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Comparing shocks and frictions in US and euro area business cycles
Smets, Frank; Wouters, Raf - 2004
This paper estimates a DSGE model with many types of shocks and frictions for both the US and the euro area economy over a common sample period (1974-2002). The structural estimation methodology allows us to investigate whether differences in business cycle behaviour are due to differences in...
Persistent link: https://www.econbiz.de/10009639451
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Financial advice and stock market participation
Georgarakos, Dimitris; Inderst, Roman - 2011
We introduce professional financial advice in households’ choice to hold risky financial assets. Consistent with the predictions from a formal model, we present evidence that households’ trust in financial advice only matters when their perceived own financial capability is low. Instead, for...
Persistent link: https://www.econbiz.de/10009640629
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Did the pattern of aggregate employment growth change in the euro area in the late 1990s?
Mourre, Gilles - 2004
The paper examines whether the pattern of growth in euro area employment seen in the period 1997-2001 differed from that recorded in the past and what could be the reasons for that. First, a standard employment equation is estimated for the euro area as a whole. This shows that the lagged impact...
Persistent link: https://www.econbiz.de/10009639412
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Fiscal policy and inflation volatility
Rother, Philipp C. - 2004
Among the harmful effects of inflation, the negative consequences of inflation volatility are of particular concern … inflation volatility. Major results are robust for unconditional and conditional inflation volatility, the latter derived from …
Persistent link: https://www.econbiz.de/10009636540
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Forecasting euro area inflation
Hubrich, Kirstin - 2003
Monitoring and forecasting price developments in the euro area is essential in the light of the second pillar of the ECBu0092s monetary policy strategy. This study analyses whether the forecasting accuracy of forecasting aggregate euro area inflation can be improved by aggregating forecasts of...
Persistent link: https://www.econbiz.de/10009635954
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Has euro-area inflation persistence changed over time?
O'Reilly, Gerard; Whelan, Karl - 2004
This paper analyzes the stability over time of the econometric process for Euro-area in nation since 1970, focusing in particular on the behaviour of the so-called persistence parameter (the sum of the coeffcients on the lagged dependent variables). Perhaps surprisingly, in light of the Lucas...
Persistent link: https://www.econbiz.de/10009636706
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A structural common factor approach to core inflation estimation and forecasting
Morana, Claudio - 2004
principal components estimator, suited to estimate systems of fractionally cointegrated processes. The proposed core inflation … measure is the scaled common persistent factor in inflation and excess nominal money growth and bears the interpretation of … monetary inflation. The proposed measure is characterised by all the properties that an u0093idealu0094 core inflation process …
Persistent link: https://www.econbiz.de/10009636528
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Inflation persistence and robust monetary policy design
Coenen, Günter - 2003
This paper investigates the performance of optimised interest rate rules when there is uncertainty about a key determinant of the monetary transmission mechanism, namely the degree of persistence characterising the inflation process. The paper focuses on the euro area and utilises two variants of...
Persistent link: https://www.econbiz.de/10009635885
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Relevant economic issues concerning the optimal rate of inflation
Rodriguez-Palenzuela, Diego; Camba-Mendez, Gonzalo; … - 2003
This paper reviews the key economic issues concerning the welfare costs of inflation and deflation, with a view to … shedding light on the desirable properties of the inflation process. Our review of the evidence on the overall costs of … inflation and deflation indicates that such costs could be even higher than previously thought, also at moderate rates of …
Persistent link: https://www.econbiz.de/10009635897
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Downward nominal wage rigidity and the long-run Philips Curve
Coenen, Günter - 2003
the determination of inflation and output in the euro area and the existence of a non-vertical long-run Phillips curve …
Persistent link: https://www.econbiz.de/10009635901