The paper aims at deriving some stylised facts for financial, real, and monetary policy developments during asset price … high-cost and low-cost booms and analyse the differences. High-cost booms are clearly those in which real estate prices and … stage. However, high-cost booms seem to follow very rapid growth in the real money and real credit stocks just before the …

This paper studies optimal monetary policy rules in a framework with sticky prices, matching frictions and real wage …

with sticky prices and matching frictions. Furthermore I consider the role of real wage rigidities. Optimal policy features …

strategic complementarity in price-setting among suppliers of differentiated goods. This leads to an increase in real rigidities …

This paper evaluates the extent of downward nominal and real wage rigidity for different categories of workers and … very low nominal wage rigidity, consistent with the Belgian wage formation system of full indexation. Real rigidity is … in Belgium over the period 1990-2002. Our results show that Belgium is characterised by strong real wage rigidity and …

composition, competition, technology and wage-bargaining institutions. We adopt the measure of downward real wage rigidity (DRWR …

% and 7%. On average, wages change less often than consumer prices. Less than one percent of (nominal) wages are cut both … downward real wage rigidity. Finally, wage changes tend to be highly synchronised as they are concentrated around the events of …