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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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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
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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 … as morepersistent in the EA than in the US in the face of import price, unemployment, orpermanent productivity shocks …
Persistent link: https://www.econbiz.de/10005866514
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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
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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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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
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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