Narrow search
Showing 1 - 10 of 10
Cover Image
The Phillips Curve at the ECB
Eser, Fabian - 2020
inflation and the role of inflation expectations. In relation to the recent weakness of inflation, we discuss the role of firm … supports the view that the absorption of slack and a firm anchoring of inflation expectations remain central to successful … inflation stabilisation …
Persistent link: https://www.econbiz.de/10012834963
Cover Image
The Phillips curve at the ECB
Eser, Fabian; Karadi, Peter; Lane, Philip R.; Moretti, Laura - 2020
We explain the role of the Phillips Curve in the analysis of the economic outlook and the formulation of monetary policy at the ECB. First, revisiting the structural Phillips Curve, we highlight the challenges in recovering structural parameters from reduced-form estimates and relate the...
Persistent link: https://www.econbiz.de/10012422062
Cover Image
Welfare Costs of Inflation and the Circulation of US Currency Abroad
Calza, Alessandro - 2011
Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet … minimized for a positive but moderate value of the inflation rate, thereby justifying a deviation from the Friedman rule in …
Persistent link: https://www.econbiz.de/10013127698
Cover Image
New Facts on Consumer Price Rigidity in the Euro Area
Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; … - 2022
changes does not change much with inflation and does not react much to aggregate shocks; (vi) changes in inflation are mostly … consistent with the predictions of a menu cost model in a low inflation environment where idiosyncratic shocks are a more …
Persistent link: https://www.econbiz.de/10014082035
Cover Image
Shoe-Leather Costs in the Euro Area and the Foreign Demand for Euro Banknotes
Calza, Alessandro - 2015
We estimate the shoe-leather costs of inflation in the euro area using monetary data adjusted for holdings of euro … anticipated inflation. We conclude that, despite the increased circulation of euro banknotes abroad, in the euro area the … inflation tax is still predominantly borne by domestic agents, with transfers of resources from abroad remaining small …
Persistent link: https://www.econbiz.de/10013019615
Cover Image
Non-Linear Dynamics in the Euro Area Demand for M1
Calza, Alessandro; Zaghini, Andrea - 2021
This paper investigates possible non-linearities in the dynamics of the euro area demand for the narrow aggregate M1. A long-run money demand relationship is firstly estimated over a sample period covering the last three decades. While the parameters of the relationship are jointly stable, there...
Persistent link: https://www.econbiz.de/10013317661
Cover Image
The Euro Exchange Rate During the European Sovereign Debt Crisis - Dancing to Its Own Tune?
Ehrmann, Michael - 2013
This paper studies the determinants of the euro exchange rate during the European sovereign debt crisis, allowing a role for macroeconomic fundamentals, policy actions and the public debate by policy makers. It finds that the euro exchange rate mainly danced to its own tune, with a particularly...
Persistent link: https://www.econbiz.de/10013083696
Cover Image
Markups and inflation cyclicality in the euro area
Kouvavas, Omiros; Osbat, Chiara; Reinelt, Timo; … - 2021
Price inflation in the euro area has been stable and low since the Global Financial Crisis, despite notable changes in … output and unemployment. We show that an increasing share of high markup firms is part of the explanation of why inflation … countries and, by linking these markup developments to the evolution of sectoral level producer and consumer price inflation, we …
Persistent link: https://www.econbiz.de/10012819031
Cover Image
Globalisation, Domestic Inflation and Global Output Gaps : Evidence from the Euro Area
Calza, Alessandro - 2015
This paper tests whether the proposition that globalisation has led to greater sensitivity of domestic inflation to the … power for domestic consumer price inflation in the euro area. Based on these findings, the prescription that central banks …
Persistent link: https://www.econbiz.de/10012750226
Cover Image
Markups and Inflation Cyclicality in the Euro Area
Kouvavas, Omiros; Osbat, Chiara; Reinelt, Timo; … - 2021
Price inflation in the euro area has been stable and low since the Global Financial Crisis, despite notable changes in … output and unemployment. We show that an increasing share of high markup firms is part of the explanation of why inflation … countries and, by linking these markup developments to the evolution of sectoral level producer and consumer price inflation, we …
Persistent link: https://www.econbiz.de/10013313119