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Is inflation persistence intrinsic in industrial economies?

Levin, Andrew T.; Piger, Jeremy M. - 2004

We apply both classical and Bayesian econometric methods to characterize the dynamic behavior of inflation for twelve industrial countries over the period 1984-2003, using four different price indices for each country. In particular, we estimate a univariate autoregressive (AR) model for each...

Persistent link: https://www.econbiz.de/10009636705

International risk-sharing and the transmission of productivity shocks

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

the international transmission of productivity improvements generate the observed degree of risk-sharing: one associated …

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

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

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

This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We ﬁnd that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...

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

Capital quality improvement and the sources of growth in the euro area

Sakellaris, Plutarchos; Vijselaar, Focco W. - 2004

Capital quality improvement is a general phenomenon. Therefore quality correction is needed in price indexes. There is substantial evidence of biases in the official price indexes of capital equipment. We apply to euro area statistics estimates of these biases based on US data thus deriving...

Persistent link: https://www.econbiz.de/10009639422

Productivity and the ('synthetic') euro-dollar exchange rate

Schnatz, Bernd; Vijselaar, Focco; Osbat, Chiara - 2003

This paper analyses the impact of productivity developments in the United States and the euro area on the euro …-dollar exchange rate. The paper presents a new measure of relative average labour productivity (ALP), which does not suffer from the … productivity proxies. Our results indicate that the extent to which productivity can explain the euro depreciation varies with the …

Persistent link: https://www.econbiz.de/10009639842

Imposing parsimony in cross-country growth regressions

Jarociński, Marek - 2010

The number of variables related to long-run economic growth is large compared with the number of countries. Bayesian model averaging is often used to impose parsimony in the cross-country growth regression. The underlying prior is that many of the considered variables need to be excluded from...

Persistent link: https://www.econbiz.de/10009640306

Banking sector output measurement in the euro area

Colangelo, Antonio; Inklaar, Robert - 2010

Banks do not charge explicit fees for many of the services they provide but the service payment is bundled with the offered interest rates. This output therefore has to be imputed using estimates of the opportunity cost of funds. We argue that rather than using the single short-term, low-risk...

Persistent link: https://www.econbiz.de/10009640336

Short-term estimates of euro area real GDP by means of monthly data

Rünstler, Gerhard; Sédillot, Franck - 2003

The first official data releases of quarterly real GDP for the euro area are published about eight weeks after the end of the reference quarters. Meanwhile, ongoing economic developments must be assessed from various, more readily available, monthly indicators. We examine in the context of...

Persistent link: https://www.econbiz.de/10009635895

Why has broad money demand been more stable in the euro area than in other economies?

Calza, Alessandro; Sousa, João - 2003

Based on a literature review, this paper investigates the reasons why broad money demand has usually been found to be more stable in the euro area than in other large economies. The paper concludes that there are three main explanations for this fact. First, in some countries outside the euro...

Persistent link: https://www.econbiz.de/10009635916

Interest rate reaction functions and the Taylor rule in the euro area

Gerlach-Kristen, Petra - 2003

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

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