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Ranking, Risk-Taking and Effort : An Analysis of the ECB's Foreign Reserves Management

Scalia, Antonio; Sahel, Benjamin - 2021

The investment of the ECB reserves in US dollars and yen, delegated to a network of portfolio managers in the …. Employing a new data set on individual portfolio variables during 2002-2009, we study this peculiar tournament and show the … existence of risk-shifting behaviour by reserve managers related to their year-to-date ranking: interim losers increase relative …

Persistent link: https://www.econbiz.de/10013315986

Persistence, the transmission mechanism and robust monetary policy

Angeloni, Ignazio; Coenen, Günter; Smets, Frank - 2003

Persistent link: https://www.econbiz.de/10001781437

Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous

Barnett, William A. - 2003

Persistent link: https://www.econbiz.de/10001798693

Implicit tax co-ordination unter repeated policy interactions

Catenaro, Marco; Vidal, Jean-Pierre - 2003

Persistent link: https://www.econbiz.de/10001802096

Inflation persistence : facts or artefacts?

Marques, Carlos Robalo - 2004

Persistent link: https://www.econbiz.de/10002193680

Inflation Dynamics with Labour Market Matching : Assessing Alternative Specifications

Christoffel, Kai Philipp; Costain, James S.; de Walque, … - 2010

This paper reviews recent approaches to modeling the labour market and assesses their implications for inflation dynamics through both their effect on marginal cost and on price-setting behaviour. In a search and matching environment, we consider the following modeling setups: right-to-manage...

Persistent link: https://www.econbiz.de/10014208182

The Role of Labor Markets for Euro Area Monetary Policy

Christoffel, Kai Philipp - 2009

In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in which labor markets are characterized by search and matching frictions. We first investigate to which extent a more flexible labor market would alter the business cycle behaviour...

Persistent link: https://www.econbiz.de/10012764518

Macroeconomic Adjustment to Monetary Union

Fagan, Gabriel - 2008

The move to monetary union in Europe led to convergence of interest rates among the participating countries. This was associated with notable cross-country differences in the behaviour of key macroeconomic aggregates. Compared to the low interest rate countries, former high interest rate...

Persistent link: https://www.econbiz.de/10012770251

The New Area-Wide Model of the Euro Area : A Micro-Founded Open-Economy Model for Forecasting and Policy Analysis

Christoffel, Kai Philipp - 2008

In this paper, we outline a version of the New Area-Wide Model (NAWM) of the euro area designed for use in the (Broad) Macroeconomic Projection Exercises regularly undertaken by ECB/Eurosystem staff. We present estimation results for the NAWM that are obtained by employing Bayesian inference...

Persistent link: https://www.econbiz.de/10012770293

Demographics and Inflation in the Euro Area : A Two-Sector New Keynesian Perspective

Lis, Eliza - 2020

Can the aging process affect inflation? The prolonged decline of fertility and mortality rates induces a persistent downward pressure on the natural interest rate. If this development is not internalized by the monetary policy rule, inflation can be on a downward trend. Using the structure of a...

Persistent link: https://www.econbiz.de/10012838759

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