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The Back Calculation of Nominal Historical Series After the Introduction of the European Currency (an Application to the GDP)
La Union Monetaria Europea (UME) plantea el problema de la conversion a euros de las series historicas denominadas en las monedas nacionales respectivas. El objeto de este trabajo consiste en evaluar procedimientos de conversion alternativos, que incluyen el uso de las paridades fijadas al inicio de la fase tres entre las monedas nacionales y el euro, las series historicas de tipo de cambio de mercado y las series de patron de poder de compra (PPC). Estas alternativas son evaluadas de acuerdo con la capacidad de la serie transformada para aproximar las tasas de crecimiento de la serie original y el peso real de la serie de cada pais dentro del agregado. (jgm) (mac).
Exchange-rate Pass-through to Import Prices in the Euro Area
"This paper presents an empirical analysis of transmission rates from exchange rate movements to import prices, across countries and product categories, in the euro area over the last fifteen years. Our results show that the transmission of exchange rate changes to import prices in the short run is high, although incomplete, and that it differs across industries and countries; in the long run, exchange rate pass-through is higher and close to one. We find no strong statistical evidence that the introduction of the euro caused a structural change in this transmission. Although estimated point elasticities seem to have declined since the introduction of the euro, we find little evidence of a structural break in the transmission of exchange rate movements except in the case of some manufacturing industries. And since the euro was introduced, industries producing differentiated goods have been more likely to experience reduced rates of exchange rate pass-through to import prices. Exchange rate changes continue to lead to large changes in import prices across euro-area countries"--National Bureau of Economic Research web site.
Differences in Exchange Rate Pass-through in the Euro Area
Se analizan las diferencias en el cambio exterior de los países del area euro en los precios de las importaciones de fuera del área.
The Balance-sheet Transmission Channel of Monetary Policy
Trabajo que investiga el papel de la posición financiera de los agentes privados en la transmisión de la política monetaria en España y Alemania. Hasta qué punto los tipos de interés oficiales pueden afectar al mercado de valores y ciertos instrumentos financieros influir en el gasto, precios, demanda actual y futura o demanda nacional y extranjera.
Assessing the Fit of Simulated Multivariate Dynamic Models
Se desarrolla una estructura formal basada en modelos dinámicos multivariables cuyas soluciones se aproximan a través de simulación. y se aplican a modelos de ciclo económico.
Non- Linear Adjustment of Import Prices in the European Union
This paper focuses on the non linear adjustment of import prices in national currency to shocks in exchange rates and foreign prices measured in the exporters' currency of products originating outside the euro area and imported into European Union countries (EU 15). The paper looks at three different types of non linearities: (a) non proportional adjustment (the size of the adjustment grows more than proportionally with the size of the misalignments), (b) asymmetric adjustment to cost increasing and cost decreasing shocks, and (c) the existence of thresholds in the size of misalignments below which no adjustment takes place. There is evidence of more than proportional adjustment towards long...
