Similar Search Results

The link of the monetary indicator to future inflation in the euro area : a simulation experiment

Gottschalk, Jan; Stolz, Stéphanie Marie - 2001

We examine the indicator property of the monetary indicator for inflation. Using a P*-model, Svensson shows theoretically in a recent paper that the relationship between these two variables is rather tenuous. The present study employs empirical evidence on the relations in his model to quantify...

Persistent link: https://www.econbiz.de/10011476494

Monetary union and macroeconomic stabilization

Groll, Dominik - 2013

It is conventionally held that countries are worse off by forming a monetary union when it comes to macroeconomic stabilization. However, this conventional view relies on assuming that monetary policy is conducted optimally. Relaxing the assumption of optimal monetary policy not only uncovers...

Persistent link: https://www.econbiz.de/10010202935

Monetary union and macroeconomic stabilization

Groll, Dominik - 2014 - This version: February 14, 2014

Persistent link: https://www.econbiz.de/10011415479

Measures of the output gap in the Euro-zone : an empirical assessment of selected methods

Chagny, Odile; Döpke, Jörg - 2001

die Euro-Zone. Obwohl die Methoden einige wichtige gemeinsame Eigenschaften aufweisen, zeigen sie auch erhebliche …The paper discusses some widely used methods for estimating output gaps based on aggregated data for the eurozone … methods commonly used have only limited information content for inflation forecasting in the euro-zone. Conclusions for …

Persistent link: https://www.econbiz.de/10011473858

The role of labor markets for euro area monetary policy

Christoffel, Kai; Küster, Keith; Linzert, Tobias - 2009

In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in which labor markets are characterized by search and matching frictions. We first investigate to which extent a more flexible labor market would alter the business cycle behavior...

Persistent link: https://www.econbiz.de/10003827243

Introducing dominant currency pricing in the ECB's global macroeconomic model

Georgiadis, Georgios; Mösle, Saskia - 2019

A large share of global trade being priced and invoiced primarily in US dollar rather than the exporter's or the importer's currency has important implications for the transmission of shocks. We introduce this "dominant currency pricing" (DCP) into ECB-Global, the ECB's macroeconomic model for...

Persistent link: https://www.econbiz.de/10012040196

Financial market integration in a monetary union

Buch, Claudia M. - 2001

Financial markets in Euroland differ from those of a national monetary union in two regards. First, capital markets in general and banking markets in particular show a greater degree of segmentation than national financial markets as a result of information costs and regulatory barriers to full...

Persistent link: https://www.econbiz.de/10011476407

The inherent benefit of monetary unions

Groll, Dominik; Monacelli, Tommaso - 2016

The desirability of flexible exchange rates is a central tenet in international macroeconomics. We show that, with forward-looking staggered pricing, this result crucially depends on the monetary authority's ability to commit. Under full commitment, flexible exchange rates generally dominate a...

Persistent link: https://www.econbiz.de/10011525534

On the (de)stabilizing effects of news shocks

Winkler, Roland; Wohltmann, Hans-Werner - 2009

This paper analyzes the impacts of news shocks on macroeconomic volatility. Whereas anticipation amplifies volatility in any purely forward-looking model, such as the baseline New Keynesian model, the results are ambiguous when including a backward-looking component. In addition to these...

Persistent link: https://www.econbiz.de/10003872035

Model pooling and changes in the informational content of predictors : an empirical investigation for the euro area

Schwarzmüller, Tim - 2015

I study the performance of single predictor bridge equation models as well as a wide range of model selection and pooling techniques, including Mallows model averaging and Cross-Validation model averaging, for short-term forecasting euro area GDP growth. I explore to what extend model selection...

Persistent link: https://www.econbiz.de/10010472548