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Inflation persistence and price-setting behaviour in the euro area – a summary of the IPN evidence
Altissimo, Filippo; Ehrmann, Michael; Smets, Frank - European Central Bank - 2006
This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings are - i) Under the current monetary policy regime, the...
Persistent link: https://www.econbiz.de/10005530648
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Dissecting saving dynamics: measuring wealth, precautionary and credit effects
Carroll, Christopher; Slacalek, Jiri; Sommer, Martin - European Central Bank - 2012
stock' model of optimal consumption in the presence of labor income uncertainty and credit constraints. Saving in the model … saving rate's long-term decline, while fluctuations in net wealth and uncertainty capture the bulk of the business …We argue that the U.S. personal saving rate's long stability (from the 1960s through the early 1980s), subsequent …
Persistent link: https://www.econbiz.de/10010686749
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The output composition puzzle: a difference in the monetary transmission mechanism in the euro area and U.S.
Mojon, Benoît; Angeloni, Ignazio; Terlizzese, Daniele; … - European Central Bank - 2003
output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts … investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle. JEL Classification … several potential explanations for it. While the evidence seems to point at differences in consumption responses, rather than …
Persistent link: https://www.econbiz.de/10005070380
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Money in monetary policy design: Monetary cross-checking in the New-Keynesian model
Wieland, Volker; Beck, Günter W. - European Central Bank - 2010
criticized for failing to explain common trends in money growth and inflation, and that therefore money should be used as a cross …
Persistent link: https://www.econbiz.de/10008459134
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Money Demand in EU Countries : A Survey.
Browne, F.X.; Fagan, G.; Henry, J. - European Central Bank - 1997
Money demand is probably one of the most extensively studies economic relationships in applied economics. While useful …
Persistent link: https://www.econbiz.de/10005671625
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Investment, the cost of capital, and monetary policy in the nineties in France: a panel data investigation
Chatelain, Jean-Bernard; Tiomo, André - European Central Bank - 2001
investment from 1990 to 1999 through the cost-of-capital and the cash-flow channels. We compare several specifications of neo …
Persistent link: https://www.econbiz.de/10005344839
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The political economy under monetary union: has the euro made a difference?
Fratzscher, Marcel; Stracca, Livio - European Central Bank - 2008
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...
Persistent link: https://www.econbiz.de/10005530784
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What are the spill-overs from fiscal shocks in Europe? An empirical analysis
Giuliodori, Massimo; Beetsma, Roel - European Central Bank - 2004
We use a Vector Auto Regression (VAR) analysis to explore the (spill-over) effects of fiscal policy shocks in Europe. To enhance comparability with the existing literature, we first analyse the effects of these shocks at the national level. Here, we employ identification based on Choleski...
Persistent link: https://www.econbiz.de/10005530834
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Government bond risk premia and the cyclicality of fiscal policy
Christoffel, Kai; Jaccard, Ivan; Kilponen, Juha - European Central Bank - 2011
We introduce a specification of habit formation featuring non-separability between consumption and leisure into an …
Persistent link: https://www.econbiz.de/10009399786
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Inflation forecasting in the new EU Member States
Arratibel, Olga; Kamps, Christophe; Leiner-Killinger, Nadine - European Central Bank - 2009
To the best of our knowledge, our paper is the first systematic study of the predictive power of monetary aggregates for future inflation for the cross section of New EU Member States. This paper provides stylized facts on monetary versus non-monetary (economic and fiscal) determinants of...
Persistent link: https://www.econbiz.de/10005002771