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Relevant economic issues concerning the optimal rate of inflation

Rodriguez-Palenzuela, Diego; Camba-Méndez, Gonzalo; … - European Central Bank - 2003

JEL Classification: D60, E31, E41, E61, H21

Persistent link: https://www.econbiz.de/10005344822

The central bank as a risk manager: quantifying and forecasting inflation risks

Kilian, Lutz; Manganelli, Simone - European Central Bank - 2003

increased, we find that, as of September 2002, with the exception of Japan there is no evidence of substantial deflation risks …. We also put the estimates of deflation risk for the United States, Germany and Japan into historical perspective. We find … that only for Japan there is evidence of deflation risks that are unusually high by historical standards. JEL …

Persistent link: https://www.econbiz.de/10005530801

The Great Depression and the Friedman-Schwartz hypothesis

Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - European Central Bank - 2004

We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...

Persistent link: https://www.econbiz.de/10005222407

Risks to price stability, the zero lower bound and forward guidance: a real-time assessment

Coenen, Günter; Warne, Anders - European Central Bank - 2013

in the risk balance throughout our evaluation period because of the implied amplification of deflation risks. We then …

Persistent link: https://www.econbiz.de/10010693493

HOW ARE FIRMS’ WAGES AND PRICES LINKED SURVEY EVIDENCE IN EUROPE

Druant, Martine; Fabiani, Silvia; Kézdi, Gábor; Lamo, Ana - European Central Bank - 2009

This paper presents new evidence on the patterns of price and wage adjustment inEuropean firms and on the extent of nominal rigidities. It uses a unique dataset collectedthrough a firm-level survey conducted in a broad range of countries and covering varioussectors. Several conclusions are drawn...

Persistent link: https://www.econbiz.de/10005866453

WageS are flexible, aren’t they? Evidence from monthly micro Wage data

Lünnemann, Patrick; Wintr, Ladislav - European Central Bank - 2009

This paper assesses the degree of wage flexibility in Luxembourg using anadministrative data set on individual base wages covering the entire economy over theperiod 2001-2006 with monthly frequency. We find that the wage flexibility at thediscretion of the firm is rather low once we limit...

Persistent link: https://www.econbiz.de/10005866487

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

Insights gained from conversations with labor market decision makers

Bewley, Truman F. - European Central Bank - 2007

I describe insights into wage dynamics and downward wage rigidity obtained from more than two hundred interviews with businesspeople, labor leaders, and various labor market intermediaries and made in the early 1990s in the Northeast of the United States. I explain the morale explanation for...

Persistent link: https://www.econbiz.de/10005344934

Downward wage rigidity for different workers and firms: an evaluation for Belgium using the IWFP procedure

Du Caju, Philip; Fuss, Catherine; Wintr, Ladislav - European Central Bank - 2007

This paper evaluates the extent of downward nominal and real wage rigidity for different categories of workers and firms using the methodology recently developed by the International Wage Flexibility Project (Dickens and Goette, 2006). The analysis is based on an administrative data set on...

Persistent link: https://www.econbiz.de/10005344950

Wages, labor or prices: how do firms react to shocks?

Dhyne, Emmanuel; Druant, Martine - European Central Bank - 2010

Survey results in 15 European countries for almost 15,000 firms reveal that Belgian firms react more than the average European firm to adverse shocks by reducing permanent and temporary employment. On the basis of a firm-level analysis, this paper confirms that the different reaction to shocks...

Persistent link: https://www.econbiz.de/10008597026