Showing 1 - 10 of 60
-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly … power of money growth for inflation is substantially lower in more recent sample periods compared to the 1970s and 1980s …. This cautions against using money-based inflation models anchored in very long samples for policy advice. …
Persistent link: https://www.econbiz.de/10010299140
inflation and is shown to be Granger-causal for euro area inflation in an out-of-sample forecasting exercise. In part, this … contrast, the influence of Japanese and euro area excess liquidity on euro area inflation is more limited. …
Persistent link: https://www.econbiz.de/10010299143
-shaped relation between the membership size of MPCs and inflation; our results suggest that the lowest level of inflation is reached … at MPCs with about seven to ten members. Similar results are obtained for other measures, such as inflation variability …
Persistent link: https://www.econbiz.de/10010264342
We use Bayesian estimation techniques to investigate whether money growth Granger-causes inflation in the United States … including money growth in simple VAR models of inflation does systematically improve out-of-sample forecasting accuracy. This …. However, the contribution of money to inflation forecasting accuracy is quantitatively limited and tends to be smaller in …
Persistent link: https://www.econbiz.de/10010299139
money in forecasting euro-area inflation. We compare the predictive performance within and among various classes of … contains relevant information for inflation in some model classes. Money-based New Keynesian DSGE models and VARs incorporating …
Persistent link: https://www.econbiz.de/10010299146
-shaped relation between the membership size of MPCs and inflation; our results suggest that the lowest level of inflation is reached … at MPCs with about seven to ten members. Similar results are obtained for other measures, such as inflation variability …
Persistent link: https://www.econbiz.de/10010277737
-shaped relation between the membership size of MPCs and inflation; our results suggest that the lowest level of inflation is reached … at MPCs with about seven to ten members. Similar results are obtained for other measures, such as inflation variability …
Persistent link: https://www.econbiz.de/10005766195
This paper analyzes empirically differences in the size of central bank boards across countries. Defining a board as the body that changes monetary instruments to achieve a specified target, we discuss the possible determinants of a board's size. The empirical relevance of these factors is...
Persistent link: https://www.econbiz.de/10005768852
The likely enlargement of euro-area membership will radically change the environment under which monetary policy will be made in the euro area. Within less than a decade, the number of member countries in the euro area could more than double, with the vast majority of accession countries being...
Persistent link: https://www.econbiz.de/10005599234
area liquidity. U.S. excess liquidity also enters consistently positive as a determinant of euro area inflation. There is …
Persistent link: https://www.econbiz.de/10005599330