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Coenen, Günter - 2003

such as the shortterm nominal interest rate, annual inflation and output. …

Persistent link: https://www.econbiz.de/10009635906

Engel, Charles; West, Kenneth David - 2003

supplies, outputs, inflation rates and interest rates. Nonetheless, it has been well documented that such variables little help …

Persistent link: https://www.econbiz.de/10009635953

Maintaining price stability under free-floating

Detken, Carsten; Gaspar, Vítor - 2003

The behaviour of the exchange rate under a floating exchange rate regime for a small open economy with perfect capital mobility may appear like a managed float or even a firmer peg. We present a canonical new neo-classical synthesis open economy model where the central bank follows a strategy...

Persistent link: https://www.econbiz.de/10009635960

Volatility of interest rates in the euro area

Cassola, Nuno; Morana, Claudio - 2003

This paper estimates the factors underlying the volatility of the euro overnight interest rate and its transmission along the euro area money market yield curve. A new multivariate unobserved components model is proposed allowing for both long-memory and stationary cyclical dynamics. Using...

Persistent link: https://www.econbiz.de/10009635972

Describing the Fed's conduct with Taylor rules

Castelnuovo, Efrem - 2003

In this paper we estimate simple Taylor rules paying particular attention to interest rate smoothing. Following English, Nelson, and Sack (2002), we employ a model in first differences to gain some insights into the presence and signifcance of the degree of partial adjustment as opposed to a...

Persistent link: https://www.econbiz.de/10009635982

Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero

Coenen, Günter; Orphanides, Athanasios; Wieland, Volker - 2003

target inﬂation rates as low as 2 percent. However, the effects of the constraint are non-linear with respect to the inﬂation … percent. The variability of output increases signiﬁcantly and that of inﬂation also rises somewhat. Also, we show that the … increasingly short of potential with lower inﬂation targets. …

Persistent link: https://www.econbiz.de/10009635983

Public sector efficiency

Afonso, António; Schuknecht, Ludger; Tanzi, Vito - 2003

We compute public sector performance (PSP) and efficiency (PSE) indicators, comprising a composite and seven sub-indicators, for 23 industrialised countries. The first four sub-indicators are u0093opportunityu0094 indicators that take into account administrative, education and health outcomes...

Persistent link: https://www.econbiz.de/10009635959

International risk-sharing and the transmission of productivity shocks

Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - 2004

A central puzzle in international finance is that real exchange rates are volatile and, in stark contradiction to effcient risk-sharing, negatively correlated with cross-country consumption ratios. This paper shows that incomplete asset markets and a low price elasticity of tradables can account...

Persistent link: https://www.econbiz.de/10009636531

Current accounts dynamics in OECD and EU acceding countries

Bussière, Matthieu; Fratzscher, Marcel; Müller, Gernot J. - 2004

The paper extends the standard intertemporal model of the current account to include two important stylised facts: (1) the persistence of current account positions and (2) the relevance of the fiscal balance. Specifically, the paper derives a closed form solution for consumption in the presence...

Persistent link: https://www.econbiz.de/10009636534

Institutions and service employment

Messina, Julián - 2004

We live in a service economy, but the extent of development of service employment differs across developed countries. This paper assesses the role of structural factors and institutions in explaining the common patterns and main differences in the recent expansion of service employment in OECD...

Persistent link: https://www.econbiz.de/10009636543