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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

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

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

The role of money - money and monetary policy in the twenty-first century : fourth ECB central banking conference, 9-10 november 2006

Beyer, Andreas (contributor); Reichlin, Lucrezia (contributor) - European Central Bank - 2007

Persistent link: https://www.econbiz.de/10015314696

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

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

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

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

Forecasting real GDP: what role for narrow money?

Seitz, Franz; Brand, Claus; Reimers, Hans-Eggert - European Central Bank - 2003

JEL Classification: E41, E52, E58

Persistent link: https://www.econbiz.de/10005530782

Money and payments: a modern perspective

Holthausen, Cornelia; Monnet, Cyril - European Central Bank - 2003

The role of money in society has been a controversial topic in economic theory over many years. Particular attention … has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left … today we have competition between issuers of money, namely in the international context, with electronic money, and in large …

Persistent link: https://www.econbiz.de/10005530959