Narrow search
Showing 1 - 10 of 100
Cover Image
A quantitative perspective on optimal monetary policy cooperation between the US and the euro area
Adjemian, Stéphane; Darracq Pariès, Matthieu; Smets, Frank - 2008
The objective of this paper is to examine the main features of optimal monetary policy cooperation within a micro-founded macroeconometric framework. First, using Bayesian techniques, we estimate a two-country dynamic stochastic general equilibrium (DSGE) model for the United States (US) and the...
Persistent link: https://www.econbiz.de/10011604930
Cover Image
Welfare analysis of non-fundamental asset price and investment shocks: Implications for monetary policy
Wouters, Raf; Smets, Frank - Society for Computational Economics - SCE - 2004
improving. In such a case, optimal monetary policy will no longer be characterised by a symmetric response to inflation and …
Persistent link: https://www.econbiz.de/10005345281
Cover Image
What horizon for price stability
Smets, Frank - 2000
the face of unexpected disturbances and the choice of a price level versus an inflation objective. Using a small estimated … generally greater than that for an inflation objective; 3) Even if society cares about inflation stabilisation (rather than the … stabilisation of the price level), it often pays to give the central bank a price level objective (rather than an inflation …
Persistent link: https://www.econbiz.de/10011604070
Cover Image
Are the effects of monetary policy in the euro area greater in recessions than in booms?
Peersman, Gert; Smets, Frank - 2001
This paper investigates whether monetary policy impulses have asymmetric effects on output growth in seven countries of the euro area (Germany, France, Italy, Spain, Austria, Belgium and the Netherlands). First, it is shown that these seven countries share the same business cycle. Next, strong...
Persistent link: https://www.econbiz.de/10011604098
Cover Image
The industry effects of monetary policy in the euro area
Peersman, Gert; Smets, Frank - 2002
We first estimate the effects of an euro area-wide monetary policy change on output growth in eleven industries of seven euro area countries over the period 1980-1998. On average the negative effect of an interest rate tightening on output is significantly greater in recessions than in booms....
Persistent link: https://www.econbiz.de/10011604211
Cover Image
An estimated stochastic dynamic general equilibrium model of the euro area
Smets, Frank; Wouters, Raf - 2002
This paper develops and estimates a stochastic dynamic general equilibrium (SDGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is...
Persistent link: https://www.econbiz.de/10011604217
Cover Image
Persistence, the transmission mechanism and robust monetary policy
Angeloni, Ignazio; Coenen, Günter; Smets, Frank - 2003
In this paper we first explore the impact of nominal and real persistence on the transmission process of various shocks in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the performance of various monetary policies when the policy...
Persistent link: https://www.econbiz.de/10011604296
Cover Image
Forecasting with a Bayesian DSGE model: an application to the euro area
Smets, Frank; Wouters, Raf - 2004
inflation and output play an important role. This paper illustrates how modern sticky-price dynamic stochastic general … distribution of the forecast, as well as various inflation risk measures that have been proposed in the literature. Finally, the …
Persistent link: https://www.econbiz.de/10011604435
Cover Image
Shocks and frictions in US business cycles: a Bayesian DSGE approach
Smets, Frank; Wouters, Raf - 2007
explain the cross-correlation between output and inflation? What are the effects of productivity on hours worked? What are the …
Persistent link: https://www.econbiz.de/10011604768
Cover Image
Persistence, the transmission mechanism and robust monetary policy
Angeloni, Ignazio; Coenen, Günter; Smets, Frank - 2003
In this paper we first explore the impact of nominal and real persistence on the transmission process of various shocks in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the performance of various monetary policies when the policy...
Persistent link: https://www.econbiz.de/10009635926