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Does Money Matter in the IS Curve? The Case of the UK
Jones, Barry E.; Stracca, Livio - 2021
Narrow and broad money measures (including Divisia aggregates) have been found to have explanatory power for UK output in backward-looking specifications of the IS curve. In this paper, we explore whether or not real balances enter into a forward-looking IS curve for the UK, building on the...
Persistent link: https://www.econbiz.de/10013316527
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Estimating the Impact of Quality Adjustment on Consumer Price Inflation
Menz, Jan-Oliver; Wieland, Elisabeth; Mehrhoff, Jens - 2023
How much does quality adjustment matter in measuring consumer price inflation? To address this question, we use different sources of micro and macro price data for Germany and the euro area. For Germany, we find that quality adjustment applies to a large range of goods and services but, on...
Persistent link: https://www.econbiz.de/10014257781
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New Evidence on Elementary Index Bias
Gábor-Tóth, Eniko - 2014
We provide evidence on the effect of elementary index choice on inflation measurement. Using scanner data for 15844 … compared with the Fisher Ideal index to quantify elementary index bias. Across product categories, mean levels of annual … elementary index bias vary between -0.53 percentage points and 0.55 percentage points depending on the index, while the standard …
Persistent link: https://www.econbiz.de/10013040610
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Does money matter in the IS curve? The case of the UK
Jones, Barry E.; Stracca, Livio - 2008
Narrow and broad money measures (including Divisia aggregates) have been found to have explanatory power for UK output in backward-looking specifications of the IS curve. In this paper, we explore whether or not real balances enter into a forward-looking IS curve for the UK, building on the...
Persistent link: https://www.econbiz.de/10011604950
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Imposing Parsimony in Cross-Country Growth Regressions
Jarocinski, Marek - 2021
The number of variables related to long-run economic growth is large compared with the number of countries. Bayesian model averaging is often used to impose parsimony in the cross-country growth regression. The underlying prior is that many of the considered variables need to be excluded from...
Persistent link: https://www.econbiz.de/10013316179
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Product Quality, Measured Inflation and Monetary Policy
Rodnyansky, Alexander; Van der Ghote, Alejandro; Wales, … - 2022
This paper proposes a tractable New Keynesian (NK) economy with endogenous adjustment in product quality that nests the canonical framework. Endogenous quality choice reduces the slope of the traditional NK Phillips curve and amplifies the economy’s response to productivity shocks. This leads...
Persistent link: https://www.econbiz.de/10014080687
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Beyond spreadsmeasuring sovereign market stress in the euro area
Garcia de Andoain, Carlos; Kremer, Manfred - 2018
In this paper we propose a composite indicator that measures multidimensional sovereign bond market stress in the euro area as a whole and in individual euro area member states. It integrates measures of credit risk, volatility and liquidity at short-term and long-term bond maturities into a...
Persistent link: https://www.econbiz.de/10012142029
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Nowcasting euro area GDP with news sentiment: A tale of two crises
Ashwin, Julian; Kalamara, Eleni; Saiz, Lorena - 2021
This paper shows that newspaper articles contain timely economic signals that can materially improve nowcasts of real GDP growth for the euro area. Our text data is drawn from fifteen popular European newspapers, that collectively represent the four largest Euro area economies, and are machine...
Persistent link: https://www.econbiz.de/10012819030
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Rent indices for housing in West Germany 1985 to 1998
Hoffmann, Johannes; Kurz, Claudia - 2002
measurement. Most of those studies relate to high-tech products, with respect to which traditional methods of compiling price … German households devote about 10 % of their total expenditure to rented housing services, even a small bias in this field … might induce a substantial distortion in overall inflation measurement. On the basis of data from the German Socio …
Persistent link: https://www.econbiz.de/10011604162
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Hedonic house prices without characteristics: the case of new multiunit housing
Bover, Olympia; Velilla, Pilar - 2002
some of the unobserved but typically relevant housing characteristics that may bias estimated house price inflation, even …
Persistent link: https://www.econbiz.de/10011604163