En este documento se analiza el impacto distributivo de la elevada inflación experimentada por los consumidores en la eurozona y las medidas que los Gobiernos han implementado para compensar a los hogares en 2022. El estudio utiliza el modelo de microsimulación de impuestos y beneficios para...

We study the impact of the recent cost-of-living crisis on European households using detailed data on individual consumption, income and wealth. We account for the various channels through which inflation affects individual households, and for the monetary and fiscal policy responses to the...

This paper analyses the distributional impact of high consumer inflation in the euro area and government measures to compensate households in 2022. The study uses the tax-benefit microsimulation model for the European Union (EUROMOD) with microdata as the input - EU statistics on income and...

[fre] Cet article donne un éclairage sur les conditions d’optimalité de la politique monétaire commune dans le cadre l’Union économique et monétaire européenne (UEM), en évaluant le degré de synchronisation des cycles économiques entre les différents Etats-membres. Les...

Most of the literature estimating DSGE models for monetary policy analysis assume that policy follows a simple rule. In this paper we allow policy to be described by various forms of optimal policy - commitment, discretion and quasi-commitment. We find that, even after allowing for Markov...

This paper conducts a systematic investigation of parameter instability in a small open economy DSGE model of the UK economy over the past thirty-five years. Using Bayesian analysis, we find a number of Markov-switching versions of the model provide a better fit for the UK data than a model with...

Most of the literature estimating DSGE models for monetary policy analysis assume that policy follows a simple rule. In this paper we allow policy to be described by various forms of optimal policy - commitment, discretion and quasi-commitment. We find that, even after allowing for Markov...

This paper offers an insight into the optimality of the European Economic and Monetary Union (EMU) and its common monetary policy by evaluating the degree of business cycle synchronisation among EMU member states. Business cycle turning points for each country are identified from multivariate...

Several recent studies have used multivariate unobserved components models to identify the output gap and the non-accelerating inflation rate of unemployment. A key assumption of these models is that one common cycle component, such as the output gap, drives the cyclical fluctuations in all...

This paper uses the multivariate unobserved components model with phase shifts to analyse the interaction of interest rates, output, asset prices and credit in the US. We find close linkages amongst cyclical fluctuations in the variables.