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534 results, from 481
  • Diskussionspapiere 1106 / 2011

    Current Account Imbalances in the Euro Area: Catching up or Competitiveness?

    In the debate on global imbalances, the euro area countries did not receive much attention so far. While the current account is on balance for the entire area, divergences between individual member states have increased since the introduction of the common currency. In this paper, the imbalances are traced to catching up and competitiveness factors using paneleconometric techniques. In line with the ...

    2011| Ansgar Belke, Christian Dreger
  • 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
  • Externe Monographien

    Ramifications of Debt Restructuring on the Euro Area: The Example of Large European Economies' Exposure to Greece

    Essen: RWI, 2011, 17 S.
    (Ruhr Economic Papers ; 273)
    | Ansgar Belke, Christian Dreger
  • Externe Monographien

    Current Account Imbalances in the Euro Area: Catching up or Competitiveness?

    Essen: RWI, 2011, 23 S.
    (Ruhr Economic Papers ; 241)
    | Ansgar Belke, Christian Dreger
  • Diskussionspapiere 996 / 2010

    How Much Fiscal Backing Must the ECB Have? The Euro Area Is Not the Philippines

    The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations ("repo"). This has led some commentators to argue that the ECB needs "fiscal back-up" to cover any potential losses to be able to continue pursuing price stability. This Brief argues ...

    2010| Ansgar Belke
  • Refereed essays Web of Science

    The Dynamics of European Inflation Expectations

    We investigate the relevance of Carroll's sticky information model of inflation expectations for four major European economies (France, Germany, Italy and the United Kingdom). In contrast to the most rational expectation models, households in the sticky information environment update their expectations occasionally rather than instantaneously due to the costs of acquiring and processing information. ...

    In: The B.E. Journal of Macroeconomics 8 (2008), 1, Article 12 | Jörg Döpke, Jonas Dovern, Ulrich Fritsche, Jiri Slacalek
  • 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, and ...

    2008| Christian Dreger, Jürgen Wolters
  • Refereed essays Web of Science

    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
  • Other refereed essays

    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
534 results, from 481
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