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Analysing divisia aggregates for the Euro area
Reimers, Hans-Eggert - 2002
In this paper, different Divisia monetary aggregates for the euro area are constructed over the period from 1980 to 2000. Theoretically, one main difference of these aggregates is their reaction to exchange-rate variations. Empirically, the aggregates are compared with respect to three issues....
Persistent link: https://www.econbiz.de/10011431510
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Long-Run Money Demand in the New EU Member States with Exchange Rate Effects
Dreger, Christian; Reimers, Hans-Eggert; Roffia, Barbara - 2021
Generally speaking, money demand models represent a natural benchmark against which monetary developments can be assessed. In particular, the existence of a well-specified and stable relationship between money and prices can be perceived as a prerequisite for the use of monetary aggregates in...
Persistent link: https://www.econbiz.de/10013317611
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Money and Inflation in the euro area during the financial crisis
Dreger, Christian; Wolters, Jürgen - 2011
This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by … including the recent period of the financial crisis. Evidence is based on a cointegration analysis, where inflation and asset … inflation are identified. The results indicate that the equilibrium evolution of M3 is still in line with money demand. In the …
Persistent link: https://www.econbiz.de/10009427840
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Monetary aggregates to improve early output gap estimates in the euro area -- an empirical assessment
Boysen-Hogrefe, Jens - 2014
Output gap estimates at the current edge are subject to severe revisions. This study analyzes whether monetary aggregates can be used to improve the reliability of early output gap estimates as proposed by several theoretical models. A real-time experiment shows that real M1 can improve output...
Persistent link: https://www.econbiz.de/10010248220
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Re-vitalizing money demand in the euro area : still valid at the zero lower bound
Dreger, Christian; Gerdesmeier, Dieter; Roffia, Barbara - 2016
inflation pressure at the end of the sample. Excess liquidity models turnout to outperform the autoregressive benchmark, as they …
Persistent link: https://www.econbiz.de/10011532681
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Money and inflation in the euro area during the financial crisis
Dreger, Christian; Wolters, Jürgen - 2011
This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by … including the recent period of the financial crisis. Evidence is based on a cointegration analysis, where inflation and asset … inflation are identified. The results indicate that the equilibrium evolution of M3 is still in line with money demand. In the …
Persistent link: https://www.econbiz.de/10009130684
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The determinants of inflation differentials in the euro area
Moretti, Laura - 2014
Inflation differentials in the euro area have been persistent since the adoption of the single currency. This paper … analyzes the impact of product and labor market regulation on inflation in a sample of 11 countries. The results show that …, after the adoption of the euro, product market deregulation has a relevant and significant effect on the level of inflation …
Persistent link: https://www.econbiz.de/10010245281
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Inflation uncertainty, disagreement and monetary policy : evidence from the ECB survey of professional forecasters
Glas, Alexander; Hartmann, Matthias - 2016
We analyze the determinants of average individual in ation uncertainty and disagreement based on data from the European Central Bank's Survey of Professional Forecasters. We empirically confirm the implication from a theoretical decomposition of in ation uncertainty that disagreement is an...
Persistent link: https://www.econbiz.de/10011453118
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Economic recovery and inflation : this policy contribution was prepared for the Committee on Economic and Monetary Affairs of the European Parliament (ECON) as an input for the Mon...
Dąbrowski, Marek - 2018
In the last decade, advanced economies, including the euro area, experienced deflationary pressures caused by the global financial crisis of 2007-2009 and the anti-crisis policies that followed - in particular, the new financial regulations (which led to a deep decline in the money multiplier)....
Persistent link: https://www.econbiz.de/10011852813
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Does Money Matter for Inflation in the Euro Area?
Kaufmann, Sylvia; Kugler, Peter - 2008
We analyze the relationship between M3 growth and inflation within an error correction framework including also the … inflation. Shocks in M3 growth account for up to 30% of the inflation forecast error variance, while the effects of output gap … the seventies and beginning of the eighties when interest rate and inflation rate levels were high and real money growth …
Persistent link: https://www.econbiz.de/10014214045