Similar Search Results

Persistence, the transmission mechanism and robust monetary policy

Angeloni, Ignazio; Coenen, Günter; Smets, Frank - European Central Bank - 2003

In this paper we first explore the impact of nominal and real persistence on the transmission process of various shocks in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the performance of various monetary policies when the policy...

Persistent link: https://www.econbiz.de/10005344927

Are the effects of monetary policy in the euro area greater in recessions than in booms?

Peersman, Gert; Smets, Frank - European Central Bank - 2001

This paper investigates whether monetary policy impulses have asymmetric effects on output growth in seven countries of the euro area (Germany, France, Italy, Spain, Austria, Belgium and the Netherlands). First, it is shown that these seven countries share the same business cycle. Next, strong...

Persistent link: https://www.econbiz.de/10005816245

Forecasting with a Bayesian DSGE model: an application to the euro area

Smets, Frank; Wouters, Raf - European Central Bank - 2004

inflation and output play an important role. This paper illustrates how modern sticky-price dynamic stochastic general … distribution of the forecast, as well as various inflation risk measures that have been proposed in the literature. Finally, the …

Persistent link: https://www.econbiz.de/10005162894

What horizon for price stability

Smets, Frank - European Central Bank - 2000

the face of unexpected disturbances and the choice of a price level versus an inflation objective. Using a small estimated … generally greater than that for an inflation objective; 3) Even if society cares about inflation stabilisation (rather than the … stabilisation of the price level), it often pays to give the central bank a price level objective (rather than an inflation …

Persistent link: https://www.econbiz.de/10005530807

A monetary policy strategy in good and bad times: lessons from the recent past

Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - European Central Bank - 2011

inflation and growth. After the collapse of financial intermediation in late 2008, the strategy of the ECB was to preserve the …

Persistent link: https://www.econbiz.de/10009002548

An estimated stochastic dynamic general equilibrium model of the euro area

Smets, Frank; Wouters, Raf - European Central Bank - 2002

This paper develops and estimates a stochastic dynamic general equilibrium (SDGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is...

Persistent link: https://www.econbiz.de/10005222316

Shocks and frictions in US business cycles: a Bayesian DSGE approach

Smets, Frank; Wouters, Raf - European Central Bank - 2007

explain the cross-correlation between output and inflation? What are the effects of productivity on hours worked? What are the …

Persistent link: https://www.econbiz.de/10005222323