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The digital economy, privacy, and CBDC
Ahnert, Toni; Hoffmann, Peter; Monnet, Cyril - 2022
We study a model of financial intermediation, payment choice, and privacy in the digital economy. Cash preserves anonymity but cannot be used for more efficient online transactions. By contrast, bank deposits can be used online but do not preserve anonymity. Banks use the information contained...
Persistent link: https://www.econbiz.de/10013193453
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Is China climbing up the quality ladder? : estimating cross country differences in product quality using Eurostat's COMEXT trade database
Pula, Gábor; Santabárbara, Daniel - 2011
There is an ongoing debate in the literature about the quality content of Chinese exports and to what extent China … imposes a threat to the market positions of advanced economies. While China's export structure is very similar to that of the … values reflect quality the prevailing view of the literature is that China exports low quality varieties of the same products …
Persistent link: https://www.econbiz.de/10008935837
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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
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Country and sector-specific spillover effects in the euro area, the United States and Japan
Kaltenhaeuser, Bernd - 2003
Within a two-step GARCH framework we explore the linkages between equity returns of ten sectors in the euro area, the United States and Japan, respectively. Our estimation framework allows a distinction to be made between spillover effects originating from one of the three currency areas and...
Persistent link: https://www.econbiz.de/10009635881
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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
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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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Short-term estimates of euro area real GDP by means of monthly data
Rünstler, Gerhard; Sédillot, Franck - 2003
The first official data releases of quarterly real GDP for the euro area are published about eight weeks after the end of the reference quarters. Meanwhile, ongoing economic developments must be assessed from various, more readily available, monthly indicators. We examine in the context of...
Persistent link: https://www.econbiz.de/10009635895
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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
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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
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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