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How should central banks communicate?
Ehrmann, Michael; Fratzscher, Marcel - 2005
The paper shows that central bank communication is a key determinant of the market’s ability to anticipate monetary policy decisions and the future path of interest rates. Comparing communication policies by the Federal Reserve, the Bank of England and the ECB since 1999, we find that...
Persistent link: https://www.econbiz.de/10011604603
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The Dutch block of the ESCB multi-country model
Angelini, Elena; Boissay, Frédéric; Ciccarelli, Matteo - 2006
The paper presents the Dutch country block of the ESCB Multi-Country Model (MCM) for the euro area. We show how a theoretical model is translated into an econometric specification and how this specification is in turn estimated and used in the projection exercises of the E(S)CB. The dynamic...
Persistent link: https://www.econbiz.de/10011604692
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The French block of the ESCB multi-country model
Boissay, Frédéric; Villetelle, Jean-Pierre - 2005
collaboration by the ECB and the Banque de France. The theoretical structure of the model is in line with most current …
Persistent link: https://www.econbiz.de/10011604502
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Country and industry equity risk premia in the euro area: an intertemporal approach
Cappiello, Lorenzo; Lo Duca, Marco; Maddaloni, Angela - 2008
This paper provides new evidence on the dynamics of equity risk premia in euro area stock markets across country and industry portfolios. We develop and estimate a conditional intertemporal CAPM where returns on aggregate euro area, country and industry portfolios depend on the market risk as...
Persistent link: https://www.econbiz.de/10011604959
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The impact of financial position on investment: an anlysis for non-financial corporations in the euro area
Martinez-Carrascal, Carmen; Ferrando, Annalisa - 2008
sample of non-financial corporations(around 120,000 firms) in six euro area countries(Belgium, Germany, France, Italy, the … appears to be especially large in the Netherlands and Italy and relatively small in Germany. … Netherlands and Spain). The results indicate that financial position is important to explain capital expenditures, as financial …
Persistent link: https://www.econbiz.de/10011604989
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Cross-border diversification in bank asset portfolios
Buch, Claudia M.; Driscoll, John C.; Ostergaard, Charlotte - 2005
located in France, Germany, the U.K., and the U.S. under different assumptions about currency hedging. We compare these …
Persistent link: https://www.econbiz.de/10011604475
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Unions, wage setting and monetary policy uncertainty
Grüner, Hans Peter; Hayo, Bernd; Hefeker, Carsten - 2005
Recent theoretical research has studied extensively the link between wage setting and monetary policymaking in unionized economies. This paper addresses the question of the role of monetary uncertainty from both an empirical and theoretical point of view. Our analysis is based on a simple model...
Persistent link: https://www.econbiz.de/10011604536
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Are internet prices sticky?
Lünnemann, Patrick; Wintr, Ladislav - 2006
over the Internet. It includes more than 5 million daily price quotes downloaded from price comparison web sites in France …, Germany, Italy, the UK and the US. The following results emerge from our analysis. First, and contrary to the recent findings …
Persistent link: https://www.econbiz.de/10011604691
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International evidence on sticky consumption growth.
Carroll, Christopher D.; Slacalek, Jiri; Sommer, Martin - 2008
We estimate the degree of ‘stickiness’ in aggregate consumption growth (sometimes interpreted as reflecting consumption habits) for thirteen advanced economies. We find that, after controlling for measurement error, consumption growth has a high degree of auto-correlation, with a stickiness...
Persistent link: https://www.econbiz.de/10011604932
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Sticky information Phillips curves: European evidence
Döpke, Jörg; Dovern, Jonas; Fritsche, Ulrich; … - 2008
professional forecasters from four major European economies. Our estimates imply that inflation expectations in France, Germany and …
Persistent link: https://www.econbiz.de/10011604976