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Inflation Targeting and Output Growth : Empirical Evidence for the European Union

Apergis, Nicholas - 2008

This paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data. The simulations suggest that forward-looking rules...

Persistent link: https://www.econbiz.de/10012774248

The influence of unconventional monetary policy tools : an euro area perspective

Pečiulis, Tomas; Vasiliauskaitė, Asta - In: Business, mangagement and economics engineering : BMEE 22 (2024) 2, pp. 317-332

Purpose - This article aims to investigate the influence of unconventional monetary policy tools (UMPTs) employed by the European Central Bank (ECB) on the inflation rate and GDP growth rate within the euro area, motivated by the principles of the Taylor rule. Research methodology - Elastic net...

Persistent link: https://www.econbiz.de/10015415888

Monetary Policy in a Model of Growth

Queralto, Albert - 2022

Empirical evidence suggests that recessions have long-run effects on the economy's productive capacity. Recent literature embeds endogenous growth mechanisms within business cycle models to account for these "scarring" effects. The optimal conduct of monetary policy in these settings, however,...

Persistent link: https://www.econbiz.de/10013293222

Early exit from ECB bond purchase program could reduce GDP growth and inflation

Clemens, Marius; Gebauer, Stefan; Rieth, Malte - In: DIW economic bulletin 7 (2017) 49, pp. 533-540

The European Central Bank is planning a gradual reduction of government bond purchases under the asset purchase program it initiated in 2015. The present study by the German Institute for Economic Research analyzes the potential macroeconomic implications of different exit strategies. The...

Persistent link: https://www.econbiz.de/10011750746

Nicht zu früh bremsen! : der Einfluss der Geldpolitik auf die langfristige Wirtschaftsentwicklung in Deutschland und den USA

Schettkat, Ronald; Sun, Rongrong - 2009

Europa war. Die Bundesbank –Europas „Zentralbank“ vor Etablierung der EZB- hat eine asymmetrische Geldpolitik in dem Sinne … Neutralität von Geldpolitik wurde diese bei der Suche nach den Ursachen europäischer Arbeitslosigkeit verschont. Tatsächlich … Arbeitsmarktinstitutionen. Wir argumentieren, dass das Zusammenwirken negativer Schocks und einer restriktiven Geldpolitik die wesentliche –wenn …

Persistent link: https://www.econbiz.de/10003836155

Short-term forecasts of euro area GDP growth

Angelini, Elena; Camba-Méndez, Gonzalo; Giannone, Domenico - 2008

This paper evaluates models that exploit timely monthly releases to compute early estimates of current quarter GDP (now-casting) in the euro area. We compare traditional methods used at institutions with a new method proposed by Giannone, Reichlin, and Small (2005). The method consists in...

Persistent link: https://www.econbiz.de/10003794044

Short-term Forecasts of Euro Area GDP Growth

Angelini, Elena; Camba-Méndez, Gonzalo; Giannone, Domenico - 2021

Persistent link: https://www.econbiz.de/10013316473

Growth prospects, the natural interest rate, and monetary policy

Fiedler, Salomon; Gern, Klaus-Jürgen; Jannsen, Nils; … - 2019

The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining persistently below the inflation targets of central banks in many advanced economies despite an unprecedented monetary expansion. Ten years after the Global Financial Crisis, GDP...

Persistent link: https://www.econbiz.de/10011976123

Growth prospects, the natural interest rate, and monetary policy

Fiedler, Salomon; Gern, Klaus-Jürgen; Jannsen, Nils; … - 2019

Persistent link: https://www.econbiz.de/10012022449

Secular Stagnation, R&D, Public Investment and Monetary Policy : A Global-Model Perspective

Cova, Pietro - 2017

We evaluate the global macroeconomic effects of fiscal and monetary policy measures to counterbalance secular stagnation by simulating a five-region New Keynesian model of the world economy, calibrated to the United States (US), the euro area (EA), Japan (JP), China (CH), and the rest of the...

Persistent link: https://www.econbiz.de/10012941766