[PDF] Top 20 A model with explicit expectations for Belgium. NBB Working Paper Nr. 4

... of expectations of the ...rational expectations overidentifying restrictions on the coefficients of the agents' Var forecast ...rational expectations as defined by the Var's forecasts in their ... See full document

... the model in this paper with a realistic modelling of the persistence in the rest of the economy is beyond the scope of this paper, using this methodology in the current model would naturally ... See full document

... Overall, Belgium and Italy played a pace-setting role in the EMU ...policy. Belgium played a creative role in the preparation of the euro scenario, adopted at the Madrid European Council in December 1995 ... See full document

... and Belgium. In some models, surveys are linked to the expectations derived from the model, while in others, they are simply added to the information set while imposing weaker forms of model ... See full document

... this paper provide a benchmark against which to assess and calibrate micro-founded price setting models in the euro ...this paper stress the importance of sectoral heterogeneity in price setting ... See full document

... The electricity landscape in Europe is today dominated by less than ten companies, the main ones of which are Électricité de France (EDF), E.ON (Germany), RWE (Germany), Enel (Italy), Endesa (Spain), Vattenfall (Sweden) ... See full document

... NS model (solid lines) and the extended NS model (dotted ...NS model results in smaller AAE for all rating ...Table 4 present the summary statistics (mean and standard deviation) of the ... See full document

... This paper uses a structural time series approach to model the data generating process of inflation in the euro area 2 and the United ...for expectations-based persistence in response to shocks to ... See full document

... rational expectations and hence the existence of forward-looking price-setters, are increasingly used for monetary policy analysis (see, for instance, Woodford, ... See full document

... this paper is to assess whether this market perception is more than a simple optical illusion, resulting from the inspection of graphical representations of the ...for Belgium and for the euro area, and the ... See full document

... Boot and Thakor (1993) employ intuition similar to that of Gorton and Pennacchi (1990) to argue that in asset markets with asymmetrically informed investors it is optimal for firms to split their cash flows through a ... See full document

... In order to calculate the likelihood function of the observed data series, we use the Kalman filter as in Sargent (1989). This likelihood function is then combined with a prior density for the structural parameters to ... See full document

... structural model simulation is illustrated by analysing the consequences of an exogenous demand shock on economic activity and the inflation ...the model simulation outcomes, other aspects of the ... See full document

... on expectations of future interest rates (such as various asset prices, but also consumption and investment) will only gradually respond to the constant interest rate ...rational expectations assumption ... See full document

... In contrast to standard SOE-DSGE models, we find that foreign shocks explain about 20% of macroeconomic fluctuations in South Africa. In particular, they account for 20 to 30% of the variability in real activity. These ... See full document

... our model, Du¢ e (2008) cites results from a numerical simulation illustrating the impact of equity tranche retention on an originator’s monitoring/screening e¤ort, when the originator uses securitisa- tion to ... See full document

... the parameters for both the US and euro area model, estimated over two common sample periods. 8 The baseline model is estimated over the longer period from 1974:1 to 2002:2. This sample period is given by ... See full document

... this paper the focus is on macroeconomic and monetary policy-making at the European Commission, covering the period from the Rome Treaties to the Hague ...this paper is to investigate how the Commission, on ... See full document

... 2007 NBB Economic Review, was coloured by the beginning of the …nancial crisis, with the economy holding up well for the …rst half of 2007 and expected to remain stable for the remaining part of 2007 and in 2008 ... See full document

... Ballabraga, Sebastian and Valles (1993) estimated a VAR which contained variables of four major European countries (Germany, France, United Kingdom and Spain) and some "world variables" (oil price, US-GDP, etc.). ... See full document