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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
a special focus on persistence of real wages,wage and price inflation. The analysis is conducted within a structural …, as well as the cointegrating properties of theestimated system. Overall, in the long run, wage and price inflation emerge …
Persistent link: https://www.econbiz.de/10005866514
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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 … andFinland). The calibrated heterogeneous agent models are then solved for differentsteady state rates of inflation to derive …
Persistent link: https://www.econbiz.de/10005866626
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DISAGREEMENT AMONG FORECASTERS IN G7 COUNTRIES
Dovern, Jonas; Fritsche, Ulrich; Slacalek, Jirka - European Central Bank - 2009
, consumption, investment and unemployment)has a distinct dynamic from disagreement about nominal variables(inflation and interest … series. Countryby-country regressions for inflation and interest... …
Persistent link: https://www.econbiz.de/10005866467
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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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Real price and wage rigidities in a model with matching frictions
Kuester, Keith - European Central Bank - 2007
which induce smooth inflation also dampen the adjustment of wages in response to shocks. In the search and matching … Phillips curve is that inflation is not only driven by an output gap but also by an employment gap – a feature usually …
Persistent link: https://www.econbiz.de/10005344864
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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 in‡ation 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
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Optimal monetary policy in a model of the credit channel
De Fiore, Fiorella; Tristani, Oreste - European Central Bank - 2009
We consider a simple extension of the basic new-Keynesian setup in which we relaxthe assumption of frictionless financial markets. In our economy, asymmetricinformation and default risk lead banks to optimally charge a lending rate above therisk-free rate. Our contribution is threefold. First,...
Persistent link: https://www.econbiz.de/10005866631
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Money Demand in EU Countries : A Survey.
Browne, F.X.; Fagan, G.; Henry, J. - European Central Bank - 1997
Money demand is probably one of the most extensively studies economic relationships in applied economics. While useful surveys of existing literature are available, much of the attention ahes focused on the United States. However, a considerable number of papers have recently been produced...
Persistent link: https://www.econbiz.de/10005671625
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Open Market Operations in EU Countries.
Aspetsberger, A. - European Central Bank - 1996
The increasing weight of open market transactions in central bank operations and the widening use of purchase agreements underlines a progress towards convergence of monetary policy instruments and procedures in EU countries. This paper presents a survey of features of open market operations...
Persistent link: https://www.econbiz.de/10005641236
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Empirical assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries.
Escriva, J.L.; Fagan, F.P. - European Central Bank - 1996
This paper provides empirical evidence on the use of monetary policy instruments and procedures (MPIP) in EU countries. In particular, it focuses on three important issues which arise in this context. Fist, we examine the structural position of the EU money markets. Second , evidence is...
Persistent link: https://www.econbiz.de/10005641237