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The ECB has an obligation to provide statistical information of the highest quality to the public and this third edition of the publication u0093Bond markets and long-term interest rates in non-euro area Member States of the European Union and in accession countriesu0094 serves to contribute to...
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Forecasting the world economy is a di¢ cult task given the complex interre-lationships within and across countries …, …rst, at ranking various forecasting methods in terms offorecast accuracy and, second, at checking whether methods … forecasting di-rectly aggregate variables (direct approaches) outperform methods based onthe aggregation of country …
Persistent link: https://www.econbiz.de/10005866572
In this paper we analyse in a mark-up framework the pass-through of commodity price and exchange rate shocks to the main components of producer and consumer prices. Thereby we link movements in prices at the different production stages as firms set their prices as a mark-up over production...
Persistent link: https://www.econbiz.de/10008549312
We reappraise the relationship between productivity and equilibrium real exchange rates using a panel estimation framework that incorporates a large number of countries and importantly, a dataset that allows explicit consideration of the role of non-traded, as well as traded, sector productivity...
Persistent link: https://www.econbiz.de/10005002770
A core stylized fact of the empirical exchange rate literature is that half-life deviations of equilibrium real exchange rates from levels implied by Purchasing Power Parity (PPP) are very persistent. Empirical efforts to explain this persistence typically proceed along two distinct paths,...
Persistent link: https://www.econbiz.de/10005002777
Generally speaking, money demand models represent a natural benchmark against which monetary developments can be assessed. In particular, the existence of a well-specified and stable relationship between money and prices can be perceived as a prerequisite for the use of monetary aggregates in...
Persistent link: https://www.econbiz.de/10005068629
The paper analyses whether communication and actual interventions in FX markets are successful in moving exchange rates over the medium- to long-run. It compares empirical evidence based on time-series analysis with that obtained from an eventstudy approach. Both the time-series approach based...
Persistent link: https://www.econbiz.de/10005070384
This paper deals with the very short-term influence of "oral interventions" on the exchange rate of major currencies. The paper finds that official communication, as reported by wire services, are effective in influencing the US dollar-euro and yen-US dollar exchange rates in the desired...
Persistent link: https://www.econbiz.de/10005070388