Narrow search
Showing 1 - 10 of 16
Cover Image
What horizon for price stability
Smets, Frank - 2000
the face of unexpected disturbances and the choice of a price level versus an inflation objective. Using a small estimated … generally greater than that for an inflation objective; 3) Even if society cares about inflation stabilisation (rather than the … stabilisation of the price level), it often pays to give the central bank a price level objective (rather than an inflation …
Persistent link: https://www.econbiz.de/10011604070
Cover Image
The industry effects of monetary policy in the euro area
Peersman, Gert; Smets, Frank - 2002
We first estimate the effects of an euro area-wide monetary policy change on output growth in eleven industries of seven euro area countries over the period 1980-1998. On average the negative effect of an interest rate tightening on output is significantly greater in recessions than in booms....
Persistent link: https://www.econbiz.de/10011604211
Cover Image
An estimated stochastic dynamic general equilibrium model of the euro area
Smets, Frank; Wouters, Raf - 2002
This paper develops and estimates a stochastic dynamic general equilibrium (SDGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is...
Persistent link: https://www.econbiz.de/10011604217
Cover Image
Persistence, the transmission mechanism and robust monetary policy
Angeloni, Ignazio; Coenen, Günter; Smets, Frank - 2003
In this paper we first explore the impact of nominal and real persistence on the transmission process of various shocks in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the performance of various monetary policies when the policy...
Persistent link: https://www.econbiz.de/10011604296
Cover Image
Forecasting with a Bayesian DSGE model: an application to the euro area
Smets, Frank; Wouters, Raf - 2004
inflation and output play an important role. This paper illustrates how modern sticky-price dynamic stochastic general … distribution of the forecast, as well as various inflation risk measures that have been proposed in the literature. Finally, the …
Persistent link: https://www.econbiz.de/10011604435
Cover Image
Forecasting with a Bayesian DSGE Model: an application to the euro area
Smets, Frank; Wouters, Raf - Nationale Bank van België/Banque national de Belqique (BNB) - 2004
inflation and output play an important role. In this paper we illustrate how modern sticky-price dynamic stochastic general … distribution of the forecast, as well as various inflation risk measures that have been proposed in the literature. Finally, the …
Persistent link: https://www.econbiz.de/10005031936
Cover Image
An estimated dynamic stochastic general equilibrium model of the euro area
Smets, Frank; Wouters, Raf - Nationale Bank van België/Banque national de Belqique (BNB) - 2002
This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is...
Persistent link: https://www.econbiz.de/10005060018
Cover Image
An estimated dynamic stochastic general equilibrium model of the euro area
Smets, Frank; Wouters, Raf - 2002
This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is...
Persistent link: https://www.econbiz.de/10011506557
Cover Image
Forecasting with a Bayesian DSGE Model: an application to the euro area
Smets, Frank; Wouters, Raf - 2004
inflation and output play an important role. In this paper we illustrate how modern sticky-price dynamic stochastic general … distribution of the forecast, as well as various inflation risk measures that have been proposed in the literature. Finally, the …
Persistent link: https://www.econbiz.de/10011506582
Cover Image
An estimated dynamic stochastic general equilibrium model of the euro area
Smets, Frank; Wouters, Rafael - 2002
This paper develops and estimates a dynamic stochastic general equilibrium (DSGE) model with sticky prices and wages for the euro area. The model incorporates various other features such as habit formation, costs of adjustment in capital accumulation and variable capacity utilisation. It is...
Persistent link: https://www.econbiz.de/10011623232