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Shocks, Structures or Monetary Policies? The Euro Area and US After 2001

Christiano, Lawrence J. - 2007

The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general equilibrium model with financial frictions to show that...

Persistent link: https://www.econbiz.de/10012776610

The EAGLE : A Model for Policy Analysis of Macroeconomic Interdependence in the Euro Area

Gomes, Sandra - 2010

Building on the New Area Wide Model, we develop a 4-region macroeconomic model of the euro area and the world economy. The model (EAGLE, Euro Area and Global Economy model) is microfounded and designed for conducting quantitative policy analysis of macroeconomic interdependence across regions...

Persistent link: https://www.econbiz.de/10013143817

Real Convergence and its Illusions

Kolasa, Marcin - 2021

small open economy undergoing real convergence. We consider the effects of productivity catch-up and misperceptions about … future productivity developments. Our results indicate that even if real convergence takes the form of a gradual process, the … sustainable real convergence path. Our comparisons across alternative monetary regimes reveal that a flexible exchange rate helps …

Persistent link: https://www.econbiz.de/10013316187

International Transmission and Monetary Policy Cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2021

We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...

Persistent link: https://www.econbiz.de/10013316628

The ECB's New Multi-Country Model for the Euro Area : NMCM - With Boundedly Rational Learning Expectations

Dieppe, Alistair - 2011

Rational expectations has been the dominant way to model expectations, but the literature has quickly moved to a more realistic assumption of boundedly rational learning where agents are assumed to use only a limited set of information to form their expectations. A standard assumption is that...

Persistent link: https://www.econbiz.de/10013128293

The ECB's New Multi-Country Model for the Euro Area : NMCM - Simulated with Rational Expectations

Dieppe, Alistair - 2011

The model presented here is a New estimated medium-scale Multi-Country Model (NMCM) which covers the five largest euro area countries and is used for forecasting and scenarios analysis at the European Central Bank. The model has a tight theoretical structure which allows for non-unitary...

Persistent link: https://www.econbiz.de/10013128296

Interest Rate Effects of Demographic Changes in a New-Keynesian Life-Cycle Framework

Kara, Engin - 2010

This paper develops a small-scale DSGE model which embeds a demographic structure within a monetary policy framework. We extend the tractable, though non-monetary overlapping-generations model of Gertler (1999) and present a small synthesis model which combines the set-up of Gertler with a...

Persistent link: https://www.econbiz.de/10013135617

Inflation and Inflation Uncertainty in the Euro Area

Caporale, Guglielmo Maria - 2010

This paper estimates a time-varying AR-GARCH model of inflation producing measures of inflation uncertainty for the euro area, and investigates their linkages in a VAR framework, also allowing for the possible impact of the policy regime change associated with the start of EMU in 1999. The main...

Persistent link: https://www.econbiz.de/10013141028

Can Macroeconomists Forecast Risk? Event-Based Evidence from the Euro Area SPF

Kenny, Geoff - 2013

We propose methods to evaluate the risk assessments collected as part of the ECB Survey of Professional Forecasters (SPF). Our approach focuses on direction-of-change predictions as well as the prediction of relatively more extreme macroeconomic outcomes located in the upper and lower regions of...

Persistent link: https://www.econbiz.de/10013083207

A Non-Standard Monetary Policy Shock : The ECB’s 3-year LTROs and the Shift in Credit Supply

Darracq Paries, Matthieu - 2013

The identification of non-standard monetary policy shocks is a key challenge for econometricians, not least as these measures are somewhat unprecedented in modern central banking history and as the instruments vary widely across the various non-standard measures. This paper focuses on the 3-year...

Persistent link: https://www.econbiz.de/10013088278

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