Suche nach Schlagworten '19231-0'
3 entries found on 1 pages. starting on record 1 ending on 3Sort by: Title, Year, Author (Corp. Body),
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Title: Downward nominal wage rigidity and the long-run Philips Curve |
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Title (other): simulation-based evidence for the euro area |
Abstract This paper summarises the results of a quantitative study of the possible impact of downward nominal wage rigidity on the determination of inflation and output in the euro area and the existence of a non-vertical long-run Phillips curve. The study was undertaken in the context of the review of the ECB's monetary policy strategy in Spring 2003 and complements an investigation of the consequences of the zerointerest- rate bound for monetary policy-making in the euro area, the results of which are summarised in Coenen (2003). [Günter Coenen] |
Author: Coenen, Günter |
Series Title: Working paper series / European Central Bank ; 270 |
Publisher: European Central Bank |
Year: 2003 |
Language: en |
Ressource: Einzelne Arbeitspapiere, Preprints |
Keyword: EU countriesEuropean Economic and Monetary UnionAggregate ProductionInflation expectationsWage rigidityPhillips curveTheory |
Subject: Currency. Monetary policy |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int) |
Title: The output composition puzzle |
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Title (other): a difference in the monetary transmission mechanism in the euro area and U.S |
Abstract We revisit recent evidence on how monetary policy affects output and prices in the U.S. and in the euro area. The response patterns to a shift in monetary policy are similar in most respects, but differ noticeably as to the composition of output changes. In the euro area investment is the predominant driver of output changes, while in the U.S. consumption shifts are significantly more important. We dub this difference the output composition puzzle and explore its implications and several potential explanations for it. While the evidence seems to point at differences in consumption responses, rather than investment, as the proximate cause for this fact, the source of the consumption difference remains a puzzle. [Ignazio Angeloni, Anil K. Kashyap, Benoît Mojon and Daniele Terlizzese] |
Author: Angeloni, Ignazio | Kashyap, Anil K. | Mojon, Benoît | Terlizzese, Daniele |
Series Title: Working paper series / European Central Bank ; 268 |
Publisher: European Central Bank |
Year: 2003 |
Language: en |
Ressource: Einzelne Arbeitspapiere, Preprints |
Keyword: EU countriesMonetary PolicyAggregate ProductionAggregate consumptionMonetary transmissionUnited States |
Countries Scheme: USA |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int) |
Title: Exchange rates and fundamentals |
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Abstract Standard economic models hold that exchange rates are influenced by fundamental variables such as relative money supplies, outputs, inflation rates and interest rates. Nonetheless, it has been well documented that such variables little help predict changes in floating exchange rates - that is, exchange rates follow a random walk. We show that the data do exhibit a related link suggested by standard models - that the exchange rate helps predict fundamentals. We also show analytically that in a rational expectations present value model, an asset price manifests near random walk behavior if fundamentals are I(1) and the factor for discounting future fundamentals is near one. We suggest that this may apply to exchange rates. [Charles Engel ; Kenneth David West] |
Author: Engel, Charles | West, Kenneth David |
Series Title: Working paper series / European Central Bank ; 248 |
Publisher: European Central Bank |
Year: 2003 |
Language: en |
Ressource: Einzelne Arbeitspapiere, Preprints |
Keyword: G-7 countriesMoney supplyMonetary PolicyAggregate ProductionInflation rateMacroeconomic effectRandom walkRational expectations TheoryExchange rateInterest Rate |
Subject: Economic and growth policiesCurrency. Monetary policy |
Countries Scheme: Global Resources |
Online Ressource: vorübergehend nicht erreichbar! |
Bitte beachten Sie die urheberrechtlichen Bedingungen der Dokumentenbenutzung / Please observe the copyright when accessing the document | Quelle / Source: Europäische Zentralbank (http://www.ecb.int) |
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