Economists often seek to estimate unobserved variables, representing “equilibrium” or “expected” values of economic variables, as benchmarks against which observed, realised values of these variables may be evaluated. Such comparisons are often used as economic policy indicators, for...

The past two decades have seen substantial deregulation in the financial sectors of most OECD countries. The main motivation was to improve efficiency within the financial system, but the macroeconomic implications might go beyond this objective with impacts on the business cycle and the...

This paper investigates the determinants of money demand (M3) in the euro area. It specifically examines the potential impact of financial and housing wealth on money demand. It tests the hypothesis, whether wealth associated with increases in asset prices is used to finance liquidity holdings...

This paper examines the likely influence of recent stock market fluctuations on major OECD economies, focusing on wealth effects and consumption. After reviewing the relevant theoretical framework and available empirical evidence, consumption functions are estimated for the US including the...

Stylized facts of the business cycle in the G7 countries are derived using a stochastic trend model, which allows for structural breaks in the underlying series in various ways. The results are compared to those of Backus and Kehoe's paper (1992) which used the Hoderick-Prescott filter. Numerous...

La présente étude commence par une revue du cadre conceptuel des différentes mesures du chômage structurel et des autres méthodes empiriques qui ont été utilisées pour estimer ces mesures. A partir de là, elle expose une méthode pour estimer, au moyen du filtre de Kalman, les NAIRU...

Après l’euphorie boursière de la fin des années 90, les cours des actions se sont repliés, dans l’ensemble, depuis 2001. Les prix des logements, en revanche, ont continué de grimper, progressant plus rapidement que le niveau général des prix dans plusieurs pays. Ces évolutions ont...