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evidence from an estimated DSGE model for the euro area
Pariès, Matthieu Darracq; Sørensen, Christoffer Kok; … - 2010
monetary policy. We estimate a closed-economy dynamic stochastic general equilibrium (DSGE) model for the euro area with …
Persistent link: https://www.econbiz.de/10009640289
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The optimal degree of discretion in monetary policy
Athey, Susan; Atkeson, Andrew; Kehoe, Patrick J. - 2004
How much discretion should the monetary authority have in setting its policy? This question is analyzed in an economy with an agreed-upon social welfare function that depends on the randomly fluctuating state of the economy. The monetary authority has private information about that state. In the...
Persistent link: https://www.econbiz.de/10009639392
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Fiscal policy events and interest rate swap spreads
Afonso, António; Strauch, Rolf - 2004
In this paper we assess the importance given in capital markets to the credibility of the European fiscal framework. We …
Persistent link: https://www.econbiz.de/10009636526
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Monetary policy shocks and portfolio choice
Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - 2009
The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of...
Persistent link: https://www.econbiz.de/10009640457
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On the importance of sectoral and regional shocks for price-setting
Beck, Guenter W.; Hubrich, Kirstin; Marcellino, Massimiliano - 2011
We use a novel disaggregate sectoral euro area data set with a regional breakdown to investigate price changes and …
Persistent link: https://www.econbiz.de/10009640773
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A quarterly fiscal database for the euro area based on intra-annual fiscal information
Paredes, Joan; Pedregal, Diego J.; Pérez, Javier J. - 2009
The analysis of the macroeconomic impact of fiscal policies in the euro area has been traditionally limited by the … a quarterly database of euro area fiscal variables for the period 1980-2008 for a quite disaggregated set of fiscal … data for the euro area period (2000-2009). All models are multivariate, state space mixed-frequencies models estimated with …
Persistent link: https://www.econbiz.de/10009640447
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Myopic governments and welfare-enhancing debt limits
Rieth, Malte - 2011
This paper studies welfare consequences of a soft borrowing constraint on sovereign debt which is modeled as a proportional fine per unit of debt exceeding some reference value. Debt is the result of myopic fiscal policy where the government is assumed to have a smaller discount factor than the...
Persistent link: https://www.econbiz.de/10009640642
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Persistence, the transmission mechanism and robust monetary policy
Angeloni, Ignazio; Coenen, Günter; Smets, Frank - 2003
in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the …
Persistent link: https://www.econbiz.de/10009635926
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The natural real rate of interest in the euro area
Giammarioli, Nicola; Valla, Natacha - 2003
prevailed in the euro area since the early 1970s, and present the implied "real rate gap" as a possible additional indicator to …
Persistent link: https://www.econbiz.de/10009635981
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Describing the Fed's conduct with Taylor rules
Castelnuovo, Efrem - 2003
In this paper we estimate simple Taylor rules paying particular attention to interest rate smoothing. Following English, Nelson, and Sack (2002), we employ a model in first differences to gain some insights into the presence and signifcance of the degree of partial adjustment as opposed to a...
Persistent link: https://www.econbiz.de/10009635982