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Using survey forecast data, this paper documents several stylized facts about forecasters’ beliefs on income and … consumption, and aggregate consumption growth: (1) survey-based income forecast at consensus level is highly correlated with … consumption growth; (2) consensus income and consumption growth forecast errors under-react to macro news shocks and (3) consensus …
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In this study, we perform a quantitative assessment of the role of money as an indicator variable for monetary policy in the euro area. We document the magnitude of revisions to euro area-wide data on output, prices, and money, and find that monetary aggregates have a potentially significant...
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In this paper we estimate a small model of the euro area to be used as a laboratory for evaluating the performance of alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the nominal wage contracting model due to Taylor...
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