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optimal monetary Policy in a new keynesian model with habits in consumption
Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - European Central Bank - 2009
While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...
Persistent link: https://www.econbiz.de/10005866485
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Nonparametric Hybrid Phillips Curves Based on Subjective Expectations: Estimates for the Euro Area
Buchmann, Marco - European Central Bank - 2009
This paper addresses the estimation of Phillips curve equations for the euro area while employing less stringent … 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 …
Persistent link: https://www.econbiz.de/10008458424
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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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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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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
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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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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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Fiscal behaviour in the European Union: rules, fiscal decentralization and government indebtedness
Afonso, António; Hauptmeier, Sebastian - European Central Bank - 2009
We assess the fiscal behaviour in the European Union countries for the period 1990-2005 via the responsiveness of budget balances to several determinants. The resultsshow that the existence of effective fiscal rules, the degree of public spendingdecentralization, and the electoral cycle can...
Persistent link: https://www.econbiz.de/10005866594