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Understanding and forecasting aggregate and disaggregate price dynamics

Bermingham, Colin; D’Agostino, Antonello - European Central Bank - 2011

The issue of forecast aggregation is to determine whether it is better to forecast a series directly or instead … results, it is generally accepted that forecast aggregation is an empirical issue. Empirical results in the literature often … go unexplained. This leaves forecasters in the dark when confronted with the option of forecast aggregation. We take our …

Persistent link: https://www.econbiz.de/10009228752

Does it matter how aggregates are measured? The case of monetary transmission mechanisms in the euro area

Beyer, Andreas; Juselius, Katarina - European Central Bank - 2010

Beyer, Doornik and Hendry (2000, 2001) show analytically that three out of four aggregation methods yield problematic … the choice of aggregation method. JEL Classification: C32, C42, E41 …

Persistent link: https://www.econbiz.de/10008480911

Why has broad money demand been more stable in the euro area than in other economies? A literature review

Calza, Alessandro; Sousa, João - European Central Bank - 2003

JEL Classification: E41, C22, C32

Persistent link: https://www.econbiz.de/10005530979

Is the demand for euro area M3 stable?

Warne, Anders; Bruggeman, Annick; Donati, Paola - European Central Bank - 2003

JEL Classification: C22, C32, E41

Persistent link: https://www.econbiz.de/10005531005

Trade adjustment in the European Union - a structural estimation approach

Corbo, Vesna; Osbat, Chiara - European Central Bank - 2013

We estimate the elasticity of substitution of a country’s imports, and that of its exports on the world market, for EU countries using sector level trade data. We present a new empirical strategy based on the identification scheme by Feenstra (1994), which enables the estimation of...

Persistent link: https://www.econbiz.de/10010686740

Aggregation, the skill premium, and the two-level production function

León-Ledesma, Miguel A.; McAdam, Peter; Willman, Alpo - European Central Bank - 2011

We examine the two-level nested Constant Elasticity of Substitution production function where both capital and labor are disaggregated in two classes. We propose a normalized system estimation method to retrieve estimates of the inter- and intra-class elasticities of substitution and...

Persistent link: https://www.econbiz.de/10009371718

Public sector efficiency: evidence for new EU member states and emerging markets

Afonso, António; Schuknecht, Ludger; Tanzi, Vito - European Central Bank - 2006

In this paper we analyse public sector efficiency in the new member states of the European Union compared to that in emerging markets. After a conceptual discussion of expenditure efficiency measurement issues, we compute efficiency scores and rankings by applying a range of measurement...

Persistent link: https://www.econbiz.de/10005530687

Income distribution determinants and public spending efficiency

Afonso, António; Schuknecht, Ludger; Tanzi, Vito - European Central Bank - 2008

economies. We also assess the efficiency of public spending in redistributing income by using a DEA (Data Envelopment Analysis …

Persistent link: https://www.econbiz.de/10005530992

Cross-country efficiency of secondary education provision: a semi-parametric analysis with non-discretionary inputs

Afonso, António; St. Aubyn, Miguel - European Central Bank - 2005

We address the efficiency of expenditure in education provision by comparing the output (PISA results) from the educational system of 25, mostly OECD, countries with resources employed (teachers per student, time spent at school). We estimate a semi-parametric model of the education production...

Persistent link: https://www.econbiz.de/10005816218