Deutsche Bundesbank or its staff. (2008)
Dieter Gerdesmeier, Barbara Roffia, Editorial Board, Heinz Herrmann, Thilo Liebig, Karl-heinz Tödter, ...
Taylor rules for the euro area:
i Maximum Sustainable Government Debt in the Overlapping Generations Model* (2007)
Neil Rankin, Coventry Cv Al, Barbara Roffia, Marcus Miller, O Pereira
* We are grateful for conversations with, and comments from, Gianluca Femminis, Laurence
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Maximum sustainable government debt in the overlapping generations model (1999)
The theoretical determinants of maximum sustainable government debt are investigated using Diamond’s overlapping-generations model. A level of debt is defined to be ‘sustainable’ if a steady...
Estimating the trend of M3 income velocity underlying the reference value for monetary growth
Claus Brand, Dieter Gerdesmeier, Barbara Roffia
This paper documents the analytical work that was carried out for the 2001 review of the assumption for the trend in M3 income velocity used to calculate the reference value for M3 growth. We analyse...
Empirical Estimates of Reaction Functions for the Euro Area
Dieter Gerdesmeier, Barbara Roffia
This study contains a set of estimates of reaction functions for the euro area based on a monthly data set starting in 1985. The main aim is to assess the performance of Taylor rules and to evaluate...
The Eurosystem, the U.S. Federal Reserve, and the Bank of Japan: Similarities and Differences
DIETER GERDESMEIER, FRANCESCO PAOLO MONGELLI, BARBARA ROFFIA
The paper provides a systematic comparison of the Eurosystem, the U.S. Federal Reserve, and the Bank of Japan. These monetary authorities exhibit somewhat different status and tasks, which reflect...
Excess money growth and inflation dynamics
Barbara Roffia, Andrea Zaghini
The paper analyzes the short-run impact of periods of strong monetary growth on inflation dynamics for 15 industrialized economies. We find that when robust money growth is accompanied by large...
Maximum Sustainable Government Debt in the Overlapping Generations Model
The theoretical determinants of maximum sustainable government debt are investigated using Diamond's overlapping generations model. A level of debt is defined to be 'sustainable' if a steady state...
A comprehensive model on the Euro overnight rate.
Barbara Roffia, Dieter Gerdesmeier
This paper contains a set of estimates of reaction functions for the euro area based on a monthly data set starting in 1985. The main aim is to assess the performance of Taylor rules and to evaluate...
Excess Money Growth and Inflation Dynamics*
Barbara Roffia, Andrea Zaghini
This paper analyses the short-run impact of periods of strong monetary growth on inflation dynamics for 15 industrialized economies. We find that when robust money growth is accompanied by large...
Monetary policy rules in the pre-EMU era - Is there a common rule?
Maria Eleftheriou, Dieter Gerdesmeier, Barbara Roffia
Despite the great importance and final success of the convergence process that led to the establishment of the European Monetary Union, there is no clear agreement regarding the monetary policy...
Long-run money demand in the new EU Member States with exchange rate effects.
Christian Dreger, Hans-Eggert Reimers, Barbara Roffia
Generally speaking, money demand models represent a natural benchmark against which monetary developments can be assessed. In particular, the existence of a well-specified and stable relationship...
The Eurosystem, the US Federal Reserve and the Bank of Japan - similarities and differences
Dieter Gerdesmeier, Francesco Paolo Mongelli, Barbara Roffia
The paper provides a systematic comparison of the Eurosystem, the US Federal Reserve and the Bank of Japan. These monetary authorities exhibit somewhat different status and tasks, which reflect...
Excess money growth and inflation dynamics
Barbara Roffia, Andrea Zaghini
The paper analyses the short-run impact of periods of strong monetary growth on inflation dynamics for 15 industrialised economies. We find that, over a 3-year horizon, the positive link between...
Long-Run Money Demand in the New EU Member States with Exchange Rate Effects
Christian Dreger, Hans-Eggert Reimers, Barbara Roffia
Within a wide range of other economic and financial indicators, money is highly relevant to the two-pillar monetary strategy of the European Central Bank for detecting risks to price stability over...
Maximum Sustainable Government Debt in the Overlapping Generations Model
The theoretical determinants of maximum sustainable government debt are investigated using Diamond's overlapping-generations model. A level of debt is defined to be 'sustainable' if a steady state...
Taylor rules for the euro area : the issue of real-time data
Gerdesmeier, Dieter, Roffia, Barbara
Recently, a number of studies have made an attempt to deal with the key issue of the incompleteness of information available to the central bank when taking its monetary policy decisions. This study...
Carlo A. Favero, Barbara Roffia
The long-run relationship between money and prices in the euro area embedded in traditional money demand models with income and interest rates broke down after 2001. We develop a money demand model...
Asset price misalignments and the role of money and credit.
Dieter Gerdesmeier, Barbara Roffia, Hans-Eggert Reimers
This paper contributes to the literature on the properties of money and credit indicators for detecting asset price misalignments. After a review of the evidence in the literature on this issue, the...
Asset price misalignments and the role of money and credit.
Dieter Gerdesmeier, Barbara Roffia, Hans-Eggert Reimers
This paper contributes to the literature on the properties of money and credit indicators for detecting asset price misalignments. After a review of the evidence in the literature on this issue, the...
The relevance of real-time data in estimating reaction functions for the Euro area
Gerdesmeier, Dieter, Roffia, Barbara
This paper tackles the issue of the incompleteness of information available to the central bank when taking its monetary policy decisions. It is focused on euro area data and based on the simplistic...
Monetary analysis: a VAR perspective
Gerdesmeier, Dieter, Roffia, Barbara
The purpose of this study is to investigate the dynamic relationships between some key variables for the euro area by means of a systems approach (i.e. so-called Vector Autoregression) and to...