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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
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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
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A Taylor Rule for the Euro Area Based on Quasi-Real Time Data
Adema, Yvonne - de Nederlandsche Bank - 2004
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/10005030260
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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
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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
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The Importance of Multinational Companies for Global Economic Linkages
Jansen, W.J.; Stokman, A.C.J. - de Nederlandsche Bank - 2002
We investigate to what extent the expansion of FDI and the internationalization of production can be related to the recent phenomenon of more synchronized business cycles. We first focus on the relationship between bilateral FDI positions and cross-country output correlations in the period 1982-...
Persistent link: https://www.econbiz.de/10005021854
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On the Strength of the US dollar: Can it be Explained by Output Growth?
Vlaar, P.J.G. - de Nederlandsche Bank - 2001
One popular view on the current strength of the US dollar is that the higher growth in the US compared to Europe has stimulated foreigners to buy American assets, thereby driving up the exchange rate. In this paper a modified portfolio balance model is presented, in which it is shown that the...
Persistent link: https://www.econbiz.de/10005021860
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The Importance of Multinational Companies for Global Economic Linkages
Jansen, W. Jos; Stokman, Ad C.J. - de Nederlandsche Bank - 2003
We investigate to what extent the expansion of FDI and the internationalization of production can be related to the recent phenomenon of more synchronized business cycles. We first focus on the relationship between bilateral FDI positions and cross-country output correlations in the period...
Persistent link: https://www.econbiz.de/10005021886
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Cyclical Patterns in Profits, Provisioning and Lending of Banks
Bikker, J.A.; Hu, H. - de Nederlandsche Bank - 2003
The proposed risk sensitive minimum requirements of the new Basel capital accord have raised concerns about possible (acceleration of) procyclical behaviour of banking, which might threaten macroeconomic stability. This paper analyses the interaction between business cycles and bank behaviour...
Persistent link: https://www.econbiz.de/10005021893
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On the Strenght of the US Dollar: Can it be Explained by Output Growth?
Vlaar, P.J.G. - de Nederlandsche Bank - 2003
One popular view on the current strength of the US dollar is that the higher growth in the US compared to Europe has stimulated foreigners to buy American assets, thereby driving up the exchange rate. In this paper a modified portfolio balance model is presented, in which it is shown that the...
Persistent link: https://www.econbiz.de/10005021895