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Labour Market Adjustments in Europe and the US : How Different?

Beyer, Robert - 2015

We compare the labour market response to region-specific shocks in Europe and the US and to national shocks in Europe and investigate changes over time. We employ a multi-level factor model to decompose regional labour market variables and then estimate the dynamic response of the employment...

Persistent link: https://www.econbiz.de/10013025742

Professional Forecasters and the Real-time Forecasting Performance of an Estimated New Keynesian Model for the Euro Area

Smets, Frank - 2013

This paper analyses the real-time forecasting performance of the New Keynesian DSGE model of Galí, Smets, and Wouters (2012) estimated on euro area data. It investigates to what extent forecasts of inflation, GDP growth and unemployment by professional forecasters improve the forecasting...

Persistent link: https://www.econbiz.de/10013078530

A monetary policy strategy in good and bad times: lessons from the recent past

Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - 2011

We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at...

Persistent link: https://www.econbiz.de/10011605382

On Implications of Micro Price Data for Macro Models

Mackowiak, Bartosz - 2008

We review the recent literature that studies new, detailed micro data on prices. We discuss implications of the new micro data for macro models. We argue that the new micro data are helpful for macro models, but not decisive. There is no simple mapping from the frequency of price changes in...

Persistent link: https://www.econbiz.de/10012769307

Shocks and Frictions in Us Business Cycles : A Bayesian DSGE Approach

Smets, Frank; Wouters, Rafael - 2021

Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy using seven macro-economic time series. The model incorporates many types of real and nominal frictions and seven types of structural shocks. We show that this model is able to...

Persistent link: https://www.econbiz.de/10013317250

Professional forecasters and the real-time forecasting performance of an estimated new keynesian model for the euro area

Smets, Frank; Warne, Anders; Wouters, Raf - 2013

Persistent link: https://www.econbiz.de/10011605616

Asset price booms and monetary policy

Detken, Carsten; Smets, Frank - 2004

stage. However, high-cost booms seem to follow very rapid growth in the real money and real credit stocks just before the …

Persistent link: https://www.econbiz.de/10011604410

Booms and systemic banking crises

Boissay, Frederic; Collard, Fabrice; Smets, Frank - 2013

midst of credit intensive booms and bring about particularly deep and long-lasting recessions. We attempt to explain these … information on this market may generate sudden interbank market freezes, SBCs, credit crunches and, ultimately, severe recessions …. Simulations of a calibrated version of the model indicate that typical SBCs break out in the midst of a credit boom generated by a …

Persistent link: https://www.econbiz.de/10011605559

Booms and Systemic Banking Crises

Boissay, Frédéric - 2013

Persistent link: https://www.econbiz.de/10013086964

A Monetary Policy Strategy in Good and Bad Times : Lessons from the Recent Past

Fahr, Stephan - 2011

We evaluate the ECB's monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at ensuring...

Persistent link: https://www.econbiz.de/10013126720