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Nonparametric Hybrid Phillips Curves Based on Subjective Expectations: Estimates for the Euro Area
Buchmann, Marco - European Central Bank - 2009
assumptions on the functional correspondence between price inflation, inflation expectations and marginal costs. Expectations are … not assumed to be an unbiased predictor of actual inflation and instead derived from the European Commission’s Consumer … Survey data. The results suggest that expectations drive inflation with a lag of about 6 months, which casts further doubt on …
Persistent link: https://www.econbiz.de/10008458424
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The role of money - money and monetary policy in the twenty-first century, 4th ECB Central Banking Conference, 9-10 November 2006
Beyer, Andreas (contributor); Reichlin, Lucrezia (contributor) - European Central Bank
and finance theory, the international dimension of the crisis, and operational frameworks for monetary policy. …
Persistent link: https://www.econbiz.de/10009209883
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Approaches to monetary policy revisited - lessons from the crisis, 6th ECB Central Banking Conference, 18-19 November 2010
Jarociński, Marek (contributor) - European Central Bank
and finance theory, the international dimension of the crisis, and operational frameworks for monetary policy. …
Persistent link: https://www.econbiz.de/10009209884
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The euro at ten - lessons and challenges, 5th ECB Central Banking Conference, 13-14 November 2008
Mackowiak, Bartosz (contributor);  … - European Central Bank
This volume contains a collection of papers, commentaries and speeches concerning the first decade of the euro and the recent global financial crisis.
Persistent link: https://www.econbiz.de/10009209885
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The real effects of money growth in dynamic general equilibrium
Graham, Liam; Snower, Dennis J. - European Central Bank - 2004
We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off,...
Persistent link: https://www.econbiz.de/10005162920
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National prices and wage setting in a currency union
Sánchez, Marcelo - European Central Bank - 2009
Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typicallypredicts more aggressive wage setting under monetary union. This insight has not beenconfirmed by the EMU experience, which has been characterised by wage moderation,thereby eliciting criticism from Posen and...
Persistent link: https://www.econbiz.de/10005866574
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Energy markets and the euro area macroeconomy
European Central Bank; Task Force of the Monetary … - 2010
impact of energy price changes on overall inflation in the future. For instance, the reaction of HICP inflation to energy …
Persistent link: https://www.econbiz.de/10010688316
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Energy markets and the euro area macroeconomy
European Central Bank; Task Force of the Monetary … - 2010
impact of energy price changes on overall inflation in the future. For instance, the reaction of HICP inflation to energy …
Persistent link: https://www.econbiz.de/10008602651
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Maintaining low inflation: money, interest rates, and policy stance
Reynard, Samuel - European Central Bank - 2007
qualitative and quantitative information on subsequent inflation. The usefulness of monetary analysis is contrasted to weaknesses … in modeling monetary policy and inflation with respectively short-term interest rates and real activity measures. The … analysis sheds light on the recent change in inflation volatility and persistence as well as on the Phillips curve flattening …
Persistent link: https://www.econbiz.de/10005530771
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The central bank as a risk manager: quantifying and forecasting inflation risks
Kilian, Lutz; Manganelli, Simone - European Central Bank - 2003
situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation …
Persistent link: https://www.econbiz.de/10005530801