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Article(electronic)#22015
Interest Rates, Money, and Banks in an Estimated Euro Area Model
In: ECB Working Paper No. 1791
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Article(electronic)#32008
Resuscitating the Wage Channel in Models with Unemployment Fluctuations
In: ECB Working Paper No. 923
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Article(electronic)#42006
The Role of Real Wage Rigidity and Labor Market Frictions for Unemployment and Inflation Dynamics
In: Bundesbank Series 1 Discussion Paper No. 2006,11
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Article(electronic)#52005
The Role of Real Wage Rigidity and Labor Market Frictions for Unemployment and Inflation Dynamics
In: ECB Working Paper No. 556
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Article(electronic)#62014
Marginalized Predictive Likelihood Comparisons of Linear Gaussian State-Space Models with Applications to DSGE, DSGE-VAR, and VAR Models
In: CFS Working Paper, No. 478
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Article(electronic)#72013
Predictive Likelihood Comparisons with DSGE and DSGE-VAR Models
In: ECB Working Paper No. 1536
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Article(electronic)#92008
The New Area-Wide Model of the Euro Area: A Micro-Founded Open-Economy Model for Forecasting and Policy Analysis
In: ECB Working Paper No. 944
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Article(electronic)#102021
Assessing the Fiscal-Monetary Policy Mix in the Euro Area
In: ECB Working Paper No. 2021/2623
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Article(electronic)#112011
Government Bond Risk Premia and the Cyclicality of Fiscal Policy
In: ECB Working Paper No. 1411
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Article(electronic)#122009
The Role of Labor Markets for Euro Area Monetary Policy
In: ECB Working Paper No. 1035
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Open Access#132006
Identifying the role of labor markets for monetary policy in an estimated DSGE model
We focus on a quantitative assessment of rigid labor markets in an environment of stable monetary policy. We ask how wages and labor market shocks feed into the inflation process and derive monetary policy implications. Towards that aim, we structurally model matching frictions and rigid wages in line with an optimizing rationale in a New Keynesian closed economy DSGE model. We estimate the model using Bayesian techniques for German data from the late 1970s to present. Given the pre-euro heterogeneity in wage bargaining we take this as the first-best approximation at hand for modelling monetary policy in the presence of labor market frictions in the current European regime. In our framework, we find that labor market structure is of prime importance for the evolution of the business cycle, and for monetary policy in particular. Yet shocks originating in the labor market itself may contain only limited information for the conduct of stabilization policy.
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Article(electronic)#142006
Identifying the Role of Labor Markets for Monetary Policy in an Estimated DSGE Model
In: Bundesbank Series 1 Discussion Paper No. 2006,17
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Article(electronic)#152020
Using Forecast-Augmented VAR Evidence to Dampen the Forward Guidance Puzzle
In: ECB Working Paper No. 20202495
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