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How important are foreign shocks in small open economy? The case of Slovakia
Horváth, Roman; Rusnák, Marek - 2008
transmission mechanism in Slovakia. Subject to various sensitivity checks, we find that contractionary monetary policy shock has a … policy shock on Slovak prices is more powerful than that of the National Bank of Slovakia. Slovak central bank interest rate …
Persistent link: https://www.econbiz.de/10010322189
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Growth accounting for the euro area: a structural approach
Proietti, Tommaso; Musso, Alberto - 2007
relationships linking inflation and nominal wage dynamics to the output gap and cyclical unemployment, respectively. Assuming a Cobb …
Persistent link: https://www.econbiz.de/10011604850
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Monetary policy rules in the pre-EMU era: Is there a common rule?
Eleftheriou, Maria; Gerdesmeier, Dieter; Roffia, Barbara - 2006
Despite the great importance and final success of the convergence process that led to the establishment of the European Monetary Union, there is no clear agreement regarding the monetary policy pursued in the member countries during the convergence process. This paper contributes to the...
Persistent link: https://www.econbiz.de/10011604705
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An application of index numbers theory to interest rates
Huerga, Javier; Steklacova, Lucia - 2008
This paper uses index number theory to disentangle changes in aggregate retail interest rates due to changes in individual component rates (“interest rate effect”) from those caused by changes in the weights of each component (“weight effect”), on the basis of the “difference” index...
Persistent link: https://www.econbiz.de/10011604985
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Real time estimates of the euro area output gap: reliability and forecasting performance
Marcellino, Massimiliano; Musso, Alberto - 2010
estimates for inflation forecasting both in the short term (one-quarter and one-year ahead) and the medium term (two-year and …
Persistent link: https://www.econbiz.de/10011605203
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Convergence and anchoring of yield curves in the euro area
Ehrmann, Michael; Fratzscher, Marcel; Gürkaynak, Refet S. - 2007
We study the convergence of European bond markets and the anchoring of inflation expectations in euro area countries … substantial increase in the anchoring of long-term inflation expectations since EMU, particularly for Italy and Spain, which since …
Persistent link: https://www.econbiz.de/10011604863
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An alternative explanation of the prize puzzle
Giordani, Paolo - 2001
This paper proposes a simple explanation for the frequent appearance of a price puzzle in VARs designed for monetary policy analysis. It suggests that the best method of solving the puzzle implies a close connection between theory and empirics rather than the introduction of a commodity price....
Persistent link: https://www.econbiz.de/10010281167
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The natural real interest rate and the output gap in the euro area: a joint estimation
Garnier, Julien; Wilhelmsen, Bjørn-Roger - 2005
potential and stationary inflation. This paper applies the method recently suggested by Laubach and Williams to jointly estimate … area was on average stimulative during the 1960s and the 1970s, while it contributed to dampen the output gap and inflation …
Persistent link: https://www.econbiz.de/10011604592
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Mortgage interest rate dispersion in the euro area
Kok, Christoffer; Lichtenberger, Jung-Duk - 2007
Despite the remarkable economic and financial convergence over the last ten years in the euro area, mortgage interest rates still differ across countries. This note presents some stylised facts on the heterogeneity of mortgage interest rates across euro area countries on the basis of the...
Persistent link: https://www.econbiz.de/10011604779
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Joint estimation of the natural rate of interest, the natural rate of unemployment, expected inflation, and potential output
Benati, Luca; Vitale, Giovanni - 2007
We jointly estimate the natural rate of interest, the natural rate of unemployment, expected inflation, and potential …-variation in (i) the data-generation process for inflation, which we capture via a time-varying parameters specification for the … Phillips curve portion of the model; and (ii) the volatilities of disturbances to inflation and cyclical (log) output, which we …
Persistent link: https://www.econbiz.de/10011604843