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Identifying fiscal shocks and policy regimes in OECD countries

Arcangelis, Giuseppe de; Lamartina, Serena - 2003

The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a …

Persistent link: https://www.econbiz.de/10009635887

Measuring the time-inconsistency of US monetary policy

Surico, Paolo - 2003

This paper offers an alternative explanation for the behavior of postwar US inflation by measuring a novel source of monetary policy time-inconsistency due to Cukierman (2002). In the presence of asymmetric preferences, the monetary authorities end up generating a systematic inflation bias...

Persistent link: https://www.econbiz.de/10009635891

The output composition puzzle

Angeloni, Ignazio; Kashyap, Anil K.; Mojon, Benoît; … - 2003

We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the...

Persistent link: https://www.econbiz.de/10009635907

Macroeconomic modelling of monetary policy

Klaeffling, Matt - 2003

This paper proposes a new paradigm for the analysis of monetary policy. From an econometric point of view this new approach is just as easy to implement as reduced form analysis, but is robust to the Lucas critique. It requires no explicit prior theory and yet it encompasses all standard DSGE...

Persistent link: https://www.econbiz.de/10009635920

Describing the Fed's conduct with Taylor rules

Castelnuovo, Efrem - 2003

In this paper we estimate simple Taylor rules paying particular attention to interest rate smoothing. Following English, Nelson, and Sack (2002), we employ a model in first differences to gain some insights into the presence and signifcance of the degree of partial adjustment as opposed to a...

Persistent link: https://www.econbiz.de/10009635982

Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero

Coenen, Günter; Orphanides, Athanasios; Wieland, Volker - 2003

This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We ﬁnd that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...

Persistent link: https://www.econbiz.de/10009635983

Option-implied asymmetries in bond market expectations around monetary policy actions of the ECB

Vähämaa, Sami - 2004

This paper uses data on German government bond futures options to examine the behaviour of market expectations around monetary policy actions of the European Central Bank (ECB). In particular, this paper focuses on the asymmetries in bond market expectations, as measured by the skewness of...

Persistent link: https://www.econbiz.de/10009636538

Could a hard core run the enlarged EU?

Grabbe, Heather; Guérot, Ulrike - 2004

Member States are permanently excluded. However, there remains a risk that France and Germany will use the idea of a … whether the core is driven by France and Germany or led by a trilateral grouping including the UK. The future of core Europe … depends on Germany. The idea of a core Europe still has enormous appeal in Germany, given its long intellectual tradition and …

Persistent link: https://www.econbiz.de/10009636640

Forecasting Euro area industrial production using (mostly) business surveys data

Bruno, Giancarlo; Lupi, Claudio - Istituto di Studi e Analisi Economica, Rom - 2003

derived from the business surveys of the three major economies within the European Monetary Union (France, Germany, and Italy … in France and Germany; as far as Italy is concerned, forecasts are produced using a model that in the recent past proved …

Persistent link: https://www.econbiz.de/10011291665

Evaluation conjointe de la coopération de l’Allemagne, de la Belgique, de la Commission européenne, de la France, des Pays-Bas, du Royaume-Uni et de la Suède avec le Burundi : Volu...

Lefebvre, Luc (contributor) - SEE sarl - 2014

L’Allemagne, la Belgique, la Commission Européenne, la France, les Pays-Bas, le Royaume-Uni et la Suède se sont associés pour mener une évaluation conjointe de leur coopération avec le Burundi sur la période 2005-2011. L’évaluation conjointe analyse les résultats d'efforts conjugués...

Persistent link: https://www.econbiz.de/10011799349