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Cyclical drivers of euro area consumption : what can we learn from durable goods?
Casalis, André; Krustev, Georgi - 2020
We study the cyclical dynamics of consumption in the euro area (EA) and the large EA countries by distinguishing … cross-country heterogeneity in how different factors (including durable-specific ones) explain consumption; (iii) the … strength of spillovers from durable to nondurable consumption, as predicted by theory, is empirically correlated with how much …
Persistent link: https://www.econbiz.de/10012197836
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The real effects of money growth in dynamic general equilibrium
Graham, Liam; Snower, Dennis J. - 2004
We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off,...
Persistent link: https://www.econbiz.de/10009639472
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Monetary policy and the financing of firms
De Fiore, Fiorella; Teles, Pedro; Tristani, Oreste - 2009
How should monetary policy respond to changes in financial conditions? In this paper we consider a simple model where firms are subject to idiosyncratic shocks which may force them to default on their debt. Firms’ assets and liabilities are denominated in nominal terms and predetermined when...
Persistent link: https://www.econbiz.de/10009640456
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Technology, utilization and inflation : what drives the New Keynesian Phillips Curve?
McAdam, Peter; Willman, Alpo - 2011
We argue that the New-Keynesian Phillips Curve literature has failed to deliver a convincing measure of “fundamental inflation”. We start from a careful modeling of optimal price setting allowing for non-unitary factor substitution, non-neutral technical change and timevarying factor...
Persistent link: https://www.econbiz.de/10009354649
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Monetary policy and the financing of firms
De Fiore, Fiorella; Teles, Pedro; Tristani, Oreste - 2009
How should monetary policy respond to changes in financial conditions? In this paper we consider a simple model where firms are subject to idiosyncratic shocks which may force them to default on their debt. Firms’ assets and liabilities are denominated in nominal terms and predetermined when...
Persistent link: https://www.econbiz.de/10003969263
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Implementing optimal control in cointegrated I(1) structural VAR models
Monti, Francesca V. - 2003
This paper examines the feasibility of implementing Linear Quadratic Gaussian (LQG) Control in structural cointegrated VAR models and sheds some light on the two major problems generated by such implementation. The first aspect to be taken into account is the effect of the presence of unit roots...
Persistent link: https://www.econbiz.de/10009635883
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US, Japan and the euro area
McAdam, Peter - 2003
There has been much discussion of the differences in macroeconomic performance and prospects between the US, Japan and the euro area. Using Markov-switching techniques, in this paper we identify and compare specifically their major business-cycle features and examine the case for a common...
Persistent link: https://www.econbiz.de/10009635889
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A monthly monetary model with banking intermediation for the euro area
Bruggeman, Annick; Donnay, Marie - 2003
This monthly monetary model for the euro area is gradually constructed from its two constituting components: a money demand and a loan demand model which both include the relation between the respective retail bank rates and the short-term market interest rate. Eventually, the encompassing...
Persistent link: https://www.econbiz.de/10009635913
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Why has broad money demand been more stable in the euro area than in other economies?
Calza, Alessandro; Sousa, João - 2003
Based on a literature review, this paper investigates the reasons why broad money demand has usually been found to be more stable in the euro area than in other large economies. The paper concludes that there are three main explanations for this fact. First, in some countries outside the euro...
Persistent link: https://www.econbiz.de/10009635916
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Is the demand for euro area M3 stable?
Bruggeman, Annick; Donati, Paola; Warne, Anders - 2003
This paper re-examines two data issues concerning euro area money demand: aggregation of national data and measurement of the own rate.The main purpose is to study if euro area money demand is subject to parameter non-constancies using formal tests rather than informal diagnostics. As a...
Persistent link: https://www.econbiz.de/10009635921