Showing 1 - 10 of 901
theoretical predictions and simulations are corroborated when forecasting aggregate US inflation pre- and post 1984 using …
Persistent link: https://www.econbiz.de/10011605201
breaks in the performance of most simple Phillips curves. Euro area inflation was particularly hard to forecast in the run … practitioners, we find that: (i) the key type of time variation to consider is an inflation trend; (ii) a simple filter-based output …
Persistent link: https://www.econbiz.de/10012422133
find a higher average forecast accuracy of models that incorporate information on inflation expectations from the ECB's SPF … inflation expectations are typically not large but significant in some periods. Both short- and long-term expectations provide … (not always for the countries). The analysis is undertaken for headline inflation and inflation excluding energy and food …
Persistent link: https://www.econbiz.de/10012661632
The paper presents an incomplete competition model (ICM), where inflation is determined jointly with unit labour cost … growth. The ICM is estimated on data for the Euro area and evaluated against existing models, i.e. the implicit inflation …. There is, however, some support in favour of the (reduced form) AWM inflation equation. It is the only model that …
Persistent link: https://www.econbiz.de/10011604368
a TFP shock, generate marked inflation persistence. In contrast, an indirect tax and an oil price shock appear much less …This paper analyses the response of inflation in the euro area to five macroeconomic shocks through the use of results … persistent and a social security shock generates less inflation persistence in the majority of the countries (although some weak …
Persistent link: https://www.econbiz.de/10011604567
This paper proposes a methodology to nowcast and forecast inflation using data with sampling frequency higher than … accurate estimates of inflation for the current and followings months. In particular, this paper uses the Weekly Oil Bulletin … Price Statistics for the euro area, the Weekly Retail Gasoline and Diesel Prices for the US and daily World Market Prices of …
Persistent link: https://www.econbiz.de/10011605370
Density forecasts of euro area inflation are a fundamental input for a medium-term oriented central bank, such as the … euro area (headline and core) inflation and a large set of determinants, is competitive with state-of-the-art linear … ECB point inflation forecasts, displaying similar deviations from "linearity". Given that the ECB modelling toolbox is …
Persistent link: https://www.econbiz.de/10014374774
for future inflation for the cross section of New EU Member States. This paper provides stylized facts on monetary versus … non-monetary (economic and fiscal) determinants of inflation in these countries as well as formal econometric evidence on … predicting inflation at longer (3-year) horizons. …
Persistent link: https://www.econbiz.de/10011605061
switches between inflation regimes. Thus money growth provides an important early warning indicator for risks to price …We develop a time-varying transition probabilities Markov Switching model in which inflation is characterised by two … regimes (high and low inflation). Using Bayesian techniques, we apply the model to the euro area, Germany, the US, the UK and …
Persistent link: https://www.econbiz.de/10011605253
The period of extraordinary volatility in euro area headline inflation starting in 2007 raised the question whether … for HICP headline inflation and HICP excluding food and energy. We investigate how forecast accuracy of the combination … including the global financial crisis with its extraordinary volatility in inflation. Overall, we find that forecast combination …
Persistent link: https://www.econbiz.de/10012965542