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Potential output from a euro area perspective

Anderton, Robert; Aranki, Ted; Dieppe, Alistair; … - European Central Bank - 2014

This paper reviews potential output from a euro area perspective by summarising the developments according to international institutions and assessing the impact of the crisis. The paper also considers the methodological basis for potential output estimates, and the high degree of uncertainty...

Persistent link: https://www.econbiz.de/10011115259

Growth accounting for the euro area: a structural approach

Proietti, Tommaso; Musso, Alberto - European Central Bank - 2007

This paper is concerned with the estimation of euro area potential output growth and its decomposition according to the … relationships linking inflation and nominal wage dynamics to the output gap and cyclical unemployment, respectively. Assuming a Cobb … inflationary pressures on prices and wages. The structural model is further extended to allow for the estimation of potential …

Persistent link: https://www.econbiz.de/10005222371

Potential output in DSGE models

Vetlov, Igor; Hlédik, Tibor; Jonsson, Magnus; Kucsera, … - European Central Bank - 2011

In view of the increasing use of Dynamic Stochastic General Equilibrium (DSGE) models in the macroeconomic projections and the policy process, this paper examines, both conceptually and empirically, alternative notions of potential output within DSGE models. Furthermore, it provides historical...

Persistent link: https://www.econbiz.de/10009132509

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

This volume contains a collection of papers, commentaries and speeches that review the strategic and operational decisions taken by the central banks to combat the crisis and that reflect on the lessons for the future. The contributions are grouped around five broad topics: monetary policy...

Persistent link: https://www.econbiz.de/10009209883

Approaches to monetary policy revisited - lessons from the crisis, 6th ECB Central Banking Conference, 18-19 November 2010

Jarociński, Marek (contributor) - European Central Bank

Persistent link: https://www.econbiz.de/10009209884

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

Uncertain potential output: implications for monetary policy

Ehrmann, Michael; Smets, Frank - European Central Bank - 2001

This paper uses a small, calibrated forward-looking model of the euro-area economy to investigate the implications of incomplete information about potential output for the conduct and the design of monetary policy. Three sets of issues are examined. First, the certainty-equivalent optimal policy...

Persistent link: https://www.econbiz.de/10005530904

Forecasting with DSGE models

Christoffel, Kai; Warne, Anders; Coenen, Günter - European Central Bank - 2010

on the estimation of their predictive distributions, with special attention being paid to the mean and the covariance …

Persistent link: https://www.econbiz.de/10008516222

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 conditional on the lag order, the current paper also...

Persistent link: https://www.econbiz.de/10005816301

Monetary policy rules in the pre-EMU era: Is there a common rule?

Eleftheriou, Maria; Gerdesmeier, Dieter; Roffia, Barbara - European Central Bank - 2006

Despite the great importance and final success of the convergence process that led to the establishment of the European Monetary Union, there is no clear agreement regarding the monetary policy pursued in the member countries during the convergence process. This paper contributes to the...

Persistent link: https://www.econbiz.de/10005033413

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