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intensity of competition in firms' product markets, on the importance of collective wage bargaining and on other structural and …
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This paper studies the effect on monetary policy of a non-homogeneous degree of competition across the (two) members of … results of Benigno (2003) in two ways. First, we show that, if the degree of competition differs across countries, the optimal …. We show that this can alter Benigno's results even under asymmetric degree of competition. Our study suggests that the …
Persistent link: https://www.econbiz.de/10012991378
The international monitoring of public finances in EMU member states is an essential element of the Stability and Growth Pact. Part of evaluating government budgets involves determining the sustainability of the envisaged consolidation measures. The academic and political debate on this topic...
Persistent link: https://www.econbiz.de/10012990906
Der vorliegende Beitrag verfolgt ein zweifaches Ziel. Erstens beschreibt er Schätzungen der Zinsstrukturkurven rur Deutschland von September 1972 bis Februar 1996 mit Hilfe verschiedener Spezifikationen. Zweitens werden diese Schätzungen verwendet, um den Informationsgehalt der...
Persistent link: https://www.econbiz.de/10012990932
We investigate output sensitivity of inflation in the euro area through a disaggregated analysis using price indices at the COICOP 4-digit level and compare cyclical sensitivity of a newly created index of cyclically sensitive items (ICSP) with that of headline HICP and core price indices. We...
Persistent link: https://www.econbiz.de/10012991013
We analyze contributions of different markets to price discovery on traded inflation expectations and how it changed during the financial crisis. The quicker information is processed on one market and the less one market is disrupted by the financial crisis the more valuable is its information...
Persistent link: https://www.econbiz.de/10012991016
The Eurosystem's main refinancing operations (MRO) are key for the interbank money market and the monetary transmission process in the euro area. This paper investigates how money market rates respond to the information revealed by various aspects of an MRO auction outcome. Our results confirm...
Persistent link: https://www.econbiz.de/10012991019