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Nominal wage contracts, adjustment costs and real persistence of monetary shocks

Folkertsma, C.K. - de Nederlandsche Bank - 1998

This paper describes a model in which monetary shocks have persistent real effects. Starting from the limited participation model of Christiano (1991) with capital adjustment costs as suggested by Dow (1995) it is confirmed that costs of equipment installation and restrictions on consumer...

Persistent link: https://www.econbiz.de/10005021869

A taylor rule for the euro area based on quasi-real time data

Adema, Y. - de Nederlandsche Bank - 2003

One of the main criticisms on the original Taylor rule is the so-called real time critique; because data on especially … the output gap are only available after some quarters the original Taylor rule is not operational. Moreover, Taylor rules … develop a modified Taylor rule based on (quasi-)real time data for the euro area. We find that modified Taylor rules based on …

Persistent link: https://www.econbiz.de/10005021873

A Taylor Rule for the Euro Area Based on Quasi-Real Time Data

Adema, Yvonne - de Nederlandsche Bank - 2004

Persistent link: https://www.econbiz.de/10005030260

How do inflation expectations form? New insights from a high-frequency survey

Galati, Gabriele; Heemeijer, Peter; Moessner, Richhild - de Nederlandsche Bank - 2011

We provide new insights on the formation of inflation expectations - in particular at a time of great financial and economic turmoil - by evaluating results from a survey conducted from July 2009 through July 2010. Participants in this survey answered a weekly questionnaire about their short-,...

Persistent link: https://www.econbiz.de/10008861749

Is bank capital procyclical? A cross-country analysis

Bikker, Jaap; Metzemakers, Paul - de Nederlandsche Bank - 2004

This paper investigates the determinants of commercial banks' own internal capital targets and potential sensitivity of these levels to the business cycle . World-wide results make clear that banks' own risk is only slightly dependent on the business cycle. Banks tend to hold substantial capital...

Persistent link: https://www.econbiz.de/10004970701

Firms entry, oligopolistic competition and labor market dynamics

Colciago, Andrea; Rossi, Lorenza - de Nederlandsche Bank - 2015

Using U.S. quarterly data we provide VAR evidence showing that a positive productivity shock leads to a persistent decrease in the unemployment rate and in the price markup, together with an increase in aggregate profits. In response to the shock the labor share of income decreases on impact and...

Persistent link: https://www.econbiz.de/10011196348

Cyclical changes in firm volatility

Veirman, Emmanuel De; Levin, Andrew - de Nederlandsche Bank - 2014

We estimate changes in firm-specific volatility in sales and earnings growth of US firms. We do so using an approach which better captures firm-specific volatility than commonly used dispersion measures do. Our results do not lend strong support to the common view that firm-specific volatility...

Persistent link: https://www.econbiz.de/10010822693

What drives consumer confidence in times of financial crises? Evidence for the Netherlands

Neisingh, Paul; Stokman, Ad - de Nederlandsche Bank - 2013

Five years after Lehman Brothers defaulted, the Dutch consumer confidence is still very low. Based on a monthly time series analysis from 1978 onwards, we provide evidence that general economic indicators are not sufficient to explain consumer sentiment. We show that during the Great Recession...

Persistent link: https://www.econbiz.de/10010822707

Current account imbalances in the Euro area: Competitiveness or financial cycle?

Comunale, Mariarosaria; Hessel, Jeroen - de Nederlandsche Bank - 2014

The current account imbalances that are at the heart of the European sovereign debt crisis are often attributed to differences in price competitiveness. However, recent research suggests that domestic demand booms related to the financial cycle may have been more important. As this would have...

Persistent link: https://www.econbiz.de/10010945597

On trend-cycle-seasonal interactions

Hindrayanto, Irma; Jacobs, Jan; Osborn, Denise - de Nederlandsche Bank - 2014

Traditional unobserved component models assume that the trend, cycle and seasonal components of an individual time series evolve separately over time. Although this assumption has been relaxed in recent papers that focus on trend-cycle interactions, it remains at the core of all seasonal...

Persistent link: https://www.econbiz.de/10010752366