Sticky Prices In The Euro Area

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Sticky Prices In The Euro Area

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Author : Luis J. Álvarez
language : en
Publisher:
Release Date : 2016

Sticky Prices In The Euro Area written by Luis J. Álvarez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.

This paper presents original evidence on price setting in the euro area at the individual.

Pricing Decisions In The Euro Area

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Author : Silvia Fabiani
language : en
Publisher: Oxford University Press
Release Date : 2007-06-25

Pricing Decisions In The Euro Area written by Silvia Fabiani and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-06-25 with Business & Economics categories.

This book collects results from ad hoc surveys on firms pricing behavior conducted in 2003 and 2004 by nine National central banks of the Euro area in the context of a joint research project (Eurosystem Inflation Persistence Network). These surveys have proved to be an efficient way to test theories on the pricing strategies of economic agents, documenting, in qualitative terms, the underlying rationale of the observed pricing patterns. The book provides an unprecedented amount of information from more than 11,000 euro area firms, addressing issues such as the relevance of nominal and real rigidities, the information set used by firms in the price setting process, the strategy followed to review prices, the frequency of both price reviews and price changes, the reasons underlying price stickiness, and asymmetries in price adjustment. It also compares results for the euro area to those obtained for other countries by similar studies. Finally, it draws the main implications for theoretical modeling and for monetary policy.

Sticky Price In The Euro Area

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Author : Luis J. Alvarez
language : en
Publisher:
Release Date : 2005

Sticky Price In The Euro Area written by Luis J. Alvarez and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

Sticky Prices In The Euro Area A Summary Of New Micro

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Author : Luis Julián Álvarez González
language : en
Publisher:
Release Date : 2005

Sticky Prices In The Euro Area A Summary Of New Micro written by Luis Julián Álvarez González and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

Price Setting In The Euro Area

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Author : Emmanuel Dhyne
language : en
Publisher:
Release Date : 2005

Price Setting In The Euro Area written by Emmanuel Dhyne and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Euro area categories.

Zero Lower Bound And Monetary Policy In The Euro Area

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Author : Lars Protze
language : en
Publisher: Diplomica Verlag
Release Date : 2008-08

Zero Lower Bound And Monetary Policy In The Euro Area written by Lars Protze and has been published by Diplomica Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-08 with Business & Economics categories.

Central banks around the world try to influence economic activity by altering nominal interest rates which will have an effect on the real rate. However, this is only possible as long as interest rates are above zero. The case of Japan showed that monetary policy was helpless as nominal rates approached zero. This Book starts with an overview of monetary policy with the restriction that interest rates can not fall below zero. Then optimal monetary policy in a low inflation environment is treated. This is done by using a New Keynesian model with sticky prices. Therefore the model and the necessary optimality conditions will be derived (this will be done extensively in the appendix). After deriving the optimality conditions it will be shown how optimal monetary policy will be conducted. To evaluate the outcome of monetary policy a welfare function will be derived. It will be shown how the welfare function to evaluate the outcome of monetary policy is derived from the utility function of the household. As a result it will be shown that a price level target is welfare maximizing although most central banks nowadays use an inflation target instead. Reasons for an inflation target will be shown in the discussion of the model. The second part of the book describes the inflation dynamics in the euro area to see what monetary authority shall do to prevent the economy from falling into the vicious circle of deflation. Two wage contracting models that describe inflation dynamics in the euro area reasonably well will be explained, the Fuhrer-Moore und the Taylor contracting. After showing the optimal policy it will be discussed how severe the zero bound in the euro area is and what policy alternatives are left when monetary policy is restricted. Finally the results obtained will be discussed to see the pitfalls of price level targeting. The large appendix provides the complete derivation of the model and the optimality conditions.

Structural Reforms In The Euro Area

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Author : Luc Everaert
language : en
Publisher: International Monetary Fund
Release Date : 2006-06

Structural Reforms In The Euro Area written by Luc Everaert and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-06 with Business & Economics categories.

Using the IMF's Global Economic Model, calibrated to the European Union, the effects of reform in product and labor markets are quantified for both a large and a small euro area economy. When markups in these markets are reduced, there are sizable long-term gains in output and employment. Most of these gains accrue to the reforming country regardless of whether reform takes place elsewhere; conversely, spillovers of reform elsewhere are limited. Labor and services market reforms have transitional costs as they induce a temporary decline in consumption, but raising competition in goods markets can mitigate some of these costs. Thus, coordinating the timing of reforms across markets is beneficial, and the more so the more open the reforming economy. In addition, synchronizing structural reforms across large countries of the euro area could eliminate transition costs. Increased supply would allow monetary policy to ease without jeopardizing price stability objectives, though in practice uncertainty may prevent full accommodation.

Sticky Prices In The Euro Area

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Author :
language : en
Publisher:
Release Date : 2005

Sticky Prices In The Euro Area written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

Zero Lower Bound Is It A Problem In The Euro Area

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Author : Lars Protze
language : en
Publisher: diplom.de
Release Date : 2008-04-17

Zero Lower Bound Is It A Problem In The Euro Area written by Lars Protze and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-04-17 with Business & Economics categories.

Inhaltsangabe:Abstract: The case of Japan showed that the zero bound is a problem for the conduct of monetary policy that even nowadays has to be considered. For several years Japan experienced deflation and a short rate very close to zero leaving monetary policy almost helpless to boost economic activity. The same fears came up in America and Europe as economic performance deteriorated and nominal interest rates were lowered rapidly to stimulate the economy. However, lowering the interest rate to stimulate the economy is only possible when interest rates are above zero. In this paper it shall be explored how optimal monetary policy is conducted with the constraint that interest rates cannot fall below zero and how large the risk to hit the bound is in the euro area. The first part is done in a New Keynesian model with sticky prices but flexible wages the second in an estimated model of the euro area. The outline of the paper is as follows. In the next chapter an overview of the work on the zero bound and monetary policy is presented. Thereafter the New Keynesian model as it was presented by Eggertson and Woodford will be used to determine optimal policy. It will be shown that quantitative easing, as it was done by the Bank of Japan, is not an appropriate tool in the model surrounding to escape a deflation spiral and what should be done instead. It will be shown that credible commitment is able to overcome most of the distortions induced by the zero bound. The central bank should commit itself to a target for the price level instead of a target for the rate of inflation. The optimal solution involves credible commitment to cause subsequent inflation when deflation vanishes. This management of expectation will help to escape a deflation spiral faster and causes lower welfare losses. After treating the phenomenon in a model surrounding it shall be explored what the chances are to slide into that vicious circle if monetary policy follows a Taylor rule and how likely the zero bound is under different wage contracting specifications. This will be done in a small estimated euro area economy model. It shall also be considered how the announcement of a positive inflation target well above zero may help to avoid the zero bound. This was done by the European Central Bank that changed its target from an inflation rate between zero and two to a rate below, but close to, two percent. Finally the results will be discussed focussing on the assumptions [...]

Business Cycle And Monetary Policy Analysis In A Structural Sticky Price Model Of The Euro Area

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Author : Miguel Casares
language : en
Publisher:
Release Date : 2001

Business Cycle And Monetary Policy Analysis In A Structural Sticky Price Model Of The Euro Area written by Miguel Casares and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business cycles categories.