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We consider a dynamic general equilibrium model with collective wage bargaining and investigate how unemployment dynamics are affected by two types of budgetary policies. In line with traditional reasoning, a balanced-budget rule amplifies fluctuations in the short run, whereas an...
Persistent link: https://www.econbiz.de/10001565847
In this paper we investigate the impact of UK macroeconomic news announcements on selected futures contracts and exchange rates. We include a wide set of scheduled public news announcements in our study, including official interest rate decisions. We investigate whether the reaction to these...
Persistent link: https://www.econbiz.de/10001565848
analyse this topic by means of a P-star model. Based on the quantity theory of money, this approach explains inflation via a …. Moreover, parameter restrictions for the long-run relationships implied by the monetary theory are tested. Country specific P …
Persistent link: https://www.econbiz.de/10001619025
Persistent link: https://www.econbiz.de/10001590044
The present paper uses survey data on expected consumer price developments to analyse the role of inflation expectations in the inflation process. The survey measures of price expectations are derived from the European Commission's Consumer Survey and from the surveys of professional experts...
Persistent link: https://www.econbiz.de/10001782903
System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered …
Persistent link: https://www.econbiz.de/10001537904
What are the welfare effects of enhanced disclosures of public information ? Is it always the case, that frequent and timely publication of economic statistics by government agencies and the central bank are desirable ? This question has become one of several interlinked strands of debate on the...
Persistent link: https://www.econbiz.de/10001537905
We incorporate a wage bargaining structure in a dynamic general equilibrium model and show how this feature changes short and long-run properties of equilibria compared with a perfectly competitive setting. We discuss how employment, capital, and income shares respond to wage setting shocks and...
Persistent link: https://www.econbiz.de/10001553229
Persistent link: https://www.econbiz.de/10001619020
We examine whether it is socially beneficial for the individual voting records of central bank council members to be published when the general public is unsure about central bankers' efficiency and central bankers are aiming for re-election. We show that publication is initially harmful since...
Persistent link: https://www.econbiz.de/10001558063