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Price rigidity. Evidence from the French CPI micro-data
Baudry, Laurent; Le Bihan, Hervé; Sevestre, Patrick; … - European Central Bank - 2004
Based upon a large fraction of the price records used for computing the French CPI, we document consumer price rigidity in France. We first provide a methodological discussion of issues involved in estimating average price duration with micro-data. The average duration of prices in the sectors...
Persistent link: https://www.econbiz.de/10005162874
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Consumer price adjustment under the microscope: Germany in a period of low inflation
Hoffmann, Johannes; Kurz-Kim, Jeong-Ryeol - European Central Bank - 2006
We analyse the adjustment of retail and services prices in a period of low inflation, using a set of individual price …
Persistent link: https://www.econbiz.de/10005530701
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A markup model of inflation for the euro area
Bowdler, Christopher; Jansen, Eilev S. - European Central Bank - 2004
Equilibrium correction models of the price level are often used to model inflation. Such models assume that the long …
Persistent link: https://www.econbiz.de/10005079101
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Forecasting the world economy in the short-term
Jakaitiene, Audrone; Dées, Stephane - European Central Bank - 2009
Forecasting the world economy is a di¢ cult task given the complex interre-lationships within and across countries. This paper proposes a number ofapproaches to forecast short-term changes in selected world economic vari-ables and aims, …rst, at ranking various forecasting methods in terms...
Persistent link: https://www.econbiz.de/10005866572
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Eigenvalue filtering in VAR models with application to the Czech business cycle
Beneš, Jaromír; Vávra, David - European Central Bank - 2005
model of inflation determination estimated on the Czech data.We characterize the estimated components of CPI, WPI and import …
Persistent link: https://www.econbiz.de/10005162924
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House price responsiveness of housing investments across major European economies
Gattini, Luca; Ganoulis, Ioannis - European Central Bank - 2012
approach and country specific models. First, co-integration among the parsimoniously specified set of fundamental variables is …
Persistent link: https://www.econbiz.de/10010686734
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Aggregate loans to the euro area private sector
Calza, Alessandro; Manrique, Marta; Sousa, João - European Central Bank - 2003
equilibrium level implied by the model seem to contain information on future changes in inflation, though not on its level. JEL …
Persistent link: https://www.econbiz.de/10005344909
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Interest rate reaction functions and the Taylor rule in the euro area
Gerlach-Kristen, Petra - European Central Bank - 2003
JEL Classification: C22, E52
Persistent link: https://www.econbiz.de/10005816240
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Bayesian inference in cointegrated VAR models: with applications to the demand for euro area M3
Warne, Anders - European Central Bank - 2006
The paper considers a Bayesian approach to the cointegrated VAR model with a uniform prior on the cointegration space …. Building on earlier work by Villani (2005b), where the posterior probability of the cointegration rank can be calculated … the marginal likelihood identity is used for calculating these probabilities, a point estimator of the cointegration space …
Persistent link: https://www.econbiz.de/10005816301
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A Stable Model for Euro Area Money Demand: Revisiting the Role of Wealth
Beyer, Andreas - European Central Bank - 2009
In this paper we present an empirically stable money demand model for Euro area M3. We show that housing wealth is an important explanatory variable of long-run money demand that captures the trending behaviour of M3 velocity, in particular its shift in the first half of this decade. We show...
Persistent link: https://www.econbiz.de/10008558668