Search results: returned 75 results

This paper analyses the Nairu in the Euro Area and the influence that monetary policy had on its development. Using the Kalman-filter technique we find that the Nairu has varied considerably since the early seventies. The Kalman-filter technique is applied here for the first time using explicit ...

The “financing gap” measures the need of external funds for the corporate sector as the difference between gross “capital formation” and “savings”. Taking advantage of the recent release of data in the ESA95 standard, this paper assembles a set of stylized facts about the corporate financing gap...

The aim of this paper is to develop a methodology for the estimation of nowcasts of the Eurozone Industrial Production Index (IPI) for a delay of less than 45 days. We propose to build well-specified robust models for annual and monthly eurozone IPI growth rates that incorporate information from...

Most of the Euro-zone economic short-term indicators are computed through aggregation from Member States data. The seasonally adjusted figures can be calculated by seasonally adjusting the aggregate (direct approach) or aggregating the seasonally adjusted national data (indirect approach). Stati...

This paper uses the Markov regime-switching modelling in a bivariate Autoregressive framework to study the credibility of monetary policy in eight member countries of the European Monetary Union (EMU) and of the euro area as a whole. The eight countries are: Austria, Belgium, France, Finland, It...

This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller r...

Il classico approccio di Chow e Lin (1971, 1976) per la disaggregazione temporale di serie economiche mediante indicatori di riferimento viene esteso al caso di un semplice modello dinamico ed applicato per retropolare una serie storica nel rispetto del vincolo di aggregazione temporale dato da ...

This paper investigates business cycle relations among different economies in the euro area. Cyclical dynamics are explicitly modelled as part of a time series model. We introduce mechanisms that allow for increasing or diminishing phase shifts and for time-varying association patterns in differ...