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Comparing shocks and frictions in US and Euro area business cycles : a Bayesian DSGE approach
Smets, Frank (contributor); Wouters, Rafael (contributor) - 2004
Persistent link: https://www.econbiz.de/10002554857
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On implications of micro price data for macro models
Mac'kowiak, Bartosz; Smets, Frank - 2008
We review the recent literature that studies new, detailed micro data on prices. We discuss implications of the new micro data for macro models. We argue that the new micro data are helpful for macro models, but not decisive. There is no simple mapping from the frequency of price changes in...
Persistent link: https://www.econbiz.de/10003803322
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Shocks and frictions in US business cycles : a Bayesian DSGE approach
Smets, Frank (contributor); Wouters, Rafael (contributor) - 2007
Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy using seven macro-economic time series. The model incorporates many types of real and nominal frictions and seven types of structural shocks. We show that this model is able to...
Persistent link: https://www.econbiz.de/10003412157
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Asset price booms and monetary policy
Detken, Carsten; Smets, Frank - 2004
stage. However, high-cost booms seem to follow very rapid growth in the real money and real credit stocks just before the …
Persistent link: https://www.econbiz.de/10009639418
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A monetary policy strategy in good and bad times
Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - 2011
We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at...
Persistent link: https://www.econbiz.de/10009640775
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A monetary policy strategy in good and bad times : lessons from the recent past
Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - 2011
-economy. - Monetary Policy; Monetary transmission ; Credit, Supply factors ; Financial crisis ; Non-standard policy measures …
Persistent link: https://www.econbiz.de/10009006624
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Persistence, the transmission mechanism and robust monetary policy
Angeloni, Ignazio; Coenen, Günter; Smets, Frank - 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/10009635926
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Structural asymmetries and financial imbalances in the eurozone
Jaccard, Ivan; Smets, Frank - 2017
markets in which the availability of credit depends on the country's institutional environment. Our main finding is that … structural differences in domestic credit environments provide an explanation for the procyclicality of net capital inflows … observed in the South of Europe. We show that frictions in domestic credit markets generate asymmetries in the transmission …
Persistent link: https://www.econbiz.de/10011662924
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Labour market adjustments in Europe and the US : how different?
Beyer, Robert; Smets, Frank - 2015
Persistent link: https://www.econbiz.de/10010516557
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The first twenty years of the European Central Bank : monetary policy
Hartmann, Philipp; Smets, Frank - 2018
On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a comprehensive view of the ECB's monetary policy over these two decades. The first section provides a chronological account of the macroeconomic and monetary policy developments in the euro area since the adoption of...
Persistent link: https://www.econbiz.de/10011959260