Die Güte der Prognose der Veränderungsrate des BIP für das laufende und das kommende Quartal bestimmt entscheidend die Treffsicherheit jeder Konjunkturprognose. Am aktuellen Rand lassen sich dafür die Informationen aus monatlich veröffentlichten Konjunkturindikatoren nutzen. Für...

Die Güte der Prognose der Veränderungsrate des BIP für das laufende und das kommende Quartal bestimmt entscheidend die Treffsicherheit jeder Konjunkturprognose. Am aktuellen Rand lassen sich dafür die Informationen aus monatlich veröffentlichten Konjunkturindikatoren nutzen. Für...

It can be shown that inflation expectations and associated forecast errors are characterized by a high degree of persistence. One reason may be that forecasters cannot directly observe the inflation target pursued by the central bank and, hence, face a complicated forecasting problem. In...

Any measure of unobserved inflation uncertainty relies on specific assumptions which are most likely not fulfilled completely. This calls into question whether an individual measure delivers a reliable signal. To reduce idiosyncratic measurement error, we propose using common information...

We provide evidence on the fit of the hybrid New Keynesian Phillips curve for selected Euro zone countries, the US and the UK. Instead of imposing rational expectations and estimating the Phillips curve by the Generalized Method of Moments, we use direct measures of inflation expectations from...

This paper explores whether the cost channel solves the price puzzle. We set-up a New Keynesian DSGE model and estimate it for the euro area by adopting a minimum distance approach. Our findings suggest that - under certain parameter restrictions which are not rejected by the data - the cost...

Any measure of unobserved inflation uncertainty relies on specific assumptions which are most likely not fulfilled completely. This calls into question whether an individual measure delivers a reliable signal. To reduce idiosyncratic measurement error, we propose using common information...

This paper explores whether the cost channel solves the price puzzle. We set-up a New Keynesian DSGE model and estimate it for the euro area by adopting a minimum distance approach. Our findings suggest that - under certain parameter restrictions which are not rejected by the data - the cost...