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Inflation Target Shocks and Monetary Policy Inertia in the Euro Area
Fève, Patrick - 2010
The Euro area as a whole has experienced a marked downward trend in inflation over the past decades and, concomitantly … these dynamics? To answer this question, we embed serially correlated changes in the inflation target into a DSGE model with … real and nominal frictions. The formal Bayesian estimation of the model suggests that gradual changes in the inflation …
Persistent link: https://www.econbiz.de/10013141812
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Trends and Cycles : An Historical Review of the Euro Area
Barthelemy, Jean; Marx, Magali; Poissonnier, Aurelien - 2010
total factor productivity and one on the inflation target of the central bank. To justify our choice of integrated trends …
Persistent link: https://www.econbiz.de/10014193936
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Frequency-Domain Analysis of Debt Service in a Macro-Finance Model for the Euro Area
Renne, Jean-Paul - 2010
activity, those associated with inflation-linked bonds and short-term nominal bonds tend to be pro-cyclical …
Persistent link: https://www.econbiz.de/10014193937
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Real Wage Cyclicality in the Eurozone Before and During the Great Recession : Evidence from Micro Data
Verdugo, Gregory - 2015
We study the response of real wages to the business cycle in eight major Eurozone countries before and during the Great …
Persistent link: https://www.econbiz.de/10013014844
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A Two-Pillar DSGE Monetary Policy Model for the Euro Area
Barthelemy, Jean - 2010
Whereas the bulk of the literature on DSGE models provides a rationale for inflation targeting strategies, there is no … inflation, eventually accounting for structural shifts in velocity; 4) we found some evidence that the ECB has reacted …
Persistent link: https://www.econbiz.de/10013138020
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The Pricing Behaviour of Firms in the Euro Area : New Survey Evidence
Fabiani, Silvia - 2011
This study investigates the pricing behaviour of firms in the euro area on the basis of surveys conducted by nine Eurosystem national central banks, covering more than 11,000 firms. The results, robust across countries, show that firms operate in monopolistically competitive markets, where...
Persistent link: https://www.econbiz.de/10013132582
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Interactions between Business Cycles, Stock Market Cycles and Interest Rates : The Stylised Facts
Avouyi-Dovi, Sanvi - 2010
In this paper, we study the co-movements between stock market indices and real economic activity over the business cycle in France, Germany, Italy, the United Kingdom and the United States, using two complementary approaches in our analysis. First, we identify the turning points in real economy...
Persistent link: https://www.econbiz.de/10013136227
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Short Term Analysis of Raw Data and Business Cycle Estimation - Part 1 : Estimation and Tests (Analyse Conjoncturelle de Données Brutes et Estimation de Cycles Partie 1: Estimation...
Lacroix, Renaud - 2010
Short-term analysis is generally performed with seasonally adjusted data from which further estimation of the business cycle is performed through well-known filters (HP, Baxter-King). However, the whole procedure is not fully consistent, because seasonal adjustment and trend-cycle estimation do...
Persistent link: https://www.econbiz.de/10013137997
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Forecasting GDP Over the Business Cycle in a Multi-Frequency and Data-Rich Environment
Bessec, Marie - 2012
This paper merges two specifications developed recently in the forecasting literature: the MS-MIDAS model introduced by Gu´erin and Marcellino [2011] and the MIDAS-factor model considered in Marcellino and Schumacher [2010]. The MS-factor MIDAS model (MS-FaMIDAS) that we introduce incorporates...
Persistent link: https://www.econbiz.de/10013104617
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A Time-Varying Natural Rate for the Euro Area
Mésonnier, Jean-Stéphane - 2010
In this article we estimate a time-varying " natural " rate of interest (TVNRI) for a synthetic euro area over the period 1979Q1-2002Q4 using a small backward-looking macroeconomic model, broadly following a methodology developed by Laubach and Williams (2003) for the United States. The Kalman...
Persistent link: https://www.econbiz.de/10013136219