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Asset price misalignments and the role of money and credit

Gerdesmeier, Dieter; Reimers, Hans-Eggert; Roffia, Barbara - European Central Bank - 2009

This paper contributes to the literature on the properties of money and creditindicators for detecting asset price misalignments. After a review of the evidence inthe literature on this issue, the paper discusses the approaches that can be consideredto detect asset price busts. Considering a...

Persistent link: https://www.econbiz.de/10005866513

The bank lending survey for the euro area

Berg, Jesper; Ferrando, Annalisa; Bondt, Gabe de; … - European Central Bank - 2005

This occasional paper explains why the bank lending survey was developed by the ECB and describes its main features. It discusses the importance of credit developments for both the economy and the functioning of monetary policy, and further clarifies why the survey was introduced. Furthermore,...

Persistent link: https://www.econbiz.de/10005530667

DISAGREEMENT AMONG FORECASTERS IN G7 COUNTRIES

Dovern, Jonas; Fritsche, Ulrich; Slacalek, Jirka - European Central Bank - 2009

Using the Consensus Economics dataset with individual expertforecasts from G7 countries we investigate determinants of disagreement (crosssectionaldispersion of forecasts) about six key economic indicators. Disagreementabout real variables (GDP, consumption, investment and unemployment)has a...

Persistent link: https://www.econbiz.de/10005866467

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

This paper investigates the dynamics of aggregate wages and prices in the UnitedStates (US) and the Euro Area (EA) with a special focus on persistence of real wages,wage and price inflation. The analysis is conducted within a structural vector errorcorrectionmodel, where the structural shocks...

Persistent link: https://www.econbiz.de/10005866514

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 ination 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

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 purpose, we extend the workhorse model ofErceg, Henderson and Levin (2000) by introducing asymmetric menu costs for wagesetting. We estimate the key parameters by simulated...

Persistent link: https://www.econbiz.de/10005866626

Real price and wage rigidities in a model with matching frictions

Kuester, Keith - European Central Bank - 2007

This paper incorporates search and matching frictions in the labor market into a New Keynesian model. In contrast to the literature, the labor market activity takes place in the (Calvo-staggered) price-setting sector. Matching frictions lead price-setting firms to negotiate wage rates with their...

Persistent link: https://www.econbiz.de/10005344864

Resuscitating the wage channel in models with unemployment fluctuations

Christoffel, Kai; Kuester, Keith - European Central Bank - 2008

All else equal, higher wages translate into higher inflation. More rigid wages imply a weaker response of inflation to shocks. This view of the wage channel is deeply entrenched in central banks’ views and models of their economies. In this paper, we present a model with equilibrium...

Persistent link: https://www.econbiz.de/10005222367

Inflation persistence: euro area and new EU Member States

Franta, Michal; Saxa, Branislav; Šmídková, Katerina - European Central Bank - 2007

Is inflation persistence in the new EU Member States (NMS) comparable to that in the euro area countries? We argue that persistence may not be as different between the two country groups as one might expect. We confirm that one should work carefully with the usual estimation methods when...

Persistent link: https://www.econbiz.de/10005816292

Implications for liquidity from innovation and transparency in the European corporate bond market

Laganá, Marco; Perina, Martin; Köppen-Mertes, Isabel von - European Central Bank - 2006

This paper offers a new framework for the assessment of financial market liquidity and identifies two types: search … liquidity and systemic liquidity. Search liquidity, i.e. liquidity in “normal” times, is driven by search costs required for a … trader to find a willing buyer for an asset he/she is trying to sell or vice versa. Search liquidity is asset specific …

Persistent link: https://www.econbiz.de/10005344808