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Hysteresis and NAIRU in the Euro area
Logeay, Camille; Tober, Silke - 2005 - This version: July 2005
This paper analyses the Nairu in the Euro Area and the influence that hysteresis had on its development. Using the … is applied here using explicit exogenous variables. In order to test for hysteresis, the dependence of the Nairu on … Kalman-filter technique we find that the Nairu has varied considerably since the early seventies. The Kalman-filter technique …
Persistent link: https://www.econbiz.de/10003744523
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Alternative Measures of the NAIRU in the Euro Area : Estimates and Assessment
Fabiani, Silvia; Mestre, Ricardo - 2021
The paper focuses on the measurement of the NAIRU (Non-Accelerating-Inflation-Rate-of-Unemployment) for the euro area … presents several estimates of the area-wide NAIRU based on a number of direct (or statistical) techniques. The latter range … different estimates of the aggregate NAIRU appear to be consistent and robust with respect to alternative specifications …
Persistent link: https://www.econbiz.de/10013320321
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The Effects of Monetary Policy on Unemployment Dynamics under Model Uncertainty - Evidence from the US and the Euro Area
Altavilla, Carlo - 2013
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...
Persistent link: https://www.econbiz.de/10012753184
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The Effects of Monetary Policy on Unemployment Dynamics Under Model Uncertainty : Evidence from the US and the Euro Area
Altavilla, Carlo; Ciccarelli, Matteo - 2021
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...
Persistent link: https://www.econbiz.de/10013316324
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Nicht zu früh bremsen! : der Einfluss der Geldpolitik auf die langfristige Wirtschaftsentwicklung in Deutschland und den USA
Schettkat, Ronald; Sun, Rongrong - 2009
Nahezu alle Institutionen –Kündigungsschutz, Gewerkschaften, Lohnspreizung, Arbeitslosenversicherung etc.- wurde verdächtigt und schuldig gesprochen die tragische Entwicklung der Arbeitslosigkeit in Europa verursacht zu haben. US-amerikanische Arbeitsmarktinstitutionen wurden zum Benchmark...
Persistent link: https://www.econbiz.de/10003836155
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Time-varying Nairu and real interest rates in the Euro Area
Logeay, Camille; Tober, Silke - 2003
This paper analyses the Nairu in the Euro Area and the influence that monetary policy had on its development. Using the … Kalman-filter technique we find that the Nairu has varied considerably since the early seventies. The Kalman-filter technique … explain a quarter of the increase in the Nairu between 1980 and 1995. This indicates the possibility of a long-run non …
Persistent link: https://www.econbiz.de/10011438545
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Austerity measures amplified crisis in Spain, Portugal, and Italy
Engler, Philipp; Klein, Mathias - In: DIW economic bulletin 7 (2017) 8, pp. 89-93
The fiscal consolidation efforts of Spain, Italy, and Portugal from 2010 to 2014 did not achieve their goal of reducing the debt-to-GDP ratio in any of the three countries. This Economic Bulletin examines why the spending cuts and tax increases, at times drastic, were unsuccessful and...
Persistent link: https://www.econbiz.de/10011607711
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Exports and capacity constraints : evidence for several euro area countries
Belke, Ansgar; Oeking, Anne; Setzer, Ralph - 2015
evidence of the importance of sunk costs and hysteresis in international trade. …
Persistent link: https://www.econbiz.de/10011300368
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Export hysteresis, capacity constraints and uncertainty : a smooth-transition analysis for euro area member countries
Belke, Ansgar; Wagemester, Jan - 2017
We argue that, under certain conditions described by a sunk cost hysteresis model, firms consider exports as a … evidence of the importance of sunk costs and hysteresis in international trade in these EMU member countries. What is more, our … and Portugal) the results underscore the empirical validity of the export hysteresis under uncertainty model. …
Persistent link: https://www.econbiz.de/10011718600