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A New Core Inflation Indicator for New Zealand

Giannone, Domenico; Matheson, Troy - C.E.P.R. Discussion Papers - 2007

This paper introduces a new indicator of core inflation for New Zealand, estimated using a dynamic factor model and … core indicator with a wide range of other ‘core inflation’ measures estimated from disaggregate consumer prices, such as … the weighted median and the trimmed mean. The medium term inflation target of Reserve Bank of New Zealand is used as a …

Persistent link: https://www.econbiz.de/10005656226

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

Asset Market Participation, Monetary Policy Rules and the Great Inflation

Bilbiie, Florin Ovidiu; Straub, Roland - C.E.P.R. Discussion Papers - 2011

the Great Inflation and the Great Moderation. …

Persistent link: https://www.econbiz.de/10009293982

The Timing of Monetary Policy Shocks

Olivei, Giovanni; Tenreyro, Silvana - C.E.P.R. Discussion Papers - 2006

A vast empirical literature has documented delayed and persistent effects of monetary policy shocks on output. We show that this finding results from the aggregation of output impulse responses that differ sharply depending on the timing of the shock: When the monetary policy shock takes place...

Persistent link: https://www.econbiz.de/10005789206

Will EMU Increase Eurosclerosis?

Bentolila, Samuel; Saint-Paul, Gilles - C.E.P.R. Discussion Papers - 2000

nominal and real wage rigidity) and social preferences regarding inflation, employment, and real wages. We also calibrate our …

Persistent link: https://www.econbiz.de/10005124134

Monetary Misconceptions: New and Old Paradigmata and Other Sad Tales

Buiter, Willem H. - C.E.P.R. Discussion Papers - 2000

Several recent studies imply that the response of national saving to fiscal policy is non-monotonic. In this paper, we use two data sets to search for the circumstances in which such non-monotonic responses arise: one refers to a sample of OECD countries, as in previous studies, and one to a...

Persistent link: https://www.econbiz.de/10005124252

New-Keynesian Macroeconomics and the Term Structure

Bekaert, Geert; Cho, Seonghoon; Moreno Ibáñez, Antonio - C.E.P.R. Discussion Papers - 2006

. Whereas our methodology is general, we focus on an extended macro-model with unobservable processes for the inflation target … inflation target dominates the variation in the 'level factor' whereas monetary policy shocks dominate the variation in the …

Persistent link: https://www.econbiz.de/10005136692

Business Cycle Dynamics under Rational Inattention

Mackowiak, Bartosz Adam; Wiederholt, Mirko - C.E.P.R. Discussion Papers - 2010

This paper develops a dynamic stochastic general equilibrium model with rational inattention. Households and decision-makers in firms have limited attention and decide how to allocate their attention. The paper studies the implications of rational inattention for business cycle dynamics. Impulse...

Persistent link: https://www.econbiz.de/10008468587

The Dynamic Effects of Monetary Policy: A Structural Factor Model Approach

Forni, Mario; Gambetti, Luca - C.E.P.R. Discussion Papers - 2008

We use the structural factor model proposed by Forni, Giannone, Lippi and Reichlin (2007) to study the effects of monetary policy. The advantage with respect to the traditional vector autoregression model is that we can exploit information from a large data set, made up of 112 US monthly...

Persistent link: https://www.econbiz.de/10005662372

Monetary Policy Misspecification in VAR Models

Canova, Fabio; Pina, Joaquim Pivis - C.E.P.R. Discussion Papers - 1999

We examine the effects of extracting monetary policy disturbances with semi-structural and structural VARs, using data generated by a limited participation model under partial accommodative and feedback rules. We find that, in general, misspecification is substantial: short run coefficients...

Persistent link: https://www.econbiz.de/10005666752