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The Role of Short Rates and Foreign Long Rates in the Determination of Long-Term Interest Rates

Fell, J.P.C. - European Central Bank - 1996

This study examines the changing relationship between domestic long-term , domestic short-term and foreign long-term interest rates.

Persistent link: https://www.econbiz.de/10005641235

Near-rational exuberance

Bullard, James; Evans, George W.; Honkapohja, Seppo - European Central Bank - 2005

requirement that the underlying rational expectations equilibrium is locally indeterminate. We suggest ways in which policymakers …

Persistent link: https://www.econbiz.de/10005079099

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

Money Demand in EU Countries : A Survey.

Browne, F.X.; Fagan, G.; Henry, J. - European Central Bank - 1997

Money demand is probably one of the most extensively studies economic relationships in applied economics. While useful surveys of existing literature are available, much of the attention ahes focused on the United States. However, a considerable number of papers have recently been produced...

Persistent link: https://www.econbiz.de/10005671625

Open Market Operations in EU Countries.

Aspetsberger, A. - European Central Bank - 1996

The increasing weight of open market transactions in central bank operations and the widening use of purchase agreements underlines a progress towards convergence of monetary policy instruments and procedures in EU countries. This paper presents a survey of features of open market operations...

Persistent link: https://www.econbiz.de/10005641236

Empirical assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries.

Escriva, J.L.; Fagan, F.P. - European Central Bank - 1996

This paper provides empirical evidence on the use of monetary policy instruments and procedures (MPIP) in EU countries. In particular, it focuses on three important issues which arise in this context. Fist, we examine the structural position of the EU money markets. Second , evidence is...

Persistent link: https://www.econbiz.de/10005641237

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

Optimal simple monetary policy rules and non-atomistic wage setters in a New-Keynesian framework

Gnocchi, Stefano - European Central Bank - 2006

non-atomistic unions. It is shown that concentrated labor markets call for more aggressive inflation stabilization. This …

Persistent link: https://www.econbiz.de/10005344846

Nonparametric Hybrid Phillips Curves Based on Subjective Expectations: Estimates for the Euro Area

Buchmann, Marco - European Central Bank - 2009

assumptions on the functional correspondence between price inflation, inflation expectations and marginal costs. Expectations are … Survey data. The results suggest that expectations drive inflation with a lag of about 6 months, which casts further doubt on … not assumed to be an unbiased predictor of actual inflation and instead derived from the European Commission’s Consumer …

Persistent link: https://www.econbiz.de/10008458424

Equilibrium unemployment, job flows and inflation dynamics

Trigari, Antonella - European Central Bank - 2004

In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of … the model to account for the joint dynamics of output and inflation rely on its ability to explain the dynamics in the …

Persistent link: https://www.econbiz.de/10005816190

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