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Trends in European Productivity and Real Exchange Rates.

Canzoneri, Matthew B.; Diba, Behzad; Eudey, Gwen - Banco de España - 1996

Inflation has fallen dramatically in countries like Spain and Italy over the last decade, but the rate of increase in "home good" prices remains stubbornly higher than the rate of increase in "traded good" prices. The paper begins by showing that this discrepancy can be explained (at least in...

Persistent link: https://www.econbiz.de/10005590705

Estimating Liquidity Premia in the Spanish Government Securities Market

Alonso, Francisco; Blanco, Roberto; Río, Ana del; … - Banco de España - 2000

This paper investigates the presence of liquidity premia in the relative pricing of assets traded on the Spanish …

Persistent link: https://www.econbiz.de/10005088300

Term structure and the estimated monetary policy rule in the eurozone

María-Dolores, Ramón; Vázquez, Jesús - Banco de España - 2008

In this paper we estimate a standard version of the New Keynesian Monetary (NKM) model augmented with term structure in order to analyze two issues. First, we analyze the effect of introducing an explicit term structure channel in the NKM model on the estimated parameter values of the model,...

Persistent link: https://www.econbiz.de/10005155259

The pricing behaviour of firms in the Euro area: new survey evidence

Fabiani, Silvia; Druant, Martine; Hernando, Ignacio; … - Banco de España - 2005

This study investigates the pricing behaviour of firms in the euro area on the basis of surveys conducted by nine … price discrimination is a common practice. Our evidence suggests that both time- and state-dependent pricing strategies are … applied by firms in the euro area: around one-third of the companies follow mainly time-dependent pricing rules while two …

Persistent link: https://www.econbiz.de/10005155284

What Does Consumption Tell Us about Inflation Expectations and Real Interest Rates?

Ayuso, Juan; López-Salido, J. David - Banco de España - 1996

We estimate real interest rates, bounds on inflation expectations and inflation risk premia in a CCAPM framework under four different preference specifications.

Persistent link: https://www.econbiz.de/10005155286

Micro-based estimates of heterogeneous pricing rules: the united states vs. The euro area

Álvarez, Luis J.; Burriel, Pablo - Banco de España - 2010

micro based pricing rules into a DSGE model, we f nd that nominal shocks have a greater real impact in the fully …

Persistent link: https://www.econbiz.de/10008495180

Do decreasing hazard functions for price changes make any sense?

Álvarez, Luis J.; Burriel, Pablo; Hernando, Ignacio - Banco de España - 2005

heterogeneity effect for the most commonly used pricing rules and find that the aggregate hazard is (nearly always) decreasing …

Persistent link: https://www.econbiz.de/10005088302

On the informational role of term structure in the U.S. monetary policy rule

Vázquez, Jesús; María-Dolores, Ramón; Londoño, … - Banco de España - 2009

The term spread may play a major role in a monetary policy rule whenever data revisions of output and inflation are not well behaved. In this paper we use a structural approach based on the indirect inference principle to estimate a standard version of the New Keynesian Monetary (NKM) model...

Persistent link: https://www.econbiz.de/10005041943

What Affects the Employment Rate Intensity of Growth?

Revenga, Ana L.; Bentolila, Samuel - Banco de España - 1995

Persistent link: https://www.econbiz.de/10005590691

Is a Calvo price setting model consistent with micro price data?

Álvarez, Luis J.; Burriel, Pablo - Banco de España - 2010

in micro data. We propose a novel price setting model that fully captures heterogeneity in individual pricing behavior … accounting for pricing heterogeneity is crucial to understanding inflation and output dynamics. The standard calibration that …

Persistent link: https://www.econbiz.de/10008603020