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Inflation perceptions and expectations in the euro area : the role of news

Badarinza, Cristian; Buchmann, Marco - 2009

The aim of this study is to assess empirically to what extent the degree of heterogeneity of consumers’ inflation perceptions and expectations is driven by the flow of information related to current and future price developments in the euro area. We conduct the analysis both on an aggregate...

Persistent link: https://www.econbiz.de/10003963761

Understanding and forecasting aggregate and disaggregate price dynamics

Bermingham, Colin; D'Agostino, Antonello - 2011

The issue of forecast aggregation is to determine whether it is better to forecast a series directly or instead … results, it is generally accepted that forecast aggregation is an empirical issue. Empirical results in the literature often … go unexplained. This leaves forecasters in the dark when confronted with the option of forecast aggregation. We take our …

Persistent link: https://www.econbiz.de/10009238003

Government deficits, wealth effects and the price level in an optimizing model

Annicchiarico, Barbara - 2003

This paper investigates the in inflationary effects of fscal policy in an optimizing general equilibrium monetary model with capital accumulation, exible prices and wealth effects. The model is calibrated to Euro Area quarterly data. Simulation results show that government defcits, high debt...

Persistent link: https://www.econbiz.de/10009635879

Inflation persistence and robust monetary policy design

Coenen, Günter - 2003

This paper investigates the performance of optimised interest rate rules when there is uncertainty about a key determinant of the monetary transmission mechanism, namely the degree of persistence characterising the inﬂation process. The paper focuses on the euro area and utilises two variants of...

Persistent link: https://www.econbiz.de/10009635885

Relevant economic issues concerning the optimal rate of inflation

Rodriguez-Palenzuela, Diego; Camba-Mendez, Gonzalo; … - 2003

This paper reviews the key economic issues concerning the welfare costs of inflation and deflation, with a view to shedding light on the desirable properties of the inflation process. Our review of the evidence on the overall costs of inflation and deflation indicates that such costs could be...

Persistent link: https://www.econbiz.de/10009635897

Downward nominal wage rigidity and the long-run Philips Curve

Coenen, Günter - 2003

This paper summarises the results of a quantitative study of the possible impact of downward nominal wage rigidity on the determination of inflation and output in the euro area and the existence of a non-vertical long-run Phillips curve. The study was undertaken in the context of the review of...

Persistent link: https://www.econbiz.de/10009635901

Inflation targets and the liquidity trap

Klaeffling, Matt; Perez, Victor Lopez - 2003

The presence of a lower bound of zero on nominal interest rates has important implications for the conduct of optimal monetary policy. Standard rational expectations models can have alternative steady states as well as non-unique laws of motion, i.e. there can be possible sunspot equilibria....

Persistent link: https://www.econbiz.de/10009635903

Definition of price stability, range and point inflation targets

Castelnuovo, Efrem; Nicoletti-Altimari, Sergio; … - 2003

Announcing a quantitative objective for price developments has become a common practice in modern monetary policy making. While the specific features of such announced objectives vary across countries, a common rationale for this is to help anchoring inflation expectations. We use survey data on...

Persistent link: https://www.econbiz.de/10009635904

Zero lower bound

Coenen, Günter - 2003

This paper presents the results of a quantitative study of the implications of the zero lower bound on nominal interest rates which was undertaken in the context of the review of the ECBu0092s monetary policy strategy in Spring 2003. Focusing on the euro area, the paper provides an assessment of...

Persistent link: https://www.econbiz.de/10009635906

New Keynesian Phillips Curves

McAdam, Peter; Willman, Alpo - 2003

Using euro-area data, we re-examine the empirical success of New Keynesian Phillips Curves (NKPCs). The nature of our re-evaluation relies on the actual empirical underpinnings of such estimates: we find existing estimates un-robust and u0096 given that key parameters are generally calibrated...

Persistent link: https://www.econbiz.de/10009635912

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