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Euro Area monetary policy shocks: impact on financial asset prices during the crisis?

Jardet, C.; Monks, A. - Banque de France - 2014

We use high-frequency intraday interest rate data to measure euro area monetary policy shocks on the days of ECB interest rate announcements between 2002 and 2013. In line with Gürkaynak et al. (2005), we look at monetary policy shocks along two time dimensions: one related to the current level...

Persistent link: https://www.econbiz.de/10010938544

Estimation of a Time Varying NAIRU for France.

Irac, D. - Banque de France - 2000

Among several concepts encompassed by the idea of an equilibrium rate of unemployment (labour mismatch, unemployment trend, non inflationary unemployment, structural unemployment), the NAIRU appears as the most interesting one for a central bank since it focuses directly on inflation. Thus, the...

Persistent link: https://www.econbiz.de/10005036216

A Two-Pillar DSGE Monetary Policy Model for the Euro Area.

Barthélemy, J.; Clerc L.; Marx, M. - Banque de France - 2008

this paper: 1) we allow real balances to appear both in the IS and Phillips curves; 2) we find some evidence that money … European Central Bank) to factor in monetary developments, by exploiting the long-run relationship between money growth and … systematically to a filtered measure of money growth and weaker evidence it has reacted more aggressively during high money growth …

Persistent link: https://www.econbiz.de/10005036223

On the Welfare Costs of Misspecified Monetary Policy Objectives

Avouyi-Dovi, S.; Sahuc, J-G. - Banque de France - 2011

This paper quantifies the effects on welfare of misspecified monetary policy objectives in a stylized DSGE model. We show that using inappropriate objectives generates relatively large welfare costs. When expressed in terms of ‘consumption equivalent’ units, these costs correspond to...

Persistent link: https://www.econbiz.de/10008854100

Optimal Monetary Policy in an Estimated DSGE Model of the Euro Area with Cross-country Heterogeneity.

Jondeau, E.; Sahuc, J-G. - Banque de France - 2006

This paper investigates the implications of cross-country heterogeneity within the euro area for the design of optimal monetary policy. We build an optimizing-based multi-country model (MCM) describing the euro area in which differences between structural parameters across countries are allowed....

Persistent link: https://www.econbiz.de/10004998845

Inflation Target Shocks and Monetary Policy Inertia in the Euro Area

Fève, P.; Matheron, J.; Sahuc, J-G. - Banque de France - 2009

The Euro area as a whole has experienced a marked downward trend in inflation over the past decades and, concomitantly, a protracted period of depressed activity. Can permanent and gradual shifts in monetary policy be held responsible for these dynamics? To answer this question, we embed...

Persistent link: https://www.econbiz.de/10008556976