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Has the euro affected the choice of invoicing currency?

Ligthart, Jenny E.; Werner, Sebastian E. V. - 2010

We present a new approach to study empirically the effect of the introduction of the euro on currency invoicing. Our … home currency invoicing after the introduction of the euro. In addition, the euro as a vehicle currency has overtaken the … role of the US dollar in Norwegian imports. The econometric analysis shows a significant effect of euro introduction above …

Persistent link: https://www.econbiz.de/10010275698

The Globalisation of Inflation: The Growing Importance of Global Value Chains

Auer, Raphael A.; Borio, Claudio; Filardo, Andrew - 2017

Greater international economic interconnectedness over recent decades has been changing inflation dynamics. This paper presents evidence that the expansion of global value chains (GVCs), ie cross-border trade in intermediate goods and services, is an important channel through which global...

Persistent link: https://www.econbiz.de/10011657108

Does immigration affect the Phillips curve?: some evidence for Spain

Bentolila, Samuel; Dolado, Juan José; Jimeno, Juan F. - 2007

The Phillips curve has flattened in Spain over 1995-2006: unemployment has fallen by 15 percentage points, with roughly constant inflation. This change has been more pronounced than elsewhere. We argue that this stems from the immigration boom in Spain over this period. We show that the New...

Persistent link: https://www.econbiz.de/10010273772

Has the EMU reduced wage growth and unemployment? Testing a model of trade union behaviour

Mikosch, Heiner; Sturm, Jan-Egbert - 2011

By using a model of trade union behaviour Grüner (2010) argues that the introduction of the European Monetary Union (EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner's model, monetary centralization lets the central bank react less flexibly to...

Persistent link: https://www.econbiz.de/10010274904

On identification of Bayesian DSGE models

Koop, Gary; Pesaran, Mohammad Hashem; Smith, Ron P. - 2011

In recent years there has been increasing concern about the identification of parameters in dynamic stochastic general equilibrium (DSGE) models. Given the structure of DSGE models it may be difficult to determine whether a parameter is identified. For the researcher using Bayesian methods, a...

Persistent link: https://www.econbiz.de/10010276281

Hyperbolic discounting and positive optimal inflation

Graham, Liam; Snower, Dennis J. - 2011

The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...

Persistent link: https://www.econbiz.de/10010278022

Globalisation and the Slope of the Phillips Curve

Kohlscheen, Emanuel; Moessner, Richhild - 2021

We study the effects of globalisation on the slope of the New Keynesian Phillips curve for CPI inflation, based on a broad panel of 35 countries and controlling for possibly non-linear exchange rate effects. We find that the output gap generally has a significant positive effect on inflation,...

Persistent link: https://www.econbiz.de/10012799683

Effects of Inflation Expectations on Inflation

Moessner, Richhild - 2021

We study the effects of professionals’ survey-based inflation expectations on inflation for a large number of 36 OECD economies, using dynamic cross-country panel estimation of New-Keynesian Phillips curves. We find that inflation expectations have a significantly positive effect on inflation....

Persistent link: https://www.econbiz.de/10012799767

Is the Slope of the Euro Area Phillips Curve Steeper than It Seems? Heterogeneity and Identification

Schuffels, Johannes; Kool, Clemens; Lieb, Lenard; van … - 2022

bias towards zero. Empirically, we show that controlling for slope heterogeneity in Euro Area data increases reduced form …

Persistent link: https://www.econbiz.de/10013470361

Wage Indexation and the Monetary Policy Regime

De Schryder, Selien; Peersman, Gert; Wauters, Joris - 2014

We estimate a New Keynesian wage Phillips curve for a panel of 24 OECD countries, and allow the degree of wage indexation to past inflation to vary according to the monetary policy regime. We find that the extent of wage indexation is significantly lower in an inflation targeting regime, in...

Persistent link: https://www.econbiz.de/10010480897