منابع مشابه
Vii. Inflation Persistence in the Euro Area
Euro area inflation stubbornly above 2 per cent Headline inflation in the euro area has, on average, remained stubbornly above 2 per cent -the upper limit of the European Central Bank’s definition of medium-term price stability -for most of the period since mid-2000. This persistence may seem puzzling in the light of weakness in activity and is only partly explained by factors like oil and food...
متن کاملInflation and inflation uncertainty in the Euro Area
This paper estimates a time-varying AR-GARCH model of inflation producing measures of inflation uncertainty for the euro area, and investigates the linkages between them in a VAR framework, also allowing for the possible impact of the policy regime change associated with the start of EMU in 1999. The main findings are as follows. Steady-state inflation and inflation uncertainty have declined st...
متن کاملMeasuring inflation expectations and the effect of monetary policy Euro area inflation compensation and ECB policy announcements
This thesis looks at ways of measuring the inflation expectations of economic agents, by constructing a market-based measure from the inflation compensation of government bonds. Inflation compensation is defined as the difference in yields between nominal and index-linked government bonds leaving investors indifferent between holding the two. Inflation compensation is a true measure of expectat...
متن کاملDistributional Consequences of Asset Price Inflation in the Euro Area
We study the distributional consequences of housing price, bond price and equity price increases for Euro Area households using data from the Household Finance and Consumption Survey (HFCS). The capital gains from bond price and equity price increases turn out to be concentrated among relatively few households, while the median household strongly benefits from housing price increases. The capit...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2018
ISSN: 1556-5068
DOI: 10.2139/ssrn.3198121