This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
Inflation persistence in structural macroeconomic models (RG10) Author info | Abstract | Publisher info | Download info | Related research | Statistics Robert-Paul Berben () (Monetary and Economic Policy Department, Bank of the Netherlands,Westeinde 1, P.O. Box 98, 1017 ZN Amsterdam, NL. )
Ricardo Mestre () (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany. )
Julian Morgan () (European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany. )
Theodoros Mitrakos () (Bank of Greece, 21 E.Venizelos Avenue, 10250 Athens, Greece. )
Nikolaos G. Zonzilos () (Bank of Greece, 21 E.Venizelos Avenue, 10250 Athens, Greece. )
Additional information is available for the following
registered author(s):
This paper analyses the response of inflation in the euro area to five macroeconomic shocks through the use of results derived from Eurosystem large-scale macroeconomic models. The main finding is that only a fiscal shock, and to a lesser extent a TFP shock, generate marked inflation persistence. In contrast, an indirect tax and an oil price shock appear much less persistent and a social security shock generates less inflation persistence in the majority of the countries (although some weak persistence was observed at the euro area level). The paper also considers evidence on the sources of persistence, which indicates that it is crucially affected by the responsiveness of wages to employment, by the sluggishness in the adjustments of the demand components, and by the speed of adjustment of employment to output and wage changes.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
file . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
Paper provided by European Central Bank in its series Working Paper Series with number
521.
Download reference. The following formats are available: HTML ,
plain text ,
BibTeX ,
RIS (EndNote),
ReDIF
Length: 38 pages
Date of creation: Sep 2005Date of revision:
Handle: RePEc:ecb:ecbwps:20050521Contact details of provider: Postal: Postfach 16 03 19, Frankfurt am Main, Germany Phone: +49 69 1344 0 Fax: +49 69 1344 6000 Web page: http://www.ecb.europa.eu/home/html/index.en.html More information through EDIRC
Order Information: Postal: Press and Information Division, European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany Email:
For technical questions regarding this item, or to correct its listing, contact: (Official Publications).
Keywords: Inflation persistence large-scale macroeconomic models impulse response function. Other versions of this item:
Find related papers by JEL classification: C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Other Model Applications E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
This paper has been announced in the following NEP Reports :
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Julian Benedict Morgan & Alberto Locarno & Jean-Pierre Villetelle & Peter van Els, 2001.
"Monetary policy transmission in the Euro area: what do aggregate and national structural models tell us? ,"
Working Paper Series
094, European Central Bank.
[Downloadable!]
Other versions: Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001.
"Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy ,"
NBER Working Papers
8403, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions:
Lawrence J. Christiano & Martin Eichenbaum & Charles L. Evans, 2001.
"Nominal rigidities and the dynamic effects of a shock to monetary policy ,"
Working Paper Series
WP-01-08, Federal Reserve Bank of Chicago.
[Downloadable!] Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001.
"Nominal rigidities and the dynamic effects of a shock to monetary policy ,"
Working Paper
0107, Federal Reserve Bank of Cleveland.
[Downloadable!] Lawrence J. Christiano, Martin Eichenbaum, and Charles L. Evans, 2005.
"Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy ,"
Journal of Political Economy ,
University of Chicago Press, vol. 113(1), pages 1-45, February.
Lawrence J. Christiano & Martin Eichenbaum & Charles Evans, 2001.
"Nominal rigidities and the dynamic effects of a shock to monetary policy ,"
Proceedings ,
Federal Reserve Bank of San Francisco, issue Jun.
[Downloadable!] Gabriel Fagan & Jérôme Henry & Ricardo Mestre, 2001.
"An area-wide model (AWM) for the euro area ,"
Working Paper Series
42, European Central Bank.
[Downloadable!]
Julian Benedict Morgan & Peter McAdam, 2001.
"The monetary transmission mechanism in the Euro area level: issues and results using structural macroeconomic models (MTN conference paper) ,"
Working Paper Series
093, European Central Bank.
[Downloadable!]
Robert-Paul Berben & Alberto Locarno & Julian Morgan & Javier Valles, 2004.
"Cross-country differences in monetary policy transmission ,"
Working Paper Series
400, European Central Bank.
[Downloadable!]
Other versions: Altig, David E & Christiano, Lawrence J. & Eichenbaum, Martin & Lindé, Jesper, 2005.
"Firm-Specific Capital, Nominal Rigidities and the Business Cycle ,"
CEPR Discussion Papers
4858, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions:
Altig, David & Christiano, Lawrence & Eichenbaum, Martin & Lindé, Jesper, 2004.
"Firm-Specific Capital, Nominal Rigidities and the Business Cycle ,"
Working Paper Series
176, Sveriges Riksbank (Central Bank of Sweden).
[Downloadable!] David E. Altig & Lawrence J. Christiano & Martin Eichenbaum & Jesper Linde, 2004.
"Firm-specific capital, nominal rigidities, and the business cycle ,"
Working Paper
0416, Federal Reserve Bank of Cleveland.
[Downloadable!] David Altig & Lawrence Christiano & Martin Eichenbaum & Jesper Linde, 2005.
"Firm-Specific Capital, Nominal Rigidities and the Business Cycle ,"
NBER Working Papers
11034, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) David Altig & Lawrence J. Christiano & Martin Eichenbaum & Jesper Linde, 2004.
"Firm-specific capital, nominal rigidities and the business cycle ,"
Working Paper Series
WP-05-01, Federal Reserve Bank of Chicago.
[Downloadable!]
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Luis J. Álvarez & Pablo Burriel & Ignacio Hernando, 2005.
"Price setting behaviour in Spain: evidence from micro PPI data ,"
Working Paper Series
522, European Central Bank.
[Downloadable!]
Elizaveta Krylova & Jussi Nikkinen & Sami Vähämaa, 2005.
"Cross-dynamics of volatility term structures implied by foreign exchange options ,"
Working Paper Series
530, European Central Bank.
[Downloadable!]
Luis J. Álvarez & Emmanuel Dhyne & Marco M. Hoeberichts & Claudia Kwapil & Hervé Le Bihan & Patrick Lünnemann & Roberto Sabbatini & Fernando Martins & Harald Stahl & Philip Vermeulen & Jouko Vilmun, 2005.
"Sticky prices in the euro area - a summary of new micro evidence ,"
Working Paper Series
563, European Central Bank.
[Downloadable!]
Other versions:
L. J. Álvarez & E. Dhyne & M. Hoeberichts & C. Kwapil & H. Le Bihan, 2005.
"Sticky Prices in the Euro Area: a Summary of New Micro Evidence ,"
DNB Working Papers
062, Netherlands Central Bank, Research Department.
[Downloadable!] Álvarez, Luís & Dhyne, Emmanuel & Hoeberichts, Marco & Kwapil, Claudia & Le Bihan, Hervé & Lünnemann, Patrick & Martins, Fernando & Sabbatini, Roberto & Stahl, Harald & Vermeulen, Philip & Vilmune, 2006.
"Sticky prices in the euro area: a summary of new micro evidence ,"
Discussion Paper Series 1: Economic Studies
2006,02, Deutsche Bundesbank, Research Centre.
[Downloadable!] Luis J. Álvarez & Emmanuel Dhyne & Marco M. Hoeberichts & Claudia Kwapil & Hervé le Bihan & Patrick Lünnemann & Fernando Martins & Roberto Sabbatini & Harald Stahl & Philip Vermeulen & Jouko Vilmun, 2005.
"Sticky prices in the euro area: a summary of new micro evidence ,"
Banco de España Working Papers
0542, Banco de España.
[Downloadable!] Luis J. Álvarez & Emmanuel Dhyne & Marco Hoeberichts & Claudia Kwapil & Hervé Le Bihan & Patrick Lünnemann & Fernando Martins & Roberto Sabbatini & Harald Stahl & Philip Vermeulen & Jouko Vilmunen, 2006.
"Sticky Prices in the Euro Area: A Summary of New Micro-Evidence ,"
Journal of the European Economic Association ,
MIT Press, vol. 4(2-3), pages 575-584, 04-05.
[Downloadable!] (restricted) Guido Wolswijk, 2005.
"On some fiscal effects on mortgage debt growth in the EU ,"
Working Paper Series
526, European Central Bank.
[Downloadable!]
António Afonso, 2005.
"Ricardian fiscal regimes in the European Union ,"
Working Paper Series
558, European Central Bank.
[Downloadable!]
Other versions:
António Afonso, 2005.
"Ricardian Fiscal Regimes in the European Union ,"
Working Papers
2005/18, Department of Economics at the School of Economics and Management (ISEG), Technical University of Lisbon..
[Downloadable!] António Afonso, 2008.
"Ricardian fiscal regimes in the European Union ,"
Empirica ,
Springer, vol. 35(3), pages 313-334, July.
[Downloadable!] (restricted) Andreas Schabert, 2005.
"Discretionary policy, multiple equilibria, and monetary instruments ,"
Working Paper Series
533, European Central Bank.
[Downloadable!]
Other versions:
Andreas Schabert, 2005.
"Discretionary Policy, Multiple Equilibria, and Monetary Instruments ,"
Tinbergen Institute Discussion Papers
05-098/2, Tinbergen Institute.
[Downloadable!] Schabert, Andreas, 2005.
"Discretionary Policy, Multiple Equilibria, and Monetary Instruments ,"
CEPR Discussion Papers
5400, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Access and
download statistics Did you know? You too can volunteer for RePEc, for example by providing information about publications in your institution.
This page was last updated on 2008-8-15.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .