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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
FINESS Working Papers 7.1b / 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, and ...

2008| Christian Dreger, Jürgen Wolters
Diskussionspapiere 879 / 2009

Multi-Factor Gegenbauer Processes and European Inflation Rates

In this paper we specify a multi-factor long-memory process that enables us to estimate the fractional differencing parameters at each frequency separately, and adopt this framework to model quarterly prices in three European countries (France, Italy and the UK). The empirical results suggest that inflation in France and Italy is nonstationary. However, while for the former country this applies both ...

2009| Guglielmo Maria Caporale, Luis A. Gil-Alana
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
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 667 / 2007

Unit Labor Cost Growth Differentials in the Euro Area, Germany, and the US: Lessons from PANIC and Cluster Analysis

Inflation differentials in the Euro area are mainly due to a sustained divergence of wage developments across the Euro area, and narrower differences in labour productivity growth (Alvarez et al., 2006). We investigate convergence of inflation using unit labour cost (ULC) growth and applying PANIC (Bai and Ng, 2004) and cluster procedures (Hobijn and Franses, 2000, Busetti et al., 2006) to Euro area ...

2007| Ulrich Fritsche, Vladimir Kuzin
Externe referierte Aufsätze

Assessing Leading Indicators for the EMU Area from a Practitioner's Perspective

In this paper, the empirical relevance of the credit channel for the explanation of monetary policy transmission in Germany during the period from 1985 to 1998 is analyzed. While existing studies of the credit channel rely mostly on the analysis of monetary policy effects on balance sheet items, both quantities and financing costs are considered here. Using vector autoregressive models, impulse response ...

In: Applied Economics Quarterly 49 (2003), 4, S. 339-358 | Ulrich Fritsche, Vladimir Kuzin, Felix Marklein
Externe referierte Aufsätze

Consumption and Disposable Income in the EU Countries: The Role of Wealth Effects

In: Empirica 33 (2006), 4, S. 245-254 | Hans-Eggert Reimers, Christian Dreger
382 results, from 351