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Determinants of Inflation and Price Level Differentials Across the Euro Area Countries
Andersson, Malin; Masuch, Klaus; Schiffbauer, Marc - 2021
This paper analyses the determinants of inflation differentials and price levels across the euro area countries. Dynamic panel estimations for the period 1999-2006 show that inflation differentials are primarily determined by cyclical positions and inflation persistence. The persistence in...
Persistent link: https://www.econbiz.de/10013316285
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How is Real Convergence Driving Nominal Convergence in the New EU Member States?
Lein, Sarah M.; Leon-Ledesma, Miguel A.; Nerlich, Carolin - 2021
The purpose of this paper is to evaluate the empirical relevance of real convergence on the process of nominal … convergence for the new EU Member States. We discuss two of the main channels through which real convergence could affect relative … productivity growth a positive one on price level convergence with respect to the euro area …
Persistent link: https://www.econbiz.de/10013316776
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Inflation Persistence : Euro Area and New EU Member States
Franta, Michal - 2009
with the usual estimation methods when analyzing the NMS, given the scope of the convergence process they went through. We …
Persistent link: https://www.econbiz.de/10012767014
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Mind the Output Gap : The Disconnect of Growth and Inflation During Recessions and Convex Phillips Curves in the Euro Area
Gross, Marco - 2017
We develop a theoretical model that features a business cycle-dependent relation between output, price inflation and inflation expectations, augmenting the model by Svensson (1997) with a nonlinear Phillips curve that reflects the rationale underlying the capacity constraint theory (Macklem...
Persistent link: https://www.econbiz.de/10012963916
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The Long-Term Distribution of Expected Inflation in the Euro Area : What has Changed Since the Great Recession?
Dovern, Jonas - 2017
This paper analyses the distribution of long-term inflation expectations in the euro area using individual density forecasts from the ECB Survey of Professional Forecasters. We exploit the panel dimension in this dataset to examine whether this distribution became less stable following the Great...
Persistent link: https://www.econbiz.de/10012963929
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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 remained stubbornly stable and low in the euro area...
Persistent link: https://www.econbiz.de/10013313119
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Cyclical Inflation Divergence and Different Labor Market Institutions in the Emu
Campolmi, Alessia; Faia, Ester - 2021
This paper relates the size of the cyclical inflation differentials, currently observed for euro area countries, to the differences in labor market institutions across the same set of countries. It does that by using a DSGE model for a currency area with sticky prices and labor market frictions....
Persistent link: https://www.econbiz.de/10013317627
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Determinants of inflation and price level differentials across the euro area countries
Andersson, Malin; Masuch, Klaus; Schiffbauer, Marc - 2009
This paper analyses the determinants of inflation differentials and price levels across the euro area countries. Dynamic panel estimations for the period 1999-2006 show that inflation differentials are primarily determined by cyclical positions and inflation persistence. The persistence in...
Persistent link: https://www.econbiz.de/10011605175
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Inflation Risk Premia in the US and the Euro Area
Hördahl, Peter - 2010
We use a joint model of macroeconomic and term structure dynamics to estimate inflation risk premia in the United States and the euro area. To sharpen our estimation, we include in the information set macro data and survey data on inflation and interest rate expectations at various future...
Persistent link: https://www.econbiz.de/10013135685
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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