instability of euro area money demand. Our results obtained from panel estimation indicate that the observed instability of …

instability of euro area money demand. Our results obtained from panel estimation indicate that the observed instability of …

relatively simple specification and estimation strategy for the cointegrated case. We show that in the cointegrated case with …

The concept of cointegration (see e.g., Engle and Granger, 1987; Johansen, 1988) has extensively been used to model …

, the panel estimation yields somewhat lower results (0.6 to 1.1 cents). The MPC out of nominal housing wealth lies between … effect of volatile house prices, we find similar effects in the times series estimation while the MPC is larger in the panel … the period 1980-2006, and one on the individual euro area countries from1995-2006, using panel data techniques. The impact …

In this paper we review the methodology of forecasting with log-linearised DSGE models using Bayesian methods. We focus … on the estimation of their predictive distributions, with special attention being paid to the mean and the covariance … matrix of h-step ahead forecasts. In the empirical analysis, we examine the forecasting performance of the New Area …

to forecasting area-wide industrial production. To this end, we use various tests that are designed to compare competing …

to forecasting area-wide industrial production. To this end, we use various tests that are designed to compare competing …

equilibrium (DSGE) models, estimated using Bayesian techniques, can become an additional useful tool in the forecasting kit of … central banks. First, we show that the forecasting performance of such models compares well with a-theoretical vector …