England’s inflation report andto macroeconomic announcements. Due to the quarterly frequency at …, the more timehas elapsed since the latest release of an inflation report, market volatility shouldincrease, the price …
Persistent link: https://www.econbiz.de/10005866483
Cover Image
The dynamic effects of shocks to wages and prices in the United States and the euro area
Duarte, Rita; Marques, Carlos Robalo - European Central Bank - 2009
a special focus on persistence of real wages,wage and price inflation. The analysis is conducted within a structural …, as well as the cointegrating properties of theestimated system. Overall, in the long run, wage and price inflation emerge …
Persistent link: https://www.econbiz.de/10005866514
Cover Image
External shocks and international inflation linkages: a global VAR analysis
Galesi, Alessandro; Lombardi, Marco J. - European Central Bank - 2009
food price shocks on a given set of countries.Secondly, we assess the importance of inflation linkages among countries, by …
Persistent link: https://www.econbiz.de/10005866521
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
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
Cover Image
A markup model of inflation for the euro area
Bowdler, Christopher; Jansen, Eilev S. - European Central Bank - 2004
Equilibrium correction models of the price level are often used to model inflation. Such models assume that the long …
Persistent link: https://www.econbiz.de/10005079101