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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

A monetary policy strategy in good and bad times: lessons from the recent past

Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - 2011

inflation and growth. After the collapse of financial intermediation in late 2008, the strategy of the ECB was to preserve the …

Persistent link: https://www.econbiz.de/10011605382

Challenges for central banks' macro models

Lindé, Jesper; Smets, Frank; Wouters, Rafael - 2016

In this paper we discuss a number of challenges for structural macroeconomic models in the light of the Great Recession and its aftermath. It shows that a benchmark DSGE model that shares many features with models currently used by central banks and large international institutions has...

Persistent link: https://www.econbiz.de/10011646681

Inflation persistence and price-setting behaviour in the euro area – a summary of the IPN evidence

Altissimo, Filippo; Ehrmann, Michael; Smets, Frank - European Central Bank - 2006

This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area …, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings … are - i) Under the current monetary policy regime, the estimated degree of inflation persistence in the euro area is …

Persistent link: https://www.econbiz.de/10005530648

What horizon for price stability

Smets, Frank - European Central Bank - 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/10005530807

DSGE models and their use at the ECB

Smets, Frank; Christoffel, Kai; Coenen, Günter; Motto, … - In: SERIEs - Journal of the Spanish Economic Association 1 (2010) 1/2, pp. 51-65

Bayesian dynamic stochastic general equilibrium (DSGE) models combine microeconomic behavioural foundations with a full-system Bayesian likelihood estimation approach using key macro-economic variables. Because of the usefulness of this class of models for addressing questions regarding the...

Persistent link: https://www.econbiz.de/10010317065

Commodities, Energy and Finance

Gnan, Ernest; Gudmundsson, Mar; Liebscher, Klaus; … - 2008

Persistent link: https://www.econbiz.de/10011689933

Banking supervision, monetary policy and risk-taking: Big data evidence from 15 credit registers

Altavilla, Carlo; Boucinha, Miguel; Peydró, José-Luis; … - 2020

We analyse the effects of supranational versus national banking supervision on credit supply, and its interactions with monetary policy. For identification, we exploit: (i) a new, proprietary dataset based on 15 European credit registers; (ii) the institutional change leading to the...

Persistent link: https://www.econbiz.de/10012389552

Effects of state-dependent forward guidance, large-scale asset purchases and fiscal stimulus in a low-interest-rate environment

Coenen, Günter; Montes-Galdon, Carlos; Smets, Frank - 2020

near-term economic outlook, characterised by persistently low nominal interest rates and inflation, and in a lasting low …

Persistent link: https://www.econbiz.de/10012389555

Banking Supervision, Monetary Policy and Risk-Taking: Big Data Evidence from 15 Credit Registers

Altavilla, Carlo; Boucinha, Miguel; Peydró, José-Luis; … - 2020

We analyse the effects of national versus supranational banking supervision on bank risk-taking, and its interactions with monetary policy. For identification, we exploit: (i) a new, proprietary dataset based on 15 European credit registers; (ii) the institutional change in European banking...

Persistent link: https://www.econbiz.de/10012390738