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Distributional consequences of asset price inflation in the euro area

Adam, Klaus; Tzamourani, Panagiota - 2015

households using data from the Household Finance and Consumption Survey (HFCS). The capital gains from bond price and equity … price increases turn out to be concentrated among relatively few households, while the median household strongly benefits … from housing price increases. The capital gains from bond price increases (relative to household net wealth) do not …

Persistent link: https://www.econbiz.de/10011316626

(When) does money growth help to predict Euro-area inflation at low frequencies?

Schreiber, Sven - 2013 - this version: June 2013

Short answer: It helps a lot when other important variables are excluded from the information set. Longer answer: We revisit claims in the literature that money growth is Granger-causal for inflation at low frequencies. Applying frequency-specific tests in a comprehensive system setup for...

Persistent link: https://www.econbiz.de/10009774367

Inflation anchoring in the euro area

Speck, Christian - 2016

Did the decline in inflation rates from 2012 to 2015 and the low levels of market-based inflation expectations lead to de-anchored inflation dynamics in the euro area? This paper is the first time-varying event study to investigate the reaction of inflation-linked swap (ILS) rates - a...

Persistent link: https://www.econbiz.de/10011456474

Inflation, deflation, and uncertainty : what drives euro area option-implied inflation expectations and are they still anchored in the sovereign debt crisis?

Scharnagl, Michael; Stapf, Jelena - 2014

We tackle two questions in this paper: In the sovereign debt crisis, what moves the euro area inflation outlook and has the firm anchoring of medium to long-term inflation expectations been touched? Deriving densities from a new data set on options on the euro area harmonized index of consumer...

Persistent link: https://www.econbiz.de/10010415789

Money growth and consumer price inflation in the euro area : a wavelet analysis

Mandler, Martin; Scharnagl, Michael - 2014

Our paper studies the relationship between money growth and consumer price inflation in the euro area using wavelet analysis. Wavelet analysis allows to account for variations in the money growth-inflation relationship both across the frequency spectrum and across time. We find evidence of...

Persistent link: https://www.econbiz.de/10010433361

Disentangling the effects of multidimensional monetary policy on inflation and inflation expectations in the euro area

Martínez-Hernández, Catalina - 2020 - This version: October 30, 2020

The European Central Bank (ECB) has adopted a mixture of conventional and unconventional tools in order to achieve its mandate of price stability in the current low-inflation, low-interest-rate scenario. This paper contributes to the existing literature by providing a taxonomy of the ECB’s...

Persistent link: https://www.econbiz.de/10012305860

Labor productivity, effort and the euro area business cycle

Lewis, Vivien; Villa, Stefania; Wolters, Maik H. - 2019

The Euro Area is characterized by little variation in unemployment and strongly procyclical labor productivity. We capture both characteristics in a New Keynesian business cycle model with labor search frictions, where labor can vary along three margins: employment, hours, and eﬀort. We...

Persistent link: https://www.econbiz.de/10012134398

The impact of weight shifts on inflation : evidence for the euro area HICP

Knetsch, Thomas A.; Schwind, Patrick; Weinand, Sebastian - 2022

The shifts in household consumption caused by the coronavirus pandemic affect inflation measurement in the euro area …

Persistent link: https://www.econbiz.de/10013275335

New facts on consumer price rigidity in the euro area

Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; … - 2022

Using CPI micro data for 11 euro area countries covering about 60% of the euro area consumption basket over the period 2010-2019, we document new findings on consumer price rigidity in the euro area: (i) each month on average 12.3% of prices change, which compares with 19.3% in the United...

Persistent link: https://www.econbiz.de/10013361901

Quantifying bias and inaccuracy of upper-level aggregation in HICPs for Germany and the euro area

Herzberg, Julika; Knetsch, Thomas A.; Schwind, Patrick; … - 2021

Current HICP measurement practices produce an upward bias of about one-ninth of a percentage point in German inflation due to changing consumption being disregarded and the preliminary data being used in the compilation of expenditure weights. The statistical uncertainty produced by these...

Persistent link: https://www.econbiz.de/10012489562