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The European Phillips Curve: Does the NAIRU Exist?

Karanassou, Marika; Sala, Hector; Snower, Dennis J. - C.E.P.R. Discussion Papers - 2003

model, covering a panel of EU countries, and derives the implied long-run inflation-unemployment tradeoff. Our results …

Persistent link: https://www.econbiz.de/10005667015

Interpreting Euro Area Inflation at High and Low Frequencies

Assenmacher-Wesche, Katrin; Gerlach, Stefan - C.E.P.R. Discussion Papers - 2006

inflation at different time horizons or frequency bands. The ECB has publicly supported this understanding of the framework …. This paper presents further evidence on the behaviour of euro area inflation using band spectrum regressions, which allow … frequency domain. The main finding is that variations in inflation are well explained by low-frequency movements of money and …

Persistent link: https://www.econbiz.de/10005661493

Pillars of Globalization: A history of monetary policy targets, 1797-1997

Flandreau, Marc - C.E.P.R. Discussion Papers - 2007

with targeting the rate of inflation. Critical advances in the measurement of inflation have proved decisive in bringing …

Persistent link: https://www.econbiz.de/10005661799

The Great Leveraging

Taylor, Alan M. - C.E.P.R. Discussion Papers - 2012

What can history can tell us about the relationship between the banking system, financial crises, the global economy, and economic performance? Evidence shows that in the advanced economies we live in a world that is more financialized than ever before as measured by importance of credit in the...

Persistent link: https://www.econbiz.de/10011084609

Negative Nominal Interest Rates: Three ways to overcome the zero lower bound

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2009

The paper considers three methods for eliminating the zero lower bound on nominal interest rates and thus for restoring symmetry to domain over which the central bank can vary its policy rate. They are: (1) abolishing currency (which would also be a useful crime-fighting measure); (2) paying...

Persistent link: https://www.econbiz.de/10005034754

Sales and Monetary Policy

Guimarães, Bernardo; Sheedy, Kevin D. - C.E.P.R. Discussion Papers - 2008

A striking fact about prices is the prevalence of "sales": large temporary price cuts followed by a return exactly to the former price. This paper builds a macroeconomic model with a rationale for sales based on firms facing consumers with different price sensitivities. Even if firms can vary...

Persistent link: https://www.econbiz.de/10005666506

Short and Long Interest Rate Targets

Adão, Bernardino; Correia, Isabel; Teles, Pedro - C.E.P.R. Discussion Papers - 2010

We show that short and long nominal interest rates are independent monetary policy instruments. The pegging of both helps solving the problem of multiplicity that arises when only short rates are used as the instrument of policy. A peg of the nominal returns on assets of different maturities is...

Persistent link: https://www.econbiz.de/10008554242

Keynesian Economics, Monetary Policy and the Business Cycle - New and Old

Cukierman, Alex - C.E.P.R. Discussion Papers - 2005

After a brief review of the main differences between New and Old Keynesian economics from the 1960s this paper focuses on a tension between traditional sluggish measures of potential output commonly used by policy-makers and the New Keynesian (NK) notion of this variable which conceptualizes it...

Persistent link: https://www.econbiz.de/10005504456

Is Numérairology the Future of Monetary Economics? Unbundling Numéraire and Medium of Exchange Through a Virtual Currency and a Shadow Exchange Rate

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2007

The paper discusses some fundamental problems in monetary economics associated with the determination and role of the numéraire. The issues are introduced by formalising a proposal, attributed to Eisler, to remove the zero lower bound on nominal interest rates by unbundling the numéraire and...

Persistent link: https://www.econbiz.de/10005504750

Time Variation in Macro-Financial Linkages

Eickmeier, Sandra; Marcellino, Massimiliano; Prieto, Esteban - C.E.P.R. Discussion Papers - 2013

We analyze the contribution of credit spread, house and stock price shocks to GDP growth in the US based on a Bayesian VAR with time-varying parameters estimated over 1958-2012. Our main findings are: (i) The contribution of financial shocks to GDP growth fluctuates from about 20 percent in...

Persistent link: https://www.econbiz.de/10011083666