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DISAGREEMENT AMONG FORECASTERS IN G7 COUNTRIES

Dovern, Jonas; Fritsche, Ulrich; Slacalek, Jirka - European Central Bank - 2009

Using the Consensus Economics dataset with individual expertforecasts from G7 countries we investigate determinants of disagreement (crosssectionaldispersion of forecasts) about six key economic indicators. Disagreementabout real variables (GDP, consumption, investment and unemployment)has a...

Persistent link: https://www.econbiz.de/10005866467

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

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

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

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

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 … as morepersistent in the EA than in the US in the face of import price, unemployment, orpermanent productivity shocks …

Persistent link: https://www.econbiz.de/10005866514

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

Monetary policy shocks in a two-sector open economy: an empirical study

Llaudes, Ricardo - European Central Bank - 2007

This paper studies the effects and the transmission mechanism of unexpected monetary policy shocks in an open economy setting within the context of a VAR frame- work. It considers an economy with two sectors, a tradable sector and a non-tradable sector. For a given country, economic sectors are...

Persistent link: https://www.econbiz.de/10005816156

Duration, volume and volatility impact of trades

Manganelli, Simone - European Central Bank - 2002

; 2) the well-known positive relationship between volume and price variability holds only for the frequently traded stocks …

Persistent link: https://www.econbiz.de/10005816171

Does information help recovering structural shocks from past observations?

Giannone, Domenico; Reichlin, Lucrezia - European Central Bank - 2006

This paper asks two questions. First, can we detect empirically whether the shocks recovered from the estimates of a structural VAR are truly structural Second, can the problem of nonfundamentalness be solved by considering additional information? The answer to the first question is “yes”...

Persistent link: https://www.econbiz.de/10005816321

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