Showing 1 - 9 of 9
This note proposes a full description of the Calvo price-setting model based on partial prices indexation and studies the interaction between partial indexation and trend inflation. We show that to use a hybrid version of the Phillips curve partly decreases the risks of overestimate due to the...
Persistent link: https://www.econbiz.de/10010939355
We investigate the implications of cross-country heterogeneity within the euro area for the design of optimal monetary policy. We build an optimizing-based multi-country model (MCM) describing the euro area in which differences between structural parameters across countries are allowed. Using...
Persistent link: https://www.econbiz.de/10010939360
We provide new evidence on the fit of the hybrid Phillips curve based on indexation of prices to lagged inflation and trend inflation for the Euro area and the United States over the period 1970-2002. The GMM-West estimates suggest that (i) a full indexation scheme is not data consistent whereas...
Persistent link: https://www.econbiz.de/10010939364
Using two estimated models for the euro area and the United States, this paper investigates whether the observed difference in the amplitude of the interest rate cycle since 1999 in both areas is due to differences in the estimated monetary policy reaction function, differences in the structure...
Persistent link: https://www.econbiz.de/10010640900
This article sets out to re-examine the money demand function for the euro area. Traditional specifications often yield unsatisfactory results: instability of short and long-term coefficients; relatively large differences between estimated and actual value of variables; and significant changes...
Persistent link: https://www.econbiz.de/10010640906
Plusieurs travaux récents sont consacrés à l’examen du comportement du banquier central face à l’incertitude affectant notamment son environnement économique. Ce papier propose, du point de vue du banquier central, une synthèse des principales sources d’incertitude ainsi qu’une...
Persistent link: https://www.econbiz.de/10010640913
L’objet de cet article est double. D’une part, il présente le modèle d’équilibre général de la “Nouvelle Synthèse” qui est devenu en peu de temps une véritable référence pour l’analyse macroéconomique (simulations de politiques économiques, prévisions d’inflation,...
Persistent link: https://www.econbiz.de/10010640920
This paper extends the utility-based welfare criterion developed by Woodford (2003) to a model with labour market search. We show how the central banker’s concern for inflation stabilization depends on the average steady-state durations of unemployment and job vacancy.
Persistent link: https://www.econbiz.de/10010655955
In this paper, we investigate the sources of heterogeneity within the euro area. For this purpose, we build an optimization-based multi-country model (MCM) that allows different sources of heterogeneity across countries, both in terms of behavior of economic agents and in terms of asymmetry of...
Persistent link: https://www.econbiz.de/10010655964