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Diskussionspapiere 813 / 2008

Money Velocity and Asset Prices in the Euro Area

Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand function seems to be increasingly unstable if more recent data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the ECB strategy has to be doubted. In fact, a rise in the income elasticity after 2001 can be observed,

2008| Christian Dreger, Jürgen Wolters
Diskussionspapiere 917 / 2009

Does the ECB Rely on a Taylor Rule? Comparing Ex-post with Real Time Data

We assess the differences that emerge in Taylor rule estimations for the ECB when using ex-post data instead of real time forecasts and vice versa. We argue that previous comparative studies in this field mixed up two separate effects. First, the differences resulting from the use of ex-post and real time data per se and, second, the differences emerging from the use of non-modified real time data

2009| Ansgar Belke, Jens Klose
Diskussionspapiere 973 / 2010

Global Liquidity, World Savings Glut and Global Policy Coordination

The global imbalances of the 2000s and the recent global financial crisis are intimately connected. Both originate in the combination of economic policies adopted by the two key economies, the US and China. Global financial markets served as a transmission belt, both during the boom as during the bust. In the US, the interaction among the Fed's monetary stance, global real interest rates,

2010| Ansgar Belke, Daniel Gros
Externe referierte Aufsätze

Sticky Information Phillips Curves: European Evidence

We estimate the Sticky Information Phillips Curve model of Mankiw and Reis (2002) using survey expectations of professional forecasters from four major European economies. Our estimates imply that inflation expectations in France, Germany, and the United Kingdom are updated about once a year, while in Italy, about once each 6 months.

In: Journal of Money, Credit and Banking 40 (2008), 7, S. 1513-1519 | Jörg Döpke, Jonas Dovern, Ulrich Fritsche, Jiri Slacalek
Externe referierte Aufsätze

Does the Dispersion of Unit Labor Cost Dynamics in the EMU Imply Long-Run Divergence? Results from a Comparison with the USA and Germany

In: International Economics and Economic Policy 5 (2008), 3, S. 269-295 | Sebastian Dullien, Ulrich Fritsche
Externe referierte Aufsätze

Money Velocity and Asset Prices in the Euro Area

In: Empirica 36 (2009), 1, S. 51-63 | Christian Dreger, Jürgen Wolters
Economic Bulletin 9 / 2000

Japan: End of Zero Interest Rate Policy - Beginning of Long-Term Upswing?

2000| Mechthild Schrooten
Economic Bulletin 12 / 1996

Change of Course Required on the Road to Maastricht

1996| Gustav Adolf Horn, Rudolf Zwiener
Monographien

The Balassa-Samuelson Effect in Central and Eastern Europe: Myth or Reality?

Ann Arbor, MI: The William Davidson Institute, 2002, 29 S.
(William Davidson Working Paper ; 483)
| Balázs Égert, Imed Drine, Kirsten Lommatzsch, Christophe Rault
Diskussionspapiere 615 / 2006

Sticky Information Phillips Curves: European Evidence

We estimate the sticky information Phillips curve model of Mankiw and Reis (2002) using survey expectations of professional forecasters from four major European economies. Our estimates imply that inflation expectations in France, Germany and the United Kingdom are updated about once a year, in Italy about once each six months.

2006| Jörg Döpke, Jonas Dovern, Ulrich Fritsche, Jiri Slacalek
372 results, from 341