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A Local Examination for Persistence in Exclusions-from-Core Measures of Inflation Using Real-Time Data

Tierney, Heather L.R. - Volkswirtschaftliche Fakultät, … - 2009

Using parametric and nonparametric methods, inflation persistence is examined through the relationship between … exclusions-from-core inflation and total inflation for two sample periods and in five in-sample forecast horizons ranging from … one quarter to three years over fifty vintages of real-time data in two measures of inflation: personal consumption …

Persistent link: https://www.econbiz.de/10005790109

Asset Prices and Monetary Policy in the Euro Area: a tentative model

Luís, Pacheco - Volkswirtschaftliche Fakultät, … - 2004

The nature of the relationship between asset price movements and monetary policy is a currently hotly debated topic in macroeconomics. This paper examines empirically if monetary policy in the euro-area, since 1987, has been influenced by high valuations of the equity and housing markets. A...

Persistent link: https://www.econbiz.de/10005790287

Measurement Error in Monetary Aggregates: A Markov Switching Factor Approach

Barnett, William A.; Chauvet, Marcelle; Tierney, … - Volkswirtschaftliche Fakultät, … - 2008

indexes over time, over the business cycle, and across high and low inflation and interest rate phases. Although traditional …

Persistent link: https://www.econbiz.de/10005790300

Disinflation and the NAIRU in a New-Keynesian New-Growth Model

Rannenberg, Ansgar - Volkswirtschaftliche Fakultät, … - 2008

Unemployment in the big continental European economies like France and Germany has been substantially increasing since the mid 1970s. So far it has been difficult to empirically explain the increase in unemployment in these countries via changes in supposedly employment unfriendly institutions...

Persistent link: https://www.econbiz.de/10005790337

Exchange Rate Bands and Realignments in a Stationary Stochastic Setting

Miller, Marcus; Weller, Paul - C.E.P.R. Discussion Papers - 1989

The extent which exchange rate management can coexist with an independent monetary policy is examined in the context of a model with exchange rate bands. Using a Dornbusch model in which stochastic shocks are added to the Phillips curve, we analyze the implications of assuming that the monetary...

Persistent link: https://www.econbiz.de/10005791303

Designing a Central Bank for Europe: A Cautionary Tale from the Early Years of the Federal Reserve System

Eichengreen, Barry - C.E.P.R. Discussion Papers - 1991

Important questions concerning the structure and operation of a European Central Bank remain unanswered. Although there exists no precedent for the process of institution-building in which the European Community is currently engaged, the founding and early operations of the Federal Reserve...

Persistent link: https://www.econbiz.de/10005791345

The Swedish Experience of an Inflation Target

Svensson, Lars E O - C.E.P.R. Discussion Papers - 1995

The paper gives a brief account of the Swedish experience of an inflation target in a floating exchange rate regime … insufficient transparency of and commitment to the current inflation-targeting policy. …

Persistent link: https://www.econbiz.de/10005791469

Does the Term Structure Predict Recessions? The International Evidence

Bernard, Henri J; Gerlach, Stefan - C.E.P.R. Discussion Papers - 1998

Following Estrella and Hardouvelis (1991) and Estrella and Mishkin (1995a, b), we study the ability of the term structure to predict recessions in eight countries. The results are four-fold. First, the yield curve predicts future recessions in all countries. Second, term spreads forecast...

Persistent link: https://www.econbiz.de/10005791492

Macroeconomic Interdependence and the International Role of the Dollar

Goldberg, Linda S.; Tille, Cédric - C.E.P.R. Discussion Papers - 2008

The U.S. dollar holds a dominant place in the invoicing of international trade, along two complementary dimensions. First, most U.S. exports and imports invoiced in dollars. Second, trade flows that do not involve the United States are also substantially invoiced in dollars, an aspect that has...

Persistent link: https://www.econbiz.de/10005791509

An Evaluation of Alternative Indicator Regimes for Monetary Policy

Currie, David; Levine, Paul L - C.E.P.R. Discussion Papers - 1984

This Paper evaluates alternative designs of indicator regimes for monetary policy in a small stochastic macromodel of the small open economy with rational expectations. The paper first derives methods for deriving optimal control rules and optimal simple feedback rules in rational expectations...

Persistent link: https://www.econbiz.de/10005791533