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The price puzzle revisited: can the cost channel explain a rise in inflation after a monetary policy shock?

Henzel, Steffen; Hülsewig, Oliver; Mayer, Eric; … - 2007

This paper explores whether the cost channel solves the price puzzle. We set-up a New Keynesian DSGE model and estimate it for the euro area by adopting a minimum distance approach. Our findings suggest that - under certain parameter restrictions which are not rejected by the data - the cost...

Persistent link: https://www.econbiz.de/10010264162

Forecasting Euro area real GDP: optimal pooling of information

Hülsewig, Oliver; Mayr, Johannes; Wollmershäuser, Timo - 2008

This paper proposes a new method of forecasting euro area quarterly real GDP that uses area-wide indicators, which are derived by optimally pooling the information contained in national indicator series. Following the ideas of predictive modeling, we construct the area-wide indicators by...

Persistent link: https://www.econbiz.de/10010264416

Price dispersion in the Euro Area : the case of a symmetric oil price shock

Carstensen, Kai; Hülsewig, Oliver; Wollmershäuser, Timo - 2009

This paper studies the causes of price dispersion in the euro area emerging in response to a shock that hits all member countries symmetrically. We use a panel VAR model which is estimated over the period 1996 - 2007 to generate impulse responses of a range of price and wage variables to an oil...

Persistent link: https://www.econbiz.de/10010271958

Monetary policy transmission and house prices : European cross-country evidence

Carstensen, Kai; Hülsewig, Oliver; Wollmershäuser, Timo - 2009

This paper explores the importance of housing and mortgage market heterogeneity in 12 European countries for the transmission of monetary policy. We use a panel VAR model which is estimated over the period 1995-2006 to generate impulse responses of key macroeconomic variables to a monetary...

Persistent link: https://www.econbiz.de/10010271967

A fiscal rule that has teeth : a suggestion for a "fiscal sustainability council" underpinned by the financial markets

Hedbavny, Petr; Schneider, Ondřej; Zapal, Jan - 2005

In this paper, we set out to examine an efficient fiscal-policy framework for a monetary union. We illustrate that fiscal policy's bias toward budget deficit only temporarily ceased at the end of the 20th century as European countries endeavored to qualify for euro-zone membership, which...

Persistent link: https://www.econbiz.de/10010276560

The EU budget dispute :a blessing in disguise?

Schneider, Ondřej - 2007

This paper analyses the European budget and the position of the ten new member states. We argue that the EU budget should be reconsidered, as the Union has expanded to 27 member states and has become more heterogeneous. The budget priorities must be re-oriented towards potentially productive...

Persistent link: https://www.econbiz.de/10010276600

Labour market institutions and their effect on labour market performance in the new EU member countries

Fialová, Kamila; Schneider, Ondřej - 2008

performance indicators (unemployment, long-term unemployment, employment, activity rate). Our results confirm that high taxes … increase unemployment, while active labour market policies tend to reduce it. We also show that stricter employment protection …, higher taxes and larger economic burden represented by the minimum wage decrease employment and activity rate. Moreover …

Persistent link: https://www.econbiz.de/10010276606

Voting in the European Union: Central Europe's lost voice

Schneider, Ondřej - 2008

Ten Central European countries became members of the European Union in the years 2004 - 2007. They constitute 20% of the EU's total population; and even though their economic output is much lower, it rises dynamically. New members' impact on the EU policies has nevertheless been limited. This is...

Persistent link: https://www.econbiz.de/10010276608

Reforming pensions in Europe: economic fundamentals and political factors

Schneider, Ondřej - 2009

This paper analyzes pension reforms in Europe and their determinants. As pension reforms are intrinsically difficult to define and pinpoint, we introduce an alternative measure of pension reforms by comparing long-term forecasts of pension expenditures for seventeen European countries. The...

Persistent link: https://www.econbiz.de/10010276609