Euro Area and US Recessions , 1970 – 2003
نویسنده
چکیده
منابع مشابه
Money in a New-Keynesian model estimated with German data
In this paper we estimate a simple New-Keynesian DSGE model with German data for the sample period 1970:q1 to 1998:q4. Contrary to a number of recent similar papers estimated with US and euro-area data, we find that real money balances contribute significantly to the determination of inflation and of the dynamics of output. We estimate our model using a maximum likelihood technique under a full...
متن کاملNonlinear phillips curves in the Euro area and USA? Evidence from linear and neural network models
This paper applies neural network methodology to inßation forecasting in the Euro-area and the USA. Neural network methodology outperforms linear forecasting methods for the Euro Area at forecast horizons of one, three, and six month horizons, while the linear model is preferable for US data. The nonlinear estimation shows that unemployment is a signiÞcant predictor of inßation for the Euro A...
متن کاملMacroeconomic Performance and Policymakers Preferences in the Euro Area , 1972 - 2001
This essay presents estimates of the monetary policymakers' preferences of the Euro Area, using quarterly aggregate Area data for 1972-2001. The analysis is motivated by the observation that the tradeoff between the volatility of inflation and the volatility of the unemployment gap has improved, in the Euro Area, since the second half of the 80s. This research tries to evaluate the role played ...
متن کاملInterest Rate Interdependence between the Euro Area and the United States
This paper investigates whether the degree and the nature of economic and monetary policy interdependence between the United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the perspective of financial markets by analysing the effects of monetary policy announcements and macroeconomic news on daily interest rates in the United Sta...
متن کاملThe Euro Area Financial System : Structure , Integration and Policy Initiatives
Four years after the introduction of the euro, this paper provides an overview of the current structure and integration of the euro area financial systems and related policy initiatives. We first compare the euro area financial structure with that of the United States and Japan. Using new and comprehensive financial account data, we also describe how the euro area financial structure evolved si...
متن کامل