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Gas price shocks and euro area inflation

Adolfsen, Jakob Feveile; Ferrari, Massimo Minesso; … - 2024

This paper develops a Bayesian VAR model to identify three structural shocks driving the European gas market: demand, supply and inventory shocks. We document how gas price fluctuations have a heterogeneous pass-through to euro area prices depending on the underlying shock driving them. The...

Persistent link: https://www.econbiz.de/10014490358

The output composition puzzle

Angeloni, Ignazio; Kashyap, Anil K.; Mojon, Benoît; … - 2003

We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the...

Persistent link: https://www.econbiz.de/10009635907

The pricing behaviour of Italian firms

Fabiani, Silvia; Gattulli, Angela; Sabbatini, Roberto - 2004

firms evaluate their pricing strategies and the stage in which they actually implement the price change. In 2002 most firms …

Persistent link: https://www.econbiz.de/10009636703

Extra-euro area manufacturing import prices and exchange rate pass-through

Anderton, Robert - 2003

.e., pricing-to-market). Using both time series and panel estimation techniques, the econometric results suggest that the pass … around 50% - 70%, while pricing-to-market has an estimated weight of between 50% - 30%. We also find some evidence of … to pricing-to-market, while euro area imports from the United States seem to be characterised by a relatively higher …

Persistent link: https://www.econbiz.de/10009639848

Unconventional monetary policy and the great recession

Baumeister, Christiane; Benati, Luca - 2010

We explore the macroeconomic impact of a compression in the long-term bond yield spread within the context of the Great Recession of 2007-2009 via a Bayesian time-varying parameter structural VAR. We identify a ‘pure’ spread shock which, leaving the short-term rate unchanged by construction,...

Persistent link: https://www.econbiz.de/10009640282

Wages, labor or prices

Dhyne, Emmanuel; Druant, Martine - 2010

Survey results in 15 European countries for almost 15,000 firms reveal that Belgian firms react more than the average European firm to adverse shocks by reducing permanent and temporary employment. On the basis of a firm-level analysis, this paper confirms that the different reaction to shocks...

Persistent link: https://www.econbiz.de/10009640316

Are policy counterfactuals based on structural VAR's reliable?

Benati, Luca - 2010

Based on standard New Keynesian models I show that policy counterfactuals based on the theoretical structural VAR representations of the models fail to reliably capture the impact of changes in the parameters of the Taylor rule on the (reduced-form) properties of the economy. Based on estimated...

Persistent link: https://www.econbiz.de/10009640352

Evolving Phillips trade-off

Benati, Luca - 2010

We characterise the evolution of the U.S. unemployment-inflation trade-off since the late XIX century era via a Bayesian time-varying parameters structural VAR. The Great Inflation episode appears as historically unique along several dimensions. In particular, the shape of the ‘Phillips...

Persistent link: https://www.econbiz.de/10009640365

Bayesian prior elicitation in DSGE models

Lombardi, Marco J.; Nicoletti, Giulio - 2011

Bayesian approaches to the estimation of DSGE models are becoming increasingly popular. Prior knowledge is normally formalized either be information concerning deep parameters’ values (‘microprior’) or some macroeconomic indicator, e.g. moments of observable variables (‘macroprior’)....

Persistent link: https://www.econbiz.de/10009640615

Price and wage setting in Portugal : learning by asking

Martins, Fernando - 2011

This paper presents the main findings of a survey conducted on a sample of Portuguese firms. The main aim was to identify some relevant characteristics about the dynamics of prices and wages in Portugal. The most important conclusions are: i) changes to wages are more synchronized than changes...

Persistent link: https://www.econbiz.de/10009640690

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