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Wages and the risk of displacement
Carneiro, Anabela; Portugal, Pedro - European Central Bank - 2010
how wages adjust to unfavorable product demand shocks that raise the risk of displacement through firm closing, and to … to adverse shocks due to their inability to adjust wages downward. Indeed, minimum wage restrictions were seen to …
Persistent link: https://www.econbiz.de/10008541285
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Wage and price dynamics in Portugal
Robalo Marques, Carlos - European Central Bank - 2008
This paper investigates the persistence of aggregate wages and prices in Portugal assuming a model of a unionized … system. Real wages and wage inflation emerge as especially persistent following an import price shock, while price inflation … wages is attributable mainly to unemployment shocks (about 80 percent), whereas variation in the forecast errors of prices …
Persistent link: https://www.econbiz.de/10005530898
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How do firms adjust their wage bill in Belgium? A decomposition along the intensive and extensive margins
Fuss, Catherine - European Central Bank - 2008
. Wage growth of job stayers is moderated but still positive; and wages of entrants compared with those of incumbents are no …
Persistent link: https://www.econbiz.de/10005530945
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Trade with central and eastern Europe: Is it really a threat to wages in the west?
Polgár, Éva Katalin; Wörz, Julia - European Central Bank - 2010
This paper analyses the relationship between openness to trade and wages at the industry level (15 manufacturing … importance of foreign wages versus domestic productivity developments in an open environment. We find that trade is not an … important driver of wages, since the wage response to trade is small. Moreover, in line with the Stolper-Samuelson reasoning …
Persistent link: https://www.econbiz.de/10008645002
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The reception of public signals in financial marketswhat if central bank communication becomes stale?
Ehrmann, Michael; Sondermann, David - European Central Bank - 2009
How do financial markets price new information? This paper analyzes price setting atthe intersection of private and public information, by testing whether and how thereaction of financial markets to public signals depends on the relative importance ofprivate information in agents’ information...
Persistent link: https://www.econbiz.de/10005866483
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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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Bank risk and monetary policy
Altunbaş, Yener; Gambacorta, Leonardo; Marqués … - European Central Bank - 2009
We find evidence of a bank lending channel for the euro area operating via bank risk.Financial innovation and the new ways to transfer credit risk have tended to diminishthe informational content of standard bank balance-sheet indicators. We show thatbank risk conditions, as perceived by...
Persistent link: https://www.econbiz.de/10005866486
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Near-rational exuberance
Bullard, James; Evans, George W.; Honkapohja, Seppo - European Central Bank - 2005
We study how the use of judgement or “add-factors” in macroeconomic forecasting may disturb the set of equilibrium outcomes when agents learn using recursive methods. We isolate conditions under which new phenomena, which we call exuberance equilibria, can exist in standard macroeconomic...
Persistent link: https://www.econbiz.de/10005079099
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The daily and policy-relevant liquidity effects
Thornton, Daniel L. - European Central Bank - 2008
The phrase “liquidity effect” was introduced by Milton Friedman (1969) to describe the first of three effects on interest rates caused by an exogenous change in the money supply. The lack of empirical support for the liquidity effect using monthly and quarterly data using various monetary...
Persistent link: https://www.econbiz.de/10005079103
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Welfare-based monetary policy rules in an estimated DSGE model of the US economy
Juillard, Michel; Karam, Philippe; Laxton, Douglas; … - European Central Bank - 2006
We develop and estimate a stylized micro-founded model of the US economy. Next we compute the parameters of a simple interest rate policy rule that maximizes the unconditional mean of utility. We show that such a welfare-based rule lies close to the Taylor efficiency frontier. A counterfactual...
Persistent link: https://www.econbiz.de/10005025577