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Author : Claudio Morana
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)
Download or read book Euro Area Inflation and a New Measure of Core Inflation written by Claudio Morana and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stefano Siviero
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.X/5 (3 download)
Download or read book A Policy-sensible Core-inflation Measure for the Euro Area written by Stefano Siviero and published by . This book was released on 2007 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Juan-Luis Vega
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.3/5 (91 download)
Download or read book A First Assessment of Some Measures of Core Inflation for the Euro Area written by Juan-Luis Vega and published by . This book was released on 2002 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michal Andrle
Publisher : International Monetary Fund
ISBN 13 : 1475531206
Total Pages : 26 pages
Book Rating : 4.4/5 (755 download)
Download or read book Inflation and Output Comovement in the Euro Area written by Michal Andrle and published by International Monetary Fund. This book was released on 2013-09-11 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses comovement between inflation and output in the euro area. The strength of the comovement may not be apparent at first sight, but is clear at business cycle frequencies. Our results suggest that at business cycle frequency, the output and core inflation comovement is high and stable, and that inflation lags the cycle in output with roughly half of its variance. The strong relationship of output and inflation hints at the importance of demand shocks for the euro area business cycle.
Author : Emil Stavrev
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (318 download)
Download or read book Measures of Underlying Inflation in the Euro Area written by Emil Stavrev and published by International Monetary Fund. This book was released on 2006-08 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper evaluates the 24-month ahead inflation forecasting performance of various indicators of underlying inflation and structural models. The inflation forecast errors resulting from model misspecification are larger than the errors resulting from forecasting of exogenous variables. Also, measures derived using the generalized dynamic factor model (GDFM) overperform other measures over the monetary policy horizon and are leading indicators of headline inflation. Trimmed means, although weaker than GDFM indicators, have good forecasting performance, while indicators by permanent exclusion underperform but provide useful information about short-term dynamics. The forecasting performance of theoretically-founded models that relate monetary aggregates, the output gap, and inflation improves with the time horizon but generally falls short of that of the GDFM. A composite measure of underlying inflation, derived by averaging the statistical indicators and the model-based estimates, improves forecast accuracy by eliminating bias and offers valuable insight about the distribution of risks.
Author : Fabio C. Bagliano
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Core Inflation in the Euro Area written by Fabio C. Bagliano and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a common trends model, we estimate a forward-looking core inflation measure for the Euro area based on long-run relations among major macroeconomic variables, bearing the interpretation of long-run inflation forecast. The proposed measure may be particularly suitable for the two-pillar monetary policy strategy of the ECB which focuses on medium-term inflation prospects.
Author : Mr.Yasser Abdih
Publisher : International Monetary Fund
ISBN 13 : 1484374185
Total Pages : 25 pages
Book Rating : 4.4/5 (843 download)
Download or read book Understanding Euro Area Inflation Dynamics: Why So Low for So Long? written by Mr.Yasser Abdih and published by International Monetary Fund. This book was released on 2018-08-22 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Despite closing output gaps and tightening labor markets, inflation has remained low in the euro area. Based on an augmented Phillips Curve framework, we find that this phenomenon—sometimes attributed to low global inflation—has been primarily caused by a remarkable persistence of inflation, keeping it low despite the reduction in slack. This feature is shown to be specific to the euro area (in comparison with the United States). Monetary policy needs to stay accommodative to help guide inflation back to target.
Author : Laurent Bilke
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (26 download)
Download or read book A Persistence-weighted Measure of Core Inflation in the Euro Area written by Laurent Bilke and published by . This book was released on 2008 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Juan Luis Vega
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (248 download)
Download or read book An Evaluation of Some Measures of Core Inflation for the Euro Area written by Juan Luis Vega and published by . This book was released on 2001 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Claudio Morana
Publisher :
ISBN 13 :
Total Pages : 59 pages
Book Rating : 4.:/5 (174 download)
Download or read book Measuring Core Inflation in the Euro Area written by Claudio Morana and published by . This book was released on 2000 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Danny Quah
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 ( download)
Download or read book Measuring Core Inflation written by Danny Quah and published by . This book was released on 1995 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Riccardo Cristadoro
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.X/5 (4 download)
Download or read book A Core Inflation Index for the Euro Area written by Riccardo Cristadoro and published by . This book was released on 2001 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : John H. Rogers
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (318 download)
Download or read book Price Level Convergence, Relative Prices, and Inflation in Europe written by John H. Rogers and published by . This book was released on 2001 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: "If price levels are initially different across the euro area, convergence to a common level of prices would imply that inflation will be higher in countries where prices are initially low. Price level convergence thus provides a potential explanation for recent cross-country differences in European inflation, a worrisome development under the ECBs "one-size-fits-all" monetary policy. I present direct evidence on price level convergence in Europe, using a unique data set, and then investigate how much of the recent divergence of national inflation rates can be explained by price level convergence. I show that between 1990 and 1999 prices did become less dispersed in the euro area. Convergence is especially evident for traded goods, and more in the first half of the 1990s than the second half. By some measures, traded goods price dispersion across the euro area is now close to that across U.S. cities. Despite an on-going process of convergence, deviations from the law of one price are large. Finally, I find a statistically-significant and robust negative relationship between the 1999 price level and 2000 inflation rate in Europe, and that the contribution of price level convergence to explaining inflation differentials is often quite important economically. Still, factors other than price convergence explain most of the cross-country inflation differences."
Author : Peter J. N. Sinclair
Publisher : Routledge
ISBN 13 : 1135179778
Total Pages : 402 pages
Book Rating : 4.1/5 (351 download)
Download or read book Inflation Expectations written by Peter J. N. Sinclair and published by Routledge. This book was released on 2009-12-16 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.
Author : Laurence M. Ball
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (112 download)
Download or read book A Phillips Curve for the Euro Area written by Laurence M. Ball and published by . This book was released on 2019 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper asks whether a textbook Phillips curve can explain the behavior of core inflation in the euro area. A critical feature of the analysis is that we measure core inflation with the weighted median of industry inflation rates, which is less volatile than the common measure of inflation excluding food and energy prices. We find that fluctuations in core inflation since the creation of the euro are well explained by three factors: expected inflation (as measured by surveys of forecasters); the output gap (as measured by the OECD); and the pass-through of movements in headline inflation. Our specification resolves the puzzle of a “missing disinflation” after the Great Recession, and it diminishes the puzzle of a “missing inflation” during the recent economic recovery.
Author : Laurence M. Ball
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.4/5 (2 download)
Download or read book Weighted Median Inflation Around the World: A Measure of Core Inflation written by Laurence M. Ball and published by International Monetary Fund. This book was released on 2023-02-24 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The standard measure of core or underlying inflation is the inflation rate excluding food and energy prices. This paper constructs an alternative measure, the weighted median inflation rate, for 38 advanced and emerging economies using subclass level disaggretion of the CPI over 1990-2021, and compares the properties of this measure to those of standard core. For quarterly data, we find that the weighted median is less volatile than standard core, more closely related to economic slack, and more closely related to headline inflation over the next year. The weighted median also has a drawback: in most countries, it has a lower average level than headline inflation. We therefore also consider a measure of core inflation that eliminates this bias, which is based on the percentile of sectoral inflation rates that matches the sample average of headline CPI inflation.
Author : Ms.Florence Jaumotte
Publisher : International Monetary Fund
ISBN 13 : 1463933800
Total Pages : 36 pages
Book Rating : 4.4/5 (639 download)
Download or read book Determinants of Inflation in the Euro Area written by Ms.Florence Jaumotte and published by International Monetary Fund. This book was released on 2012-01-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: While inflation differentials in a monetary union can be benign, reflecting a catch-up process, or an adjustment mechanism to asymmetric shocks or different business cycles, they may also indicate distortions related to inefficiencies in domestic product and labor markets that amplify or make more persistent the impact of shocks on inflation. The paper examines the determinants of inflation differentials in the euro area, with emphasis on the role of country specific labor and product market institutions. The analysis uses a traditional backward-looking Phillips curve equation and augments it to explore the role of collective bargaining systems, union density, employment protection, and product market regulation. The model is estimated over a panel dataset of 10 euro area countries over the period 1983-2007. Results show that high employment protection, intermediate coordination of collective bargaining, and high union density increase the persistence of inflation. Oil and raw materials price shocks are also more likely to be accommodated by wage increases when the degree of coordination in collective bargaining is intermediate. These results are robust to different estimation methods, model specifications, and outliers. The paper suggests that reforming labor market institutions may improve the functioning of the euro area by reducing the risk of persistent inflation differentials.
