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Displaying results 1 to 4 of 4.

  1. Will the (German) NAIRU please stand up?
    Author: Franz, Wolfgang
    Published: 2003
    Publisher:  ZEW, Mannheim

    This paper deals with a critical assessment and a reestimation of the "non-accelerating in ation rate of unemployment" (NAIRU) for Germany. There are quite a few obstacles to perceiving the NAIRU as an understandable and easy-to-use analytical... more

    Location:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 15 (2003,35)
    Inter-library loan:
    No inter-library loan

     

    This paper deals with a critical assessment and a reestimation of the "non-accelerating in ation rate of unemployment" (NAIRU) for Germany. There are quite a few obstacles to perceiving the NAIRU as an understandable and easy-to-use analytical instrument, suitable for economic policy: the possibility of a non-vertical Phillips curve (e.g. in times of low in ation), the occurrence of shocks and hysteresis effects, the (mis-)measurement of important variables such as in ation expectations, cointegration issues, and a time variability of the NAIRU and its confidence intervals. Despite many serious caveats a new attempt is made to estimate a NAIRU for Germany based on conventional Phillips curves as well as on new approaches such as using direct measures of in ationary expectations, the Kalman filter method, and the residual-based bootstrap procedure (in order to estimate confidence intervals). However, by any method, simple or complex, the NAIRU is very hard to determine and subject to considerable arbitrariness.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/23971
    Series: ZEW discussion paper ; no. 03-35
    Subjects: Natürliche Arbeitslosenquote; Schätzung; Deutschland; NAIRU; unemployment; inflation; Phillips curve; natural rate; hysteresis; supply shocks; inflation expectations; Kalman filter; bootstrap
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  2. Comparing Fed and ECB monetary policies
    in-depth analysis requested by the ECON committee
    Author: Whelan, Karl
    Published: November2003
    Publisher:  European Union, Brussels

    The European Central Bank and Federal Reserve have taken similar approaches to tightening monetary policy to tackle high inflation. However, relative to the US, euro area inflation has been driven more by supply shocks and less by strong demand. The... more

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    Location:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    The European Central Bank and Federal Reserve have taken similar approaches to tightening monetary policy to tackle high inflation. However, relative to the US, euro area inflation has been driven more by supply shocks and less by strong demand. The euro area economy is also weakening while the US economy is still growing solidly. Markets expect the Fed to ease more than the ECB in 2024 but falling inflation and a weak euro area economy may see the opposite occur. This document was provided by the Economic Governance and EMU Scrutiny Unit at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 27 November 2023.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789284813575
    Other identifier:
    Series: Monetary dialogue papers ; November 2023
    Subjects: Geldpolitik; Inflation; Vergleich; Eurozone; USA; European Central Bank; monetary policy; central bank; inflation; euro area; United States
    Scope: 1 Online-Ressource (circa 31 Seiten)
  3. Inflation, factor substitution and growth
    Author: Klump, Rainer
    Published: 2003
    Publisher:  Europ. Central Bank, Frankfurt am Main

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  4. Inflation, factor substitution and growth
    Author: Klump, Rainer
    Published: 2003
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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