Inflation and Core Money Growth in the Euro Area PDF Download
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Author: Manfred J.M. Neumann
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Book Description
This paper studies the importance of money for inflation in the euro area. An inflation.
Author: Manfred J.M. Neumann
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
Get Book Here
Book Description
This paper studies the importance of money for inflation in the euro area. An inflation.
Author: Manfred J. M. Neumann
Publisher:
ISBN: 9783865580306
Category :
Languages : en
Pages : 37
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Book Description
Author: Otmar Issing
Publisher: Cambridge University Press
ISBN: 9780521788885
Category : Business & Economics
Languages : en
Pages : 220
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Book Description
A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.
Author: Mr.Yasser Abdih
Publisher: International Monetary Fund
ISBN: 1484372565
Category : Business & Economics
Languages : en
Pages : 25
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Book Description
Despite closing output gaps and tightening labor markets, inflation has remained low in the euro area. Based on an augmented Phillips Curve framework, we find that this phenomenon—sometimes attributed to low global inflation—has been primarily caused by a remarkable persistence of inflation, keeping it low despite the reduction in slack. This feature is shown to be specific to the euro area (in comparison with the United States). Monetary policy needs to stay accommodative to help guide inflation back to target.
Author: Ms.Florence Jaumotte
Publisher: International Monetary Fund
ISBN: 1463933800
Category : Business & Economics
Languages : en
Pages : 36
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Book Description
While inflation differentials in a monetary union can be benign, reflecting a catch-up process, or an adjustment mechanism to asymmetric shocks or different business cycles, they may also indicate distortions related to inefficiencies in domestic product and labor markets that amplify or make more persistent the impact of shocks on inflation. The paper examines the determinants of inflation differentials in the euro area, with emphasis on the role of country specific labor and product market institutions. The analysis uses a traditional backward-looking Phillips curve equation and augments it to explore the role of collective bargaining systems, union density, employment protection, and product market regulation. The model is estimated over a panel dataset of 10 euro area countries over the period 1983-2007. Results show that high employment protection, intermediate coordination of collective bargaining, and high union density increase the persistence of inflation. Oil and raw materials price shocks are also more likely to be accommodated by wage increases when the degree of coordination in collective bargaining is intermediate. These results are robust to different estimation methods, model specifications, and outliers. The paper suggests that reforming labor market institutions may improve the functioning of the euro area by reducing the risk of persistent inflation differentials.
Author: Andrew Hodge
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 52
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Book Description
This paper employs a two-country New Keynesian DSGE model to assess the macroeconomic impact of the changes in monetary policy frameworks and the fiscal support in the U.S. and euro area during the pandemic. Moving from a previous target of “below, but close to 2 percent” to a formal symmetric inflation targeting regime in the euro area or from flexible to average inflation targeting in the U.S. is shown to boost output and inflation in both regions. Meanwhile, the fiscal packages approved in the U.S. and the euro area, and a slower withdrawal of fiscal support in the euro area, have a similar impact on output and inflation as changing the monetary policy frameworks . Simultaneously implementing these policies is mutually reinforcing, but insufficient to fully explain the unexpected increase in core inflation during 2021.
Author: International Monetary Fund. European Dept.
Publisher: International Monetary Fund
ISBN:
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
Economic growth has tumbled across Europe, inflation remains too high, and financial sector risks have materialized. Taming sticky inflation while avoiding financial stress and a recession will require tighter macroeconomic policies—tailored to changing financial conditions, stronger financial regulation and supervision, and bolder supply-side reforms that heal scars from the COVID-19 and energy crises.
Author: Kai Carstensen
Publisher:
ISBN:
Category :
Languages : en
Pages : 39
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Book Description
Author: Michal Andrle
Publisher: International Monetary Fund
ISBN: 1475531206
Category : Business & Economics
Languages : en
Pages : 26
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Book Description
This paper discusses comovement between inflation and output in the euro area. The strength of the comovement may not be apparent at first sight, but is clear at business cycle frequencies. Our results suggest that at business cycle frequency, the output and core inflation comovement is high and stable, and that inflation lags the cycle in output with roughly half of its variance. The strong relationship of output and inflation hints at the importance of demand shocks for the euro area business cycle.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1451812973
Category : Business & Economics
Languages : en
Pages : 63
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Book Description
A series of adverse supply and demand shocks have brought the euro area’s three-year expansion to a virtual standstill. Buoyant labor markets, which have been the hallmark of the recovery since 1997, have succumbed only gradually to the slowing of output growth. The slowdown has been pervasive throughout the area, albeit unevenly and with different cyclical implications. Recent travails notwithstanding, the second half of the 1990s saw a significant improvement in the macroeconomic performance of the euro area.
