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Labour Market Adjustments in Europe and the US : How Different?

Beyer, Robert - 2015

We compare the labour market response to region-specific shocks in Europe and the US and to national shocks in Europe …-specific variables and the country factors. We find that both in Europe and the US labour mobility accounts for about 50% of the long run … adjustment to region-specific labour demand shocks and only a little more in the US than in Europe, where adjustment takes twice …

Persistent link: https://www.econbiz.de/10013025742

A Quantitative Perspective on Optimal Monetary Policy Cooperation between the US and the Euro Area

Adjemian, Stephane - 2008

The objective of this paper is to examine the main features of optimal monetary policy cooperation within a micro-founded macroeconometric frame-work. First, using Bayesian techniques, we estimate a two-country dynamic stochastic general equilibrium (DSGE) model for the United States (US) and...

Persistent link: https://www.econbiz.de/10012772411

US Imbalances : The Role of Technology and Policy

Bems, Rudolfs; Dedola, Luca; Smets, Frank - 2021

This paper investigates the role of three likely factors in driving the steady deterioration of the US external balance: US technology developments, changes in the US government fiscal position and the Fed's monetary policy. Estimating several Vector Autoregressions on US data over the period...

Persistent link: https://www.econbiz.de/10013317252

The First Twenty Years of the European Central Bank : Monetary Policy

Hartmann, Philipp - 2019

On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a comprehensive view of the ECB's monetary policy over these two decades. The first section provides a chronological account of the macroeconomic and monetary policy developments in the euro area since the adoption of...

Persistent link: https://www.econbiz.de/10012895694

Structural Asymmetries and Financial Imbalances in the Eurozone

Jaccard, Ivan - 2017

observed in the South of Europe. We show that frictions in domestic credit markets generate asymmetries in the transmission …

Persistent link: https://www.econbiz.de/10012953871

Professional Forecasters and the Real-time Forecasting Performance of an Estimated New Keynesian Model for the Euro Area

Smets, Frank - 2013

This paper analyses the real-time forecasting performance of the New Keynesian DSGE model of Galí, Smets, and Wouters (2012) estimated on euro area data. It investigates to what extent forecasts of inflation, GDP growth and unemployment by professional forecasters improve the forecasting...

Persistent link: https://www.econbiz.de/10013078530

The Determination of Wages of Newly Hired Employees : Survey Evidence on Internal versus External Factors

Galuscak, Kamil - 2010

This paper uses information from a rich firm-level survey on wage and price-setting procedures, in around 15,000 firms in 15 European Union countries, to investigate the relative importance of internal versus external factors in the setting of wages of newly hired workers. The evidence suggests...

Persistent link: https://www.econbiz.de/10013148165

International Transmission and Monetary Policy Cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2021

We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...

Persistent link: https://www.econbiz.de/10013316628

US imbalances: the role of technology and policy

Bems, Rudolfs; Dedola, Luca; Smets, Frank - 2007

This paper investigates the role of three likely factors in driving the steady deterioration of the US external balance: US technology developments, changes in the US government fiscal position and the Fed’s monetary policy. Estimating several Vector Autoregressions on US data over the period...

Persistent link: https://www.econbiz.de/10011604765

Shocks and frictions in US business cycles: a Bayesian DSGE approach

Smets, Frank; Wouters, Raf - 2007

Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy using seven macro-economic time series. The model incorporates many types of real and nominal frictions and seven types of structural shocks. We show that this model is able to...

Persistent link: https://www.econbiz.de/10011604768