Narrow search
Showing 1 - 10 of 208
Cover Image
Are policy counterfactuals based on structural VAR's reliable?
Benati, Luca - European Central Bank - 2010
Based on standard New Keynesian models I show that policy counterfactuals based on the theoretical structural VAR representations of the models fail to reliably capture the impact of changes in the parameters of the Taylor rule on the (reduced-form) properties of the economy. Based on estimated...
Persistent link: https://www.econbiz.de/10008516221
Cover Image
Money in monetary policy design: Monetary cross-checking in the New-Keynesian model
Wieland, Volker; Beck, Günter W. - European Central Bank - 2010
criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross …
Persistent link: https://www.econbiz.de/10008459134
Cover Image
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 …
Persistent link: https://www.econbiz.de/10005671625
Cover Image
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 general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price rigidities. Then, it estimates a set of structural parameters...
Persistent link: https://www.econbiz.de/10005816190
Cover Image
Business cycle dynamics under rational inattention
Maćkowiak, Bartosz; Wiederholt, Mirko - European Central Bank - 2011
We develop a dynamic stochastic general equilibrium model with rational inattention by households and firms. Consumption responds slowly to interest rate changes because households decide to pay little attention to the real interest rate. Prices respond quickly to some shocks and slowly to other...
Persistent link: https://www.econbiz.de/10009003438
Cover Image
Involuntary unemployment and the business cycle
Christiano, Lawrence; Trabandt, Mathias; Walentin, Karl - European Central Bank - 2010
We propose a monetary model in which the unemployed satisfy the official US definition of unemployment: they are people without jobs who are (i) currently making concrete efforts to find work and (ii) willing and able to work. In addition, our model has the property that people searching for...
Persistent link: https://www.econbiz.de/10008587762
Cover Image
Evolving Phillips trade-off
Benati, Luca - European Central Bank - 2010
of the sample period for all structural innovations except money demand shocks. During the Great Depression, on the other …
Persistent link: https://www.econbiz.de/10008476130
Cover Image
Are money and consumption additively separable in the euro area? A non-parametric approach
Jones, Barry E.; Stracca, Livio - European Central Bank - 2006
money balances, building on Varian (1983). If additive separability is rejected, then real balances enter into the … sample period back to the 1980s, a period characterised by higher volatility in inflation and money growth. JEL …
Persistent link: https://www.econbiz.de/10005344824
Cover Image
Quantitative goals for monetary policy
Fatás, Antonio; Mihov, Ilian; Rose, Andrew K. - European Central Bank - 2006
. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation …
Persistent link: https://www.econbiz.de/10005344838
Cover Image
Central Bank misperceptions and the role of money in interest rate rules
Beck, Günter W.; Wieland, Volker - European Central Bank - 2008
modified to account for observed money growth and inflation trends, and that monetary trends may serve as a useful cross … persistent errors in monetary policy and sustained trends in money growth and inflation. If interest rate prescriptions derived … from Keynesian-style models are augmented with a cross-check against money-based estimates of trend inflation, inflation …
Persistent link: https://www.econbiz.de/10005816182