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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
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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
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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
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Evolving U.S. monetary policy and the decline of inflation predictability
Benati, Luca; Surico, Paolo - 2007
striking negative correlation between the evolution of the long-run coefficient on inflation in the monetary rule and the … evolution of the persistence and predictability of inflation relative to a trend component. Using a standard sticky-price model …, we show that a more aggressive policy stance towards inflation causes a decline in inflation predictability, providing a …
Persistent link: https://www.econbiz.de/10011604870
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VAR analysis and the Great Moderation
Benati, Luca; Surico, Paolo - 2008
variances for all series, and decreases in the variances of inflation and the output gap, without any need of sunspot shocks …
Persistent link: https://www.econbiz.de/10011604912
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Evolving U.S. Monetary Policy and the Decline of Inflation Predictability
Benati, Luca - 2007
striking negative correlation between the evolution of the long-run coefficient on inflation in the monetary rule and the … evolution of the persistence and predictability of inflation relative to a trend component. Using a standard sticky-price model …, we show that a more aggressive policy stance towards inflation causes a decline in inflation predictability, providing a …
Persistent link: https://www.econbiz.de/10012775858
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VAR Analysis and the Great Moderation
Benati, Luca; Surico, Paolo - 2021
variances for all series, and decreases in the variances of inflation and the output gap, without any need of sunspot shocks …
Persistent link: https://www.econbiz.de/10013316598
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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
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Bank Lending and Monetary Transmission in the Euro Area
De Santis, Roberto A. - 2013
To what extent does the availability of credit depend on monetary policy? And, does this relationship vary with bank characteristics? Based on a common source of balance sheet data for the four largest economies of the euro area over the period 1999-2011, we uncover three main regularities....
Persistent link: https://www.econbiz.de/10013078975
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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