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The Role of Contracting Schemes for Assessing the Welfare Costs of Nominal Rigidities

Paustian, Matthias; von Hagen, Jürgen - C.E.P.R. Discussion Papers - 2008

the assessment of the welfare costs of nominal rigidities and the performance of alternative monetary policy rules in an … scheme matters quantitatively for the welfare costs of nominal rigidities. However, qualitative statements such as the … welfare ranking of alternative monetary policy rules are robust to changes in contracting schemes. The difference between …

Persistent link: https://www.econbiz.de/10005791630

Poole in the New Keynesian Model

Collard, Fabrice; Dellas, Harris - C.E.P.R. Discussion Papers - 2003

obtain when intertemporal substitution is low, and that output volatility rankings do not induce similar welfare rankings …

Persistent link: https://www.econbiz.de/10005792061

The Monetary Transmission Mechanism: Evidence from the Industries of Five OECD Countries

Dedola, Luca; Lippi, Francesco - C.E.P.R. Discussion Papers - 2000

This paper presents new evidence on the monetary transmission mechanism based on the effects that unexpected monetary policy shocks exert on the activity of 21 manufacturing industries in 5 OECD countries (France, Germany, Italy, UK and USA). The goal is twofold. First, documenting the...

Persistent link: https://www.econbiz.de/10005504429

Macroeconomic Fluctuations and the Timing of Labour Market Reforms

Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2002

In this Paper, I analyse the pros and cons of implementing structural reforms of the labour market in booms versus recessions, in light of considerations of social efficiency, political viability, and macroeconomic fine-tuning. While the optimal timing of a reform depends on the relative...

Persistent link: https://www.econbiz.de/10005504569

Does Money Illusion Matter? An Experimental Approach

Fehr, Ernst; Tyran, Jean-Robert - C.E.P.R. Discussion Papers - 2000

Money illusion means that people behave differently when the same objective situation is represented in nominal terms rather than in real terms. This paper shows that seemingly innocuous differences in payoff representation cause pronounced differences in nominal price inertia indicating the...

Persistent link: https://www.econbiz.de/10005504787

Money in Monetary Policy Design: A Formal Characterization of ECB-Style Cross-Checking

Beck, Günter; Wieland, Volker - C.E.P.R. Discussion Papers - 2007

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard model of the monetary transmission process that underlies...

Persistent link: https://www.econbiz.de/10005497931

The Transmission Mechanism in Good and Bad Times

Mumtaz, Haroon; Surico, Paolo - C.E.P.R. Discussion Papers - 2014

Does the transmission of economic policies and structural shocks vary with the state of the economy? We answer this question using a strategy based on quantile regressions, which account for both endogeneous regressors and state-dependent parameters. An application to U.S. real activity and...

Persistent link: https://www.econbiz.de/10011083570

Sovereign Risk, Fiscal Policy, and Macroeconomic Stability

Corsetti, Giancarlo; Kuester, Keith; Meier, André; … - C.E.P.R. Discussion Papers - 2012

This paper analyzes the impact of strained government finances on macroeconomic stability and the transmission of fiscal policy. Using a variant of the model by Curdia and Woodford (2009), we study a 'sovereign risk channel' through which sovereign default risk raises funding costs in the...

Persistent link: https://www.econbiz.de/10011083641

Money, credit, monetary policy and the business cycle in the euro area

Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - C.E.P.R. Discussion Papers - 2012

This paper uses a data-set including time series data on macroeconomic variables, loans, deposits and interest rates for the euro area in order to study the features of financial intermediation over the business cycle. We find that stylized facts for aggregate monetary and real variables are...

Persistent link: https://www.econbiz.de/10011083763

Understanding the Gains from Wage Flexibility: The Exchange Rate Connection

Galí, Jordi; Monacelli, Tommaso - C.E.P.R. Discussion Papers - 2014

reduces welfare, and more likely in economies under an exchange rate peg or an exchange rate-focused monetary policy. Our …

Persistent link: https://www.econbiz.de/10011083937