I extend the model of Laubach and Williams (2003) by introducing an explicit role for the
financial cycle in the joint estimation of the natural rates of interest, unemployment and …

Abstract We hypothesise that New Keynesian DSGE models that do not feature powerful
financial spillover channels confound the effects of domestic and foreign disturbances when …

Since the economic meltdown of 2008–2009 many euro area countries have experienced
disinflation, and even deflation, in a period with large debt overhang, creating the conditions …

We suggest a new approach for analyzing the role of financial variables and shocks in
computing the output gap. We estimate a two-region DSGE model for the euro area, with …

Abstract Banks in European Transition Economies are proportionally lending less than their
counterparts in the Eurozone in the face of seemingly profitable loan opportunities, whilst …

Before the global financial crisis, a widespread consensus supported a strict division of
labour between different policy levers. Price stability was the primary–and sometimes sole …

Мета статті виявлення взаємозв'язків між монетарною політикою і довгостроковою
фінансовою стабільністю. Головним методом дослідження є ретроспективний аналіз …

The template for the Profiles was a survey designed to collect information from countries in
order to collect structured information to be used as the basis for the GEM Regional Report …

9 (continued on page 10) reverting to actual GDP at the start and end of the sample. This
may lead to close-to-zero estimates of the output gap in real time, which then get revised …

Russia. While unemployment has stayed muted since 2013, inflation has been volatile,
leading researchers to revisit the relationship between inflation and activity. If the role of …