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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

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

House Prices and Monetary Policy in the Euro Area : Evidence from Structural VARs

Nocera, Andrea - 2017

We use a Bayesian stochastic search variable selection structural VAR model to investigate the heterogeneous impact of housing demand shocks on the macro-economy and the role of house prices in the monetary policy transmission, across euro area countries. A novel set of identification...

Persistent link: https://www.econbiz.de/10012954350

Does product market competition reduce inflation? Evidence from EU countries and sectors

Przybyla, Marcin; Roma, Moreno - 2005

In this paper we explore the link between the intensity of product market competition and inflation rates across EU … countries and sectors. We consider long-term averages of inflation rates in order to remove the cyclical behavior of inflation … product market competition, as proxied by the level of mark-up in particular, is an important driver of inflation …

Persistent link: https://www.econbiz.de/10011604499

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

Accuracy and Determinants of Self-Assessed Euro Area House Prices

Le Roux, Julien - 2019

Using microdata from the second wave of the Household Finance and Consumption Survey, we investigate the accuracy of property values estimated by homeowners - so called “self-assessed” house prices - and explore the drivers of possible deviations of these prices from official hedonic house...

Persistent link: https://www.econbiz.de/10012859415

Relative House Price Dynamics Across Euro Area and US Cities : Convergence or Divergence?

Hiebert, Paul - 2010

This paper examines the time varying dispersion in city house price levels across the four biggest euro area countries compared with those in the United States. Using available city-level data over the period 1987-2008, it tests for price convergence and analyses key factors explaining price...

Persistent link: https://www.econbiz.de/10013142991

Labour Cost and Employment Across Euro Area Countries and Sectors

Pierluigi, Beatrice; Roma, Moreno - 2021

This paper studies the role of wage moderation and labour and product market regulation for employment creation. To this end, labour demand estimates are presented for the five largest euro area countries at the aggregate level and for three macro sectors: manufacturing, construction and...

Persistent link: https://www.econbiz.de/10013316513

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

Navigating the Housing Channel of Monetary Policy Across Euro Area Regions

Battistini, Niccolò; Falagiarda, Matteo; Hackmann, Angelina - 2022

This paper assesses the role of the housing market in the transmission of conventional and unconventional monetary policy across euro area regions. By exploiting a novel regional dataset on housing-related variables, a structural panel VAR analysis shows that monetary policy propagates...

Persistent link: https://www.econbiz.de/10014238369