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Author : Luis J. Álvarez
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (13 download)
Download or read book Sticky Prices in the Euro Area written by Luis J. Álvarez and published by . This book was released on 2016 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents original evidence on price setting in the euro area at the individual.
Author : Silvia Fabiani
Publisher : Oxford University Press
ISBN 13 : 0198042248
Total Pages : 309 pages
Book Rating : 4.1/5 (98 download)
Download or read book Pricing Decisions in the Euro Area written by Silvia Fabiani and published by Oxford University Press. This book was released on 2007-06-25 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects results from ad hoc surveys on firms pricing behavior conducted in 2003 and 2004 by nine National central banks of the Euro area in the context of a joint research project (Eurosystem Inflation Persistence Network). These surveys have proved to be an efficient way to test theories on the pricing strategies of economic agents, documenting, in qualitative terms, the underlying rationale of the observed pricing patterns. The book provides an unprecedented amount of information from more than 11,000 euro area firms, addressing issues such as the relevance of nominal and real rigidities, the information set used by firms in the price setting process, the strategy followed to review prices, the frequency of both price reviews and price changes, the reasons underlying price stickiness, and asymmetries in price adjustment. It also compares results for the euro area to those obtained for other countries by similar studies. Finally, it draws the main implications for theoretical modeling and for monetary policy.
Author :
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (642 download)
Download or read book Sticky Prices in the Euro Area written by and published by . This book was released on 2005 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Luis Julián Álvarez González
Publisher :
ISBN 13 :
Total Pages : 27 pages
Book Rating : 4.:/5 (97 download)
Download or read book Sticky Prices in the Euro Area: a Summary of New Micro written by Luis Julián Álvarez González and published by . This book was released on 2005 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Emmanuel Dhyne
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.3/5 ( download)
Download or read book Price Setting in the Euro Area written by Emmanuel Dhyne and published by . This book was released on 2005 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Luis J. Alvarez
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (643 download)
Download or read book Sticky Price in the Euro Area written by Luis J. Alvarez and published by . This book was released on 2005 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Andreas Jobst
Publisher : International Monetary Fund
ISBN 13 : 1475524471
Total Pages : 48 pages
Book Rating : 4.4/5 (755 download)
Download or read book Negative Interest Rate Policy (NIRP) written by Andreas Jobst and published by International Monetary Fund. This book was released on 2016-08-10 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: More than two years ago the European Central Bank (ECB) adopted a negative interest rate policy (NIRP) to achieve its price stability objective. Negative interest rates have so far supported easier financial conditions and contributed to a modest expansion in credit, demonstrating that the zero lower bound is less binding than previously thought. However, interest rate cuts also weigh on bank profitability. Substantial rate cuts may at some point outweigh the benefits from higher asset values and stronger aggregate demand. Further monetary accommodation may need to rely more on credit easing and an expansion of the ECB’s balance sheet rather than substantial additional reductions in the policy rate.
Author : Giancarlo Corsetti
Publisher : International Monetary Fund
ISBN 13 : 1475516800
Total Pages : 49 pages
Book Rating : 4.4/5 (755 download)
Download or read book Sovereign Risk and Belief-Driven Fluctuations in the Euro Area written by Giancarlo Corsetti and published by International Monetary Fund. This book was released on 2013-11-06 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this “sovereign risk channel.” The model is calibrated to the euro area as of mid-2012. We show that a combination of sovereign risk in one region and strongly procyclical fiscal policy at the aggregate level exacerbates the risk of belief-driven deflationary downturns. The model provides an argument in favor of coordinated, asymmetric fiscal stances as a way to prevent selffulfilling debt crises.
Author : Jordi Galí
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.X/5 (6 download)
Download or read book European Inflation Dynamics written by Jordi Galí and published by . This book was released on 2001 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: We provide evidence on the fit of the New Phillips Curve (NPQ for the Euro area over the period 1970-1998, and use it as a tool to compare the characteristics of European inflation dynamics with those observed in the U.S. We also analyze the factors underlying inflation inertia by examining the cyclical behavior of marginal costs, as well as that of its two main components, namely, labor productivity and real wages. Some of the findings can be summarized as follows: (a) the NPC fits Euro area data very well, possibly better than U.S. data, (b) the degree of price stickiness implied by the estimates is substantial, but in line with survey evidence and U.S. estimates, (c) inflation dynamics in the Euro area appear to have a stronger forward- looking component (i.e., less inertia) than in the U.S., (d) labor market frictions, as manifested in the behavior of the wage markup, appear to have played a key role in shaping the behavior of marginal costs and, consequently, inflation in Europe.
Author : Luc Everaert
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)
Download or read book Structural Reforms in the Euro Area written by Luc Everaert and published by International Monetary Fund. This book was released on 2006-06 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using the IMF's Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment. Most of these gains accrue to the reforming country regardless of whether reform takes place elsewhere; conversely, spillovers of reform elsewhere are limited. Labor and services market reforms have transitional costs as they induce a temporary decline in consumption, but raising competition in goods markets can mitigate some of these costs. Thus, coordinating the timing of reforms across markets is beneficial, and the more so the more open the reforming economy. In addition, synchronizing structural reforms across large countries of the euro area could eliminate transition costs. Increased supply would allow monetary policy to ease without jeopardizing price stability objectives, though in practice uncertainty may prevent full accommodation.
Author : Lars Protze
Publisher : BoD – Books on Demand
ISBN 13 : 3836664909
Total Pages : 186 pages
Book Rating : 4.8/5 (366 download)
Download or read book Zero Lower Bound and Monetary Policy in the Euro Area written by Lars Protze and published by BoD – Books on Demand. This book was released on 2008-08 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks around the world try to influence economic activity by altering nominal interest rates which will have an effect on the real rate. However, this is only possible as long as interest rates are above zero. The case of Japan showed that monetary policy was helpless as nominal rates approached zero. This Book starts with an overview of monetary policy with the restriction that interest rates can not fall below zero. Then optimal monetary policy in a low inflation environment is treated. This is done by using a New Keynesian model with sticky prices. Therefore the model and the necessary optimality conditions will be derived (this will be done extensively in the appendix). After deriving the optimality conditions it will be shown how optimal monetary policy will be conducted. To evaluate the outcome of monetary policy a welfare function will be derived. It will be shown how the welfare function to evaluate the outcome of monetary policy is derived from the utility function of the household. As a result it will be shown that a price level target is welfare maximizing although most central banks nowadays use an inflation target instead. Reasons for an inflation target will be shown in the discussion of the model. The second part of the book describes the inflation dynamics in the euro area to see what monetary authority shall do to prevent the economy from falling into the vicious circle of deflation. Two wage contracting models that describe inflation dynamics in the euro area reasonably well will be explained, the Fuhrer-Moore und the Taylor contracting. After showing the optimal policy it will be discussed how severe the zero bound in the euro area is and what policy alternatives are left when monetary policy is restricted. Finally the results obtained will be discussed to see the pitfalls of price level targeting. The large appendix provides the complete derivation of the model and the optimality conditions.
Author : Miguel Casares
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (17 download)
Download or read book Business cycle and monetary policy analysis in a structural sticky-price model if the Euro area written by Miguel Casares and published by . This book was released on 2001 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Miguel Casares
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (247 download)
Download or read book Business Cycle and Monetary Policy Analysis in a Structural Sticky-price Model of the Euro Area written by Miguel Casares and published by . This book was released on 2001 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Selim Elekdag
Publisher : International Monetary Fund
ISBN 13 : 1498393675
Total Pages : 45 pages
Book Rating : 4.4/5 (983 download)
Download or read book Das Public Kapital written by Selim Elekdag and published by International Monetary Fund. This book was released on 2014-12-17 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Given the backdrop of pressing infrastructure needs, this paper argues that higher German public investment would not only stimulate domestic demand in the near term and reduce the current account surplus, but would also raise output over the longer-run as well as generate beneficial regional spillovers. While time-to-build delays can weaken the impact of the stimulus in the short-run, the expansionary effects of higher public investment are substantially strengthened with an accommodative monetary policy stance—as is typical during periods of economic slack. The current low-interest rate environment presents a window of opportunity to finance higher public investment at historically favorable rates.
Author : Marek Jarocinski
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (1 download)
Download or read book Monetary-fiscal Interactions and the Euro Area's Malaise written by Marek Jarocinski and published by . This book was released on 2017 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: When monetary and fiscal policy are conducted as in the euro area, output, inflation, and government bond default premia are indeterminate according to a standard general equilibrium model with sticky prices extended to include defaultable public debt. With sunspots, the model mimics the recent euro area data. We specify an alternative configuration of monetary and fiscal policy, with a non-defaultable eurobond. If this policy arrangement had been in place since the onset of the Great Recession, output could have been much higher than in the data with inflation in line with the ECB's objective.
Author : Otmar Issing
Publisher : Cambridge University Press
ISBN 13 : 9780521788885
Total Pages : 220 pages
Book Rating : 4.7/5 (888 download)
Download or read book Monetary Policy in the Euro Area written by Otmar Issing and published by Cambridge University Press. This book was released on 2001-07-26 with total page 220 pages. Available in PDF, EPUB and Kindle. Book excerpt: A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.
Author : Maritta Paloviita
Publisher :
ISBN 13 :
Total Pages : 100 pages
Book Rating : 4.0/5 ( download)
Download or read book The Role of Expectations in Euro Area Inflation Dynamics written by Maritta Paloviita and published by . This book was released on 2005 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tiivistelmä.
