Showing 1 - 10 of 54
In Lisbon the European Council proclaimed a European growth strategy. It considers an average economic u0093growth rate of around 3 percent as a realistic prospect for the coming yearsu0094 and assigns public finances an important role in the process of achieving this goal. This paper addresses...
Persistent link: https://www.econbiz.de/10009635955
We quantify the degree of persistence in unemployment rates of transition countries using a variety of methods benchmarked against the EU. In part of the paper, we work with the concept of linear u0093Hysteresisu0094 as described by the presence of unit roots in unemployment. Since this is...
Persistent link: https://www.econbiz.de/10009635980
introduce a new frequency domain principal components estimator of the cointegration space and the factor loading matrix for the …
Persistent link: https://www.econbiz.de/10009636544
Traditional Taylor rules, which are estimated using a level specification linking the short-term interest rate to inflation and the output gap, are unstable when estimated on euro area data and forecast poorly out of sample. We present an alternative reaction function which takes the...
Persistent link: https://www.econbiz.de/10009635919
In the paper we propose a new methodological approach to core in- flation estimation, based on a frequency domain principal components estimator, suited to estimate systems of fractionally cointegrated processes. The proposed core inflation measure is the scaled common persistent factor in...
Persistent link: https://www.econbiz.de/10009636528
Equilibrium correction models of the price level are often used to model inflation. Such models assume that the long-run markup of prices over costs is fixed, but this may not be true for the Euro area economy, which has undergone major structural reforms over the last 25 years. We allow for...
Persistent link: https://www.econbiz.de/10009636529
We estimate the effect of demand and price uncertainty on firms’ investment decisions from a panel of manufacturing …
Persistent link: https://www.econbiz.de/10009639401
-step strategy that consists of estimating the relationship between exchange rates and economic fundamentals in a panel cointegration …
Persistent link: https://www.econbiz.de/10009639407
in general and has done so particularly during the financial crisis. Applying a cross-country panel-econometric approach …
Persistent link: https://www.econbiz.de/10009640278
This paper analyses euro area non-financial corporations (NFC) money demand, both from a macro and a microeconomic point of view. At a macro level, money holdings are modelled as a function of real gross added value, the price level, the long-term interest rate on bank lending to non-financial...
Persistent link: https://www.econbiz.de/10009640283