Teaching New Keynesian Open Economy Macroeconomics at the Intermediate Level(
file
)
1
edition published
in
2006
in
English
and held by
16
libraries
worldwide
Bank Behavior and the Cost Channel of Monetary Transmission(
file
)
1
edition published
in
2006
in
English
and held by
16
libraries
worldwide
The new Keynesian Phillips curve and the role of expectations : evidence from the IFO World Economic Survey by Steffen Henzel
(
Book
)
4
editions published
in
2006
in
English
and held by
13
libraries
worldwide
We provide evidence on the fit of the hybrid New Keynesian Phillips curve for selected euro zone countries, the US and the UK. Instead of imposing rational expectations and estimating the Phillips curve by the Generalized Method of Moments, we follow Roberts (1997) and Adam and Padula (2003) and use direct measures of inflation expectations. The data source is the Ifo World Economic Survey, which quarterly polls economic experts about their expected future development of inflation. Our main findings are as follows: (i) In comparison with the rational expectations approach, backward-looking behaviour turns out to more relevant for most countries in our sample. (ii) The use of survey data for inflation expectations yields a positive slope of the Phillips curve when the output gap is used as a measure for marginal cost.
Options for the exchange rate policies of the EU accession countries (and other emerging market economies) by Peter Bofinger
(
Book
)
2
editions published
in
2000
in
No Linguistic Content and English
and held by
12
libraries
worldwide
The stress of having a single monetary policy in Europe by Jan-Egbert Sturm
(
Book
)
5
editions published
in
2008
in
English
and held by
11
libraries
worldwide
This paper estimates forward-looking Taylor rules for the euro area. Using the asymmetries in inflation and cyclical output developments across countries, we investigate the adequacy of the single monetary policy for each of the European Monetary Union (EMU) member countries. Notable differences emerge across the countries. Taking a euro area perspective, we also show that it depends upon the underlying country weighting scheme in the monetary decision process of the ECB whether or not there has been a synchronisation of business and inflation cycles among the EMU member countries over the years. Finally, we produce an estimate of the actual policy weights the ECB has implicitly attached to each of the member countries. Developments in small member countries have received more than proportional weights in actual monetary policy decisions of the ECB.
Forecasting euro area real GDP optimal pooling of information by Oliver Hülsewig
(
Book
)
4
editions published
in
2008
in
English
and held by
11
libraries
worldwide
This paper proposes a new method of forecasting euro area quarterly real GDP that uses area-wide indicators, which are derived by optimally pooling the information contained in national indicator series. Following the ideas of predictive modeling, we construct the area-wide indicators by utilizing weights that minimize the variance of the out-of-sample forecast errors of the area-wide target variable. In an out-of-sample forecast experiment we find that our optimal pooling of information approach outperforms alternative forecasting methods in terms of forecast accuracy..
Bank behavior and the cost channel of monetary transmission by Oliver Hülsewig
(
Book
)
3
editions published
in
2006
in
English
and held by
10
libraries
worldwide
Managed floating : understanding the new international moneytary order by Peter Bofinger
(
Book
)
1
edition published
in
2001
in
English
and held by
9
libraries
worldwide
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