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No. 02 - Dec. 2006 - Explaining inflation differentials between Spain and the Euro Area (Bulletí de "la Caixa" economic papers) / Pau Rabanal  

Públic ISBD [number or issue]  és un butlletí de "la Caixa" economic papers (2006-) Títol : No. 02 - Dec. 2006 - Explaining inflation differentials between Spain and the Euro Area Tipus de document : text imprès Autors : Pau Rabanal, Autor Data de publicació : 2006 Nombre de pàgines : 27 p. ll. : il. col., gràf. Dimensions : 29 cm Nota general : També disponible en versió electrònica Inclou bibliografia Idioma : Anglès (eng) Matèries : Inflació -- Espanya Inflació -- Europa Classificació : 014 Política monetària Resum : This paper investigates the behavior of inflation differentials between Spain and the rest of the euro area member countries. Cross country studies of inflation differentials, and in particular in the EMU, have focused on three explanations: (i) the role of tradable and nontradable sector productivity improvements, and the Balassa-Samuelson effect, (ii) the role of the demand-side effects, and (iii) heterogeneity of inflationary processes inside the EMU. First, the paper documents that, during the 2002-2006 period, inflation differentials in the tradable goods sector have been driving the inflation differentials in the headline HICP inflation. Second, the paper uses the estimates of a two country, two sector Dynamic Stochastic General Equilibrium (DSGE) model with nominal rigidities in a currency union using data for Spain and the euro area, to understand the role of each feature in shaping inflation differentials. The paper finds that fluctuations in productivity improvements in the tradable sector are the most important source of headline HICP inflation differentials. Demand shocks help explain a fraction of output growth, but not of inflation dispersion. In addition, the estimated model finds no evidence that inflation dynamics are different in Spain and in the rest of the euro area. Enllaç al recurs electrònic : http://lacaixaresearch.com/documents/10180/53163/ep02_eng.pdf/86530b67-6ce0-4091 [...] Format del recurs electrònic : Accés lliure Permalink : https://bibliotecatriasfargas.cat/pmb/opac_css/index.php?lvl=bulletin_display&id [number or issue]  és un butlletí de "la Caixa" economic papers (2006-) No. 02 - Dec. 2006 - Explaining inflation differentials between Spain and the Euro Area [text imprès] / Pau Rabanal, Autor . - 2006 . - 27 p. : il. col., gràf. ; 29 cm. També disponible en versió electrònica Inclou bibliografia Idioma : Anglès (eng) Matèries : Inflació -- Espanya Inflació -- Europa Classificació : 014 Política monetària Resum : This paper investigates the behavior of inflation differentials between Spain and the rest of the euro area member countries. Cross country studies of inflation differentials, and in particular in the EMU, have focused on three explanations: (i) the role of tradable and nontradable sector productivity improvements, and the Balassa-Samuelson effect, (ii) the role of the demand-side effects, and (iii) heterogeneity of inflationary processes inside the EMU. First, the paper documents that, during the 2002-2006 period, inflation differentials in the tradable goods sector have been driving the inflation differentials in the headline HICP inflation. Second, the paper uses the estimates of a two country, two sector Dynamic Stochastic General Equilibrium (DSGE) model with nominal rigidities in a currency union using data for Spain and the euro area, to understand the role of each feature in shaping inflation differentials. The paper finds that fluctuations in productivity improvements in the tradable sector are the most important source of headline HICP inflation differentials. Demand shocks help explain a fraction of output growth, but not of inflation dispersion. In addition, the estimated model finds no evidence that inflation dynamics are different in Spain and in the rest of the euro area. Enllaç al recurs electrònic : http://lacaixaresearch.com/documents/10180/53163/ep02_eng.pdf/86530b67-6ce0-4091 [...] Format del recurs electrònic : Accés lliure Permalink : https://bibliotecatriasfargas.cat/pmb/opac_css/index.php?lvl=bulletin_display&id

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Codi de barres	Signatura topogràfica	Tipus de document	Localització	Secció	Estat	Volum	Nota
10114155	0 Lac	Revista	Biblioteca IEF Ramon Trias Fargas	Revistes	Exclòs de préstec Exclòs de préstec

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No. 06 - Dec. 2008 - Should the ECB target employment? (Bulletí de "la Caixa" economic papers) / Pau Rabanal  

Públic ISBD [number or issue]  és un butlletí de "la Caixa" economic papers (2006-) Títol : No. 06 - Dec. 2008 - Should the ECB target employment? Tipus de document : text imprès Autors : Pau Rabanal, Autor Data de publicació : 2008 Nombre de pàgines : 29 p. Dimensions : 29 cm Nota general : També disponible en versió electrònica Inclou bibliografia Idioma : Anglès (eng) Matèries : Banc Central Europeu Mercat de treball Classificació : 411 Bancs nacionals. Bancs centrals Resum : Several european politicians have complained that the ECB does not pay enough attention to job creation in the euro area. In this paper, we examine the behavior of the ECB during its first ten years of existence. We review the ECB's legal mandate, and study, using both informal evidence and regression methods, how the ECB reacts to economic conditions in the euro area. We find that despite its legal mandate, which assigns the ECB a primary objective of keeping inflation below 2 percent, the ECB has missed this target most of the time, and reacts to real activity indicators (the output gap and the unemployment rate) when setting the policy rate. Therefore, it is difficult to conclude that the ECB has been hawkish on inflation in its first ten years of existence. Finally, we study what is the optimal monetary policy rule in a model with labor and product market rigidities, and conclude that given these, the ECB should have a dual mandate of price stability and maximum sustainable employment. Enllaç al recurs electrònic : http://lacaixaresearch.com/documents/10180/53163/ep06_eng.pdf/e62e60b3-2652-4d24 [...] Format del recurs electrònic : Accés lliure Permalink : https://bibliotecatriasfargas.cat/pmb/opac_css/index.php?lvl=bulletin_display&id [number or issue]  és un butlletí de "la Caixa" economic papers (2006-) No. 06 - Dec. 2008 - Should the ECB target employment? [text imprès] / Pau Rabanal, Autor . - 2008 . - 29 p. ; 29 cm. També disponible en versió electrònica Inclou bibliografia Idioma : Anglès (eng) Matèries : Banc Central Europeu Mercat de treball Classificació : 411 Bancs nacionals. Bancs centrals Resum : Several european politicians have complained that the ECB does not pay enough attention to job creation in the euro area. In this paper, we examine the behavior of the ECB during its first ten years of existence. We review the ECB's legal mandate, and study, using both informal evidence and regression methods, how the ECB reacts to economic conditions in the euro area. We find that despite its legal mandate, which assigns the ECB a primary objective of keeping inflation below 2 percent, the ECB has missed this target most of the time, and reacts to real activity indicators (the output gap and the unemployment rate) when setting the policy rate. Therefore, it is difficult to conclude that the ECB has been hawkish on inflation in its first ten years of existence. Finally, we study what is the optimal monetary policy rule in a model with labor and product market rigidities, and conclude that given these, the ECB should have a dual mandate of price stability and maximum sustainable employment. Enllaç al recurs electrònic : http://lacaixaresearch.com/documents/10180/53163/ep06_eng.pdf/e62e60b3-2652-4d24 [...] Format del recurs electrònic : Accés lliure Permalink : https://bibliotecatriasfargas.cat/pmb/opac_css/index.php?lvl=bulletin_display&id

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Codi de barres	Signatura topogràfica	Tipus de document	Localització	Secció	Estat	Volum	Nota
10114159	0 Lac	Revista	Biblioteca IEF Ramon Trias Fargas	Revistes	Exclòs de préstec Exclòs de préstec

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