Narrow search
Showing 1 - 10 of 465
Cover Image
Exchange rates and fundamentals
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
Cover Image
Equilibrium unemployment, job flows and inflation dynamics
Trigari, Antonella - 2004
In order to explain the joint fluctuations of output, inflation and the labor market, this paper first develops a … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of … the model to account for the joint dynamics of output and inflation rely on its ability to explain the dynamics in the …
Persistent link: https://www.econbiz.de/10009636527
Cover Image
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
Cover Image
New Keynesian Phillips Curves
McAdam, Peter; Willman, Alpo - 2003
Using euro-area data, we re-examine the empirical success of New Keynesian Phillips Curves (NKPCs). The nature of our re-evaluation relies on the actual empirical underpinnings of such estimates: we find existing estimates un-robust and u0096 given that key parameters are generally calibrated...
Persistent link: https://www.econbiz.de/10009635912
Cover Image
Detecting and interpreting financial stress in the euro area
Blix Grimaldi, Marianna - 2010
There is a need to find better models and indicators for large disruptive events, not least in order to be more prepared and mitigate their effects. In this paper we take a step in this direction and discuss the performance of a financial stress indicator with a specific focus on the euro area....
Persistent link: https://www.econbiz.de/10009640326
Cover Image
A monetary policy strategy in good and bad times
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/10009640775
Cover Image
The Great Depression and the Friedman-Schwartz hypothesis
Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2004
We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...
Persistent link: https://www.econbiz.de/10009636549
Cover Image
Financial factors in economic fluctuations
Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2010
We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...
Persistent link: https://www.econbiz.de/10009640348
Cover Image
The bank lending channel
Gambacorta, Leonardo; Marqués-Ibáñez, David - 2011
The 2007-2010 financial crisis highlighted the central role of financial intermediaries’ stability in buttressing a smooth transmission of credit to borrowers. While results from the years prior to the crisis often cast doubts on the strength of the bank lending channel, recent evidence shows...
Persistent link: https://www.econbiz.de/10009640774
Cover Image
Option-implied asymmetries in bond market expectations around monetary policy actions of the ECB
Vähämaa, Sami - 2004
This paper uses data on German government bond futures options to examine the behaviour of market expectations around monetary policy actions of the European Central Bank (ECB). In particular, this paper focuses on the asymmetries in bond market expectations, as measured by the skewness of...
Persistent link: https://www.econbiz.de/10009636538