Frank Smets

European Central Bank (ECB)

Sonnemannstrasse 22

Frankfurt am Main, 60314

Germany

Ghent University - Department of General Economics

Hoveniersberg 24

Ghent, 9000

Belgium

  • European Central Bank (ECB)

  • Ghent University - Department of General Economics

SCHOLARLY PAPERS

64

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Scholarly Papers (64)

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1.

The Monetary Transmission Mechanism in the Euro Area: More Evidence from VAR Analysis (Mtn Conference Paper)

Number of pages: 37 Posted: 09 Apr 2003
Gert Peersman and Frank Smets
Ghent University - Department of Financial Economics and European Central Bank (ECB)
Downloads 3,231 (6,602)
Citation 6

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Monetary transmission mechanism, vector autoregressions

2.

Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach

Downloads 2,517 ( 9,734)
Citation 909

Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach

National Bank of Belgium Working Paper No. 109
Number of pages: 58 Posted: 07 Oct 2010
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 1,637 (18,918)
Citation 731

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DSGE models, monetary policy

Shocks and Frictions in Us Business Cycles: A Bayesian DSGE Approach

ECB Working Paper No. 722
Number of pages: 57 Posted: 07 Feb 2007
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 880 (46,709)
Citation 399

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DSGE models, monetary policy

3.

The Monetary Transmission Mechanism: Evidence from the G-7 Countries

BIS Working Paper No. 26
Number of pages: 26 Posted: 13 Dec 2005
Stefan Gerlach and Frank Smets
Central Bank of Ireland and European Central Bank (ECB)
Downloads 1,755 (17,311)
Citation 54

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4.

House Prices and the Stance of Monetary Policy

ECB Working Paper No. 891
Number of pages: 49 Posted: 05 May 2008 Last Revised: 17 Nov 2021
Marek Jarocinski and Frank Smets
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 1,504 (21,953)
Citation 7

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House prices, monetary conditions index, Bayesian VAR, monetary policy shock, conditional forecast.

5.

The First Twenty Years of the European Central Bank: Monetary Policy

ECB Working Paper No. 2219
Number of pages: 98 Posted: 03 Jan 2019
Philipp Hartmann and Frank Smets
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 1,500 (22,074)
Citation 33

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European Central Bank, monetary policy, European Economic and Monetary Union, euro area economy, inflation, crisis, non-standard measures, zero-lower bound

6.

Financial Asset Prices and Monetary Policy: Theory and Evidence

Downloads 1,279 (27,959)
Citation 25

Financial Asset Prices and Monetary Policy: Theory and Evidence

BIS Working Paper No. 47
Number of pages: 35 Posted: 13 Dec 2005
Frank Smets
European Central Bank (ECB)
Downloads 1,279 (27,496)
Citation 25

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Financial Asset Prices and Monetary Policy: Theory and Evidence

CEPR Discussion Paper Series Number 1751
Posted: 27 Feb 1998
Frank Smets
European Central Bank (ECB)

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7.

Asset Price Booms and Monetary Policy

Number of pages: 64 Posted: 01 Dec 2004
Carsten Detken and Frank Smets
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 1,042 (37,448)
Citation 4

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asset price booms, asset price bubbles, optimal monetary policy, over-investment, real estate prices

8.

Booms and Banking Crises

Downloads 904 (45,728)
Citation 136

Booms and Banking Crises

Number of pages: 44 Posted: 19 Aug 2012 Last Revised: 17 Nov 2014
Frédéric Boissay, Fabrice Collard and Frank Smets
Bank for International Settlements (BIS), University of Berne - Department of Economics and European Central Bank (ECB)
Downloads 422 (118,941)
Citation 38

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Moral Hazard, Asymmetric Information, Lending Boom, Credit Crunch, Banking Crisis

Booms and Systemic Banking Crises

ECB Working Paper No. 1514
Number of pages: 55 Posted: 05 Mar 2013
Frédéric Boissay, Fabrice Collard and Frank Smets
Bank for International Settlements (BIS), University of Berne - Department of Economics and European Central Bank (ECB)
Downloads 302 (172,239)
Citation 10

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Moral Hazard, Asymmetric Information, Lending Boom, Credit Crunch, Systemic Banking Crisis

Booms and Banking Crises

BIS Working Paper No. 545
Number of pages: 65 Posted: 17 Feb 2016
Frédéric Boissay, Fabrice Collard and Frank Smets
Bank for International Settlements (BIS), University of Berne - Department of Economics and European Central Bank (ECB)
Downloads 180 (285,889)
Citation 71

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moral hazard, asymmetric information, saving glut, lending boom, credit crunch, banking crisis

9.

Challenges for Central Banks’ Macro Models

Riksbank Research Paper Series No. 147, Sveriges Riksbank Working Paper Series No. 323
Number of pages: 88 Posted: 23 May 2016
Jesper Lindé, Frank Smets and Rafael Wouters
Sveriges Riksbank - Research Division, European Central Bank (ECB) and National Bank of Belgium
Downloads 742 (59,722)
Citation 17

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Monetary policy, DSGE, and VAR models, Regime-Switching, Zero Lower Bound, Financial Frictions, Great Recession, Macroprudential policy, Open economy

10.

An Estimated Stochastic Dynamic General Equilibrium Model of the Euro Area

Number of pages: 70 Posted: 14 May 2003
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 709 (63,447)
Citation 183

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SDGE models, monetary policy, euro area

11.

Banking Supervision, Monetary Policy and Risk-Taking: Big Data Evidence from 15 Credit Registers

Downloads 549 (87,480)
Citation 9

Banking Supervision, Monetary Policy and Risk-Taking: Big Data Evidence from 15 Credit Registers

Number of pages: 46 Posted: 04 Jan 2020
Carlo Altavilla, Miguel Boucinha, José-Luis Peydró and Frank Smets
European Central Bank (ECB), European Central Bank (ECB), Imperial College London and European Central Bank (ECB)
Downloads 549 (86,481)
Citation 1

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AnaCredit, banking, euro area crisis, monetary policy, supervision

Banking Supervision, Monetary Policy and Risk-Taking: Big Data Evidence from 15 Credit Registers

CEPR Discussion Paper No. DP14288
Number of pages: 47 Posted: 14 Jan 2020
Carlo Altavilla, Miguel Boucinha, José-Luis Peydró and Frank Smets
European Central Bank (ECB), European Central Bank (ECB), Imperial College London and European Central Bank (ECB)
Downloads 0
Citation 8
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AnaCredit, Banking, euro area crisis, monetary policy, Supervision

12.

Inflation Persistence and Price-Setting Behaviour in the Euro Area - a Summary of the Ipn Evidence

ECB Occasional Paper No. 46
Number of pages: 58 Posted: 01 Jun 2006
Filippo Altissimo, Michael Ehrmann and Frank Smets
Brevan Howard Asset Management LLP, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 444 (113,139)
Citation 18

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Price setting, inflation persistence, monetary policy, EMU

13.

Measuring Monetary Policy Shocks in France, Germany and Italy: The Role of the Exchange Rate

BIS Working Paper No. 42
Number of pages: 25 Posted: 13 Dec 2005
Frank Smets
European Central Bank (ECB)
Downloads 404 (126,317)
Citation 21

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14.

On the Fit and Forecasting Performance of New Keynesian Models

Downloads 347 (134,590)
Citation 181

On the Fit and Forecasting Performance of New Keynesian Models

ECB Working Paper No. 491, FRB of Atlanta Working Paper No. 2004-37
Number of pages: 58 Posted: 11 Feb 2005
Marco Del Negro, Frank Schorfheide, Frank Smets and Rafael Wouters
Federal Reserve Bank of New York, University of Pennsylvania - Department of Economics, European Central Bank (ECB) and National Bank of Belgium
Downloads 321 (161,550)
Citation 57

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Bayesian analysis, DSGE models, model evaluation, vector autoregressions

On the Fit and Forecasting Performance of New Keynesian Models

Number of pages: 51 Posted: 05 May 2005
Marco Del Negro, Frank Schorfheide, Frank Smets and Rafael Wouters
Federal Reserve Bank of New York, University of Pennsylvania - Department of Economics, European Central Bank (ECB) and National Bank of Belgium
Downloads 26 (851,683)
Citation 20
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Bayesian analysis, DSGE models, model evaluation, vector autoregression

15.

Are the Effects of Monetary Policy in the Euro Area Greater in Recessions than in Booms?

Number of pages: 29 Posted: 13 Dec 2002
Gert Peersman and Frank Smets
Ghent University - Department of Financial Economics and European Central Bank (ECB)
Downloads 381 (134,997)

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monetary transmission mechanism, euro area

16.

The Optimal Quantity of CBDC in a Bank-Based Economy

Downloads 375 (137,387)
Citation 7

The Optimal Quantity of CBDC in a Bank-Based Economy

ECB Working Paper No. 2022/2689
Number of pages: 76 Posted: 29 Jul 2022
Lorenzo Burlon, Carlos Montes-Galdón, Manuel Muñoz and Frank Smets
European Central Bank (ECB), European Central Bank, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 370 (138,361)
Citation 6

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bank intermediation, central bank digital currency, DSGE models

The Optimal Quantity of CBDC in a Bank-Based Economy

CEPR Discussion Paper No. DP16995
Number of pages: 74 Posted: 04 Feb 2022
Lorenzo Burlon, Carlos Montes-Galdón, Manuel Muñoz and Frank Smets
European Central Bank (ECB), European Central Bank, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 5 (1,060,028)
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bank intermediation, Central bank digital currency, DSGE models

17.

Comparing Shocks and Frictions in Us and Euro Area Business Cycles: A Bayesian DSGE Approach

Downloads 314 (166,374)
Citation 222

Comparing Shocks and Frictions in Us and Euro Area Business Cycles: A Bayesian DSGE Approach

Number of pages: 36 Posted: 10 Dec 2004
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 152 (329,221)
Citation 27

Abstract:

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DSGE models, business cycle fluctuations

Comparing Shocks and Frictions in US and Euro Area Business Cycles: A Bayesian DSGE Approach

National Bank of Belgium Working Paper No. 61
Number of pages: 36 Posted: 14 Oct 2010
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 142 (348,102)
Citation 243

Abstract:

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DSGE models, business cycle fluctuations

Comparing Shocks and Frictions in Us and Euro Area Business Cycles: A Bayesian DSGE Approach

Number of pages: 28 Posted: 08 Feb 2005
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 20 (909,306)
Citation 17
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DSGE models, business cycle fluctuations

18.

Openness, Imperfect Exchange Rate Pass-Through and Monetary Policy

Downloads 302 (173,309)
Citation 51

Openness, Imperfect Exchange Rate Pass-Through and Monetary Policy

Number of pages: 52 Posted: 20 Jan 2003
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 242 (215,892)
Citation 18

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Monetary Policy, Open Economies, Exchange Rate Pass-through

Openness, Imperfect Exchange Rate Pass-Through and Monetary Policy

National Bank of Belgium Working Paper No. 19
Number of pages: 57 Posted: 06 Nov 2010
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 60 (614,140)
Citation 37

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Monetary Policy, Open Economies, Exchange Rate Pass-Through

19.

Forecasting with a Bayesian DSGE Model: An Application to the Euro Area

Downloads 293 (178,967)
Citation 172

Forecasting with a Bayesian DSGE Model: An Application to the Euro Area

Number of pages: 33 Posted: 10 Dec 2004
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 217 (239,910)

Abstract:

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Forecasting, DSGE models, monetary policy, euro area

Forecasting with a Bayesian DSGE Model: An Application to the Euro Area

National Bank of Belgium Working Paper No. 60
Number of pages: 36 Posted: 14 Oct 2010
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 56 (635,989)
Citation 152

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forecasting, DSGE models, monetary policy, euro area

Forecasting with a Bayesian DSGE Model: An Application to the Euro Area

Number of pages: 30 Posted: 08 Feb 2005
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 20 (909,306)
Citation 3
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DSGE models, monetary policy, euro area, forecasting

20.

Pipeline Pressures and Sectoral Inflation Dynamics

NBB Working Paper Series 2019
Number of pages: 85 Posted: 27 Mar 2019
Frank Smets, Joris Tielens and Jan Van Hove
European Central Bank (ECB), National Bank of Belgium and KU Leuven - Center for Economic Studies
Downloads 279 (188,124)
Citation 7

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Pipeline Pressures, Input-output linkages, Propagation, Spillovers

21.

Model Uncertainty and the Equilibrium Value of the Real Effective Euro Exchange Rate

Number of pages: 52 Posted: 27 Apr 2003
Carsten Detken, Alistair Dieppe, Jerome Henry, Carmen Marin and Frank Smets
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Universidad de Murcia and European Central Bank (ECB)
Downloads 240 (218,456)

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Equilibrium exchange rate, euro, model uncertainty

22.

Contagious Speculative Attacks

Downloads 218 (239,499)
Citation 37

Contagious Speculative Attacks

BIS Working Paper No. 22
Number of pages: 26 Posted: 13 Dec 2005
Stefan Gerlach and Frank Smets
Central Bank of Ireland and European Central Bank (ECB)
Downloads 197 (262,351)
Citation 30

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Contagious Speculative Attacks

Number of pages: 25 Posted: 09 Oct 2001
Stefan Gerlach and Frank Smets
Central Bank of Ireland and European Central Bank (ECB)
Downloads 21 (899,457)
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Exchange rate contagion, speculative attacks

23.

Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment

Downloads 217 (240,541)
Citation 6

Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment

ECB Working Paper No. 2020/2352
Number of pages: 54 Posted: 04 Jan 2020 Last Revised: 10 Dec 2021
Günter Coenen, Carlos Montes-Galdón and Frank Smets
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 137 (357,997)
Citation 1

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asset purchases, effective lower bound, euro area, fiscal policy, forward guidance, monetary policy

Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment

CFS Working Paper, No. 639, 2020
Number of pages: 52 Posted: 08 Feb 2020
Günter Coenen, Carlos Montes-Galdón and Frank Smets
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 80 (523,063)
Citation 6

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Effective lower bound, monetary policy, forward guidance, asset purchases, fiscal policy, euro area

24.

A Monetary Policy Strategy in Good and Bad Times: Lessons from the Recent Past

ECB Working Paper No. 1336
Number of pages: 66 Posted: 08 May 2011
Stephan Fahr, Roberto Motto, Massimo Rostagno, Frank Smets and Oreste Tristani
European Central Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 215 (242,619)

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Monetary Policy, Monetary transmission, Credit, Supply factors, Financial crisis, Non-standard policy measures

25.

The Industry Effects of Monetary Policy in the Euro Area

Number of pages: 38 Posted: 27 Apr 2003
Gert Peersman and Frank Smets
Ghent University - Department of Financial Economics and European Central Bank (ECB)
Downloads 209 (249,119)
Citation 1

Abstract:

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Monetary transmission mechanism, euro area, financial accelerator

26.

Understanding Low Inflation in the Euro Area from 2013 to 2019: Cyclical and Structural Drivers

ECB Occasional Paper No. 2021280
Number of pages: 76 Posted: 22 Sep 2021 Last Revised: 18 Nov 2021
Gerrit Koester, Eliza Lis, Christiane Nickel, Chiara Osbat and Frank Smets
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 207 (251,238)

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effective lower bound, HICP inflation, low inflation, Monetary policy review, underlying inflation

27.

The Term Structure of Euro-Rates: Some Evidence in Support of the Expectations Hypothesis

BIS Working Paper No. 28
Number of pages: 38 Posted: 13 Dec 2005
Stefan Gerlach and Frank Smets
Central Bank of Ireland and European Central Bank (ECB)
Downloads 204 (254,686)
Citation 29

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28.

Firm-Specific Production Factors in a DSGE Model with Taylor Price Setting

Downloads 201 (258,094)
Citation 117

Firm-Specific Production Factors in a DSGE Model with Taylor Price Setting

ECB Working Paper No. 648
Number of pages: 48 Posted: 30 Jun 2006
Gregory de Walque, Gregory de Walque, Frank Smets and Rafael Wouters
National Bank of BelgiumFacultés Universitaires Notre-Dame de la Paix (FUNDP) - Faculty of Economics, Management and Social Sciences, European Central Bank (ECB) and National Bank of Belgium
Downloads 161 (313,449)

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Inflation persistence, DSGE models

Firm-Specific Production Factors in a DSGE Model with Taylor Price Setting

National Bank of Belgium Working Paper No. 85
Number of pages: 45 Posted: 09 Oct 2010
Gregory de Walque, Gregory de Walque, Frank Smets and Rafael Wouters
National Bank of BelgiumFacultés Universitaires Notre-Dame de la Paix (FUNDP) - Faculty of Economics, Management and Social Sciences, European Central Bank (ECB) and National Bank of Belgium
Downloads 40 (737,859)
Citation 130

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Inflation Persistence, DSGE Models

29.

Output Gap Uncertainty: Does it Matter for the Taylor Rule?

BIS Working Paper No. 60
Number of pages: 27 Posted: 13 Dec 2005
Frank Smets
European Central Bank (ECB)
Downloads 191 (270,266)
Citation 50

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30.

Unemployment in an Estimated New Keynesian Model

Downloads 177 (288,950)
Citation 66

Unemployment in an Estimated New Keynesian Model

National Bank of Poland Working Paper No. 106
Number of pages: 46 Posted: 17 Feb 2012
Jordi Galí, Frank Smets and Rafael Wouters
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI), European Central Bank (ECB) and National Bank of Belgium
Downloads 126 (382,028)
Citation 32

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nominal rigidities, unemployment fluctuations, Phillips curve, wage markups shocks, output gap

Unemployment in an Estimated New Keynesian Model

NBER Working Paper No. w17084
Number of pages: 53 Posted: 31 May 2011 Last Revised: 08 Mar 2023
Jordi Galí, Frank Smets and Rafael Wouters
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI), European Central Bank (ECB) and National Bank of Belgium
Downloads 47 (689,757)
Citation 26

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Unemployment in an Estimated New Keynesian Model

CEPR Discussion Paper No. DP8401
Number of pages: 55 Posted: 26 May 2011
Jordi Galí, Frank Smets and Rafael Wouters
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI), European Central Bank (ECB) and National Bank of Belgium
Downloads 4 (1,067,762)
Citation 8
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Nominal rigidities, output gap, Phillips curve, unemployment fluctuations, wage markup shocks

31.

On Implications of Micro Price Data for Macro Models

ECB Working Paper No. 960
Number of pages: 55 Posted: 19 Nov 2008
Bartosz Mackowiak and Frank Smets
Humboldt University of Berlin - Faculty of Economics and European Central Bank (ECB)
Downloads 172 (297,774)
Citation 11

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Sticky prices, micro price data, models of price setting, real effects of nominal shocks

32.

An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area

National Bank of Belgium Working Paper No. 35
Number of pages: 71 Posted: 14 Oct 2010
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 150 (332,448)
Citation 316

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DSGE models, monetary policy, euro area

33.

Persistence, the Transmission Mechanism and Robust Monetary Policy

Number of pages: 32 Posted: 02 Dec 2003
Ignazio Angeloni, Günter Coenen and Frank Smets
Italian Finance Ministry - International Financial Relations, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 150 (332,448)

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Persistence, transmission process, monetary policy, euro area

34.

Labour Market Adjustments in Europe and the US: How Different?

ECB Working Paper No. 1767
Number of pages: 34 Posted: 25 Mar 2015
Robert Beyer and Frank Smets
World Bank - South Asia Chief Economist Office and European Central Bank (ECB)
Downloads 136 (359,220)
Citation 6

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labour mobility, regional labour markets, migration, European integration

35.

What Horizon for Price Stability

Number of pages: 42 Posted: 11 Dec 2002
Frank Smets
European Central Bank (ECB)
Downloads 136 (359,220)
Citation 1

Abstract:

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Monetary Policy, Strategy, Policy Rules, Euro Area

36.

Price Setting and Price Adjustment in Some European Union Countries: Introduction to the Special Issue

Downloads 130 (371,755)
Citation 5

Price Setting and Price Adjustment in Some European Union Countries: Introduction to the Special Issue

Bar-Ilan University Department of Economics Research Paper No. 2010-22
Number of pages: 19 Posted: 23 Jun 2011
Daniel Levy and Frank Smets
Bar-Ilan University - Department of Economics and European Central Bank (ECB)
Downloads 67 (579,695)
Citation 2

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Price Rigidity, Price Flexibility, Cost of Price Adjustment, Menu Cost, Managerial and Customer Cost of Price Adjustment, Pricing, Price System, Price Setting, New Keynesian Economics, Store-Level Data, Micro-Level Data, Product-Level Data

Price Setting and Price Adjustment in Some European Union Countries: Introduction to the Special Issue

Managerial and Decision Economics, Forthcoming
Number of pages: 8 Posted: 22 Dec 2010
Daniel Levy and Frank Smets
Bar-Ilan University - Department of Economics and European Central Bank (ECB)
Downloads 63 (598,828)
Citation 1

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Price Rigidity, Price Flexibility, Cost of Price Adjustment, Menu Cost, Managerial and Customer Cost of Price Adjustment, Pricing, Price System, Price Setting, New Keynesian Economics, Store-Level Data, Micro-Level Data, Product-Level Data

37.

The Determination of Wages of Newly Hired Employees: Survey Evidence on Internal versus External Factors

Downloads 130 (371,755)
Citation 8

The Determination of Wages of Newly Hired Employees: Survey Evidence on Internal versus External Factors

ECB Working Paper No. 1153
Number of pages: 28 Posted: 10 Mar 2010
Kamil Galuscak, Mary Keeney, Daphne Nicolitsas, Frank Smets, Pawel Strzelecki and Matija Vodopivec
Czech National Bank, Central Bank and Financial Services Authority of Ireland, Bank of Greece, European Central Bank (ECB), National Bank of Poland and Bank of Slovenia
Downloads 124 (386,781)
Citation 9

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Wage rigidity, newly hired workers, internal pay structure, employee turnover, business cycle, survey data

The determination of wages of newly hired employees: survey evidence on internal versus external factors

Bank of Greece Working Paper No. 129
Number of pages: 36 Posted: 28 Jul 2022
Daphne Nicolitsas, Kamil Galuscak, Mary Keeney, Frank Smets, Pawel Strzelecki and Matija Vodopivec
University of Crete - Department of Economics, Czech National Bank, Central Bank and Financial Services Authority of Ireland, European Central Bank (ECB), National Bank of Poland and Bank of Slovenia
Downloads 6 (1,051,779)
Citation 3

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wage rigidity, newly hired workers, internal pay structure, employee turnover, business cycle, survey data

38.

A Quantitative Perspective on Optimal Monetary Policy Cooperation between the US and the Euro Area

ECB Working Paper No. 884
Number of pages: 85 Posted: 02 Apr 2008
Stephane Adjemian, Matthieu Darracq Paries and Frank Smets
Université du Maine - Groupe d' Analyse des Itineraires et Niveaux Salariaux (GAINS), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 129 (373,919)
Citation 1

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DSGE models, Optimal monetary policy, new open economy macroeconomics, Bayesian estimation

39.

International Transmission and Monetary Policy Cooperation

ECB Working Paper No. 858
Number of pages: 48 Posted: 01 Feb 2008
Günter Coenen, Giovanni Lombardo, Frank Smets and Roland Straub
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 118 (399,640)
Citation 3

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New Area Wide Model, international policy coordination, DSGE, two-country model

40.

Uncertain Potential Output: Implications for Monetary Policy

Number of pages: 57 Posted: 10 Feb 2003
Michael Ehrmann and Frank Smets
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 116 (404,638)
Citation 2

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Monetary policy rules; potential output; uncertainty

41.

Adaptive Learning, Persistence, and Optimal Monetary Policy

ECB Working Paper No. 644
Number of pages: 28 Posted: 30 Jun 2006
Vítor Gaspar, Frank Smets and David Vestin
Bank of Portugal, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 112 (415,134)
Citation 3

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Adaptive learning, rational expectations, policy rules, optimal policy

42.

Is Time Ripe for Price Level Path Stability?

ECB Working Paper No. 818
Number of pages: 44 Posted: 02 Nov 2007
Vítor Gaspar, Frank Smets and David Vestin
Bank of Portugal, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 108 (426,229)
Citation 18

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Price Level Stability, Expectations, Adaptive Learning

43.

Real Wages and Monetary Policy Transmission in the Euro Area

Kiel Working Paper No. 1360
Number of pages: 22 Posted: 03 Dec 2011
Andrew H. McCallum and Frank Smets
Board of Governors of the Federal Reserve System and European Central Bank (ECB)
Downloads 97 (459,094)
Citation 7

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VAR, factor models, rigidity, labour market

44.

Structural Asymmetries and Financial Imbalances in the Eurozone

ECB Working Paper No. 2076
Number of pages: 51 Posted: 20 Jun 2017
Ivan Jaccard and Frank Smets
European Central Bank (ECB) - Directorate General Research and European Central Bank (ECB)
Downloads 94 (468,593)
Citation 2

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Cross-Border Financial Markets, Eurozone Crisis, Incomplete International Asset Markets, Structural Reforms

45.

US Imbalances: The Role of Technology and Policy

ECB Working Paper No. 719
Number of pages: 42 Posted: 27 Jan 2007
Rudolfs Bems, Luca Dedola and Frank Smets
International Monetary Fund (IMF), Bank of Italy and European Central Bank (ECB)
Downloads 94 (468,593)
Citation 2

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global imbalances, open economy, VARs

46.

Investment and Monetary Policy in the Euro Area

Downloads 94 (468,593)

Investment and Monetary Policy in the Euro Area

Number of pages: 33 Posted: 26 Feb 2003
Benoit Mojon, Frank Smets and Philip Vermeulen
Banque de France, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 94 (472,367)
Citation 4

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fiscal policy; government budget; cyclical adjustment; business cycles

Investment and Monetary Policy in the Euro Area

Posted: 21 May 2002
Benoit Mojon, Frank Smets and Philip Vermeulen
Banque de France, European Central Bank (ECB) and European Central Bank (ECB)

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Investment, firm panels, monetary policy

47.

Inflation Persistence and Price-Setting Behaviour in the Euro Area: A Summary of the Inflation Persistence Network Evidence

National Bank of Belgium Working Paper No. 95
Number of pages: 58 Posted: 09 Oct 2010
Filippo Altissimo, Michael Ehrmann and Frank Smets
affiliation not provided to SSRN, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 82 (509,859)
Citation 103

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price-setting, inflation persistence, monetary policy, EMU

48.

Macroprudential Policy and the Role of Institutional Investors in Housing Markets

ESRB: Working Paper Series 2022/137
Number of pages: 60 Posted: 15 Aug 2022
Frank Smets and Manuel Muñoz
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 79 (521,192)
Citation 1

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leakages, leverage, loan-to-value ratios, real estate funds, rental housing

49.

The Need for an Inflation Buffer in the Ecb's Price Stability Objective – the Role of Nominal Rigidities and Inflation Differentials

ECB Occasional Paper No. 2021279
Number of pages: 69 Posted: 22 Sep 2021 Last Revised: 18 Nov 2021
Agostino Consolo, Agostino Consolo, Gerrit Koester, Christiane Nickel, Mario Porqueddu and Frank Smets
European Central BankECB, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 74 (541,289)

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HICP inflation, inflation differentials, Monetary policy strategy review, nominal rigidities

50.

Exchange Rate Regimes and the Expectations Hypothesis of the Term Structure

BIS Working Paper No. 43, CEPR Discussion Paper Series No. 1752
Number of pages: 30 Posted: 13 Dec 2005
Stefan Gerlach and Frank Smets
Central Bank of Ireland and European Central Bank (ECB)
Downloads 72 (549,600)
Citation 6

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51.

Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a Medium-Scale DSGE Model

Banque de France Working Paper No. 182
Number of pages: 29 Posted: 09 Oct 2010
Frank Smets and Jean-Guillaume Sahuc
European Central Bank (ECB) and Banque de France
Downloads 64 (584,855)
Citation 3

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Policy activism, DSGE model, interest rates, macroeconomic shocks

52.

Professional Forecasters and the Real-time Forecasting Performance of an Estimated New Keynesian Model for the Euro Area

ECB Working Paper No. 1571
Number of pages: 30 Posted: 12 Aug 2013
Frank Smets, Anders Warne and Rafael Wouters
European Central Bank (ECB), European Central Bank (ECB) and National Bank of Belgium
Downloads 54 (634,997)
Citation 2

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Bayesian methods, DSGE model, real-time database, Survey of Professional Forecasters, macroeconomic forecasting, estimated New Keynesian model, euro area

53.

Slow Recoveries: A Structural Interpretation

Downloads 49 (662,852)
Citation 32

Slow Recoveries: A Structural Interpretation

NBER Working Paper No. w18085
Number of pages: 39 Posted: 19 May 2012 Last Revised: 02 Jun 2023
Jordi Galí, Frank Smets and Rafael Wouters
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI), European Central Bank (ECB) and National Bank of Belgium
Downloads 42 (723,296)
Citation 7

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Slow Recoveries: A Structural Interpretation

CEPR Discussion Paper No. DP8978
Number of pages: 41 Posted: 28 Sep 2012
Jordi Galí, Frank Smets and Rafael Wouters
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI), European Central Bank (ECB) and National Bank of Belgium
Downloads 7 (1,042,962)
Citation 19
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estimated DSGE models, Jobless recoveries, Okun's law, U.S. business cycle

54.

Shocks and Frictions in U.S. Business Cycles: A Bayesian DSGE Approach

CEPR Discussion Paper No. DP6112
Number of pages: 53 Posted: 16 May 2008
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 16 (919,483)
Citation 1
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Business cycle, DSGE models, monetary policy

55.

Imperfect Information and the Business Cycle

CEPR Discussion Paper No. DP7643
Number of pages: 37 Posted: 20 Jan 2010
Fabrice Collard, Harris Dellas and Frank Smets
Universite de Toulouse I - CNRS (GREMAQ and IDEI), University of Bern - Department of Economics and European Central Bank (ECB)
Downloads 4 (1,026,716)
Citation 2
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Bayesian estimation, imperfect information, New Keynesian model, signal extraction

56.

U.S. Imbalances: The Role of Technology and Policy

CEPR Discussion Paper No. DP6110
Number of pages: 38 Posted: 16 May 2008
Rudolfs Bems, Luca Dedola and Frank Smets
International Monetary Fund (IMF), Bank of Italy and European Central Bank (ECB)
Downloads 3 (1,033,221)
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Global imbalances, open economy, VARs

57.

On Implications of Micro Price Data for Macro Models

CEPR Discussion Paper No. DP6961
Number of pages: 48 Posted: 02 Dec 2008
Bartosz Maćkowiak and Frank Smets
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 2 (1,040,061)
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micro price data, models of price setting, real effects of nominal shocks, sticky prices

58.

Evidence from Surveys of Price-Setting Managers: Policy Lessons and Directions for Ongoing Research

CEPR Discussion Paper No. DP6227
Number of pages: 25 Posted: 22 May 2008
Vítor Gaspar, Andrew T. Levin, Fernando Manuel Martins and Frank Smets
Bank of Portugal, affiliation not provided to SSRN, affiliation not provided to SSRN and European Central Bank (ECB)
Downloads 2 (1,040,061)
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Monetary policy, New Keynesian models, price setting, price stickiness

59.

The Effectiveness of a Negative Interest Rate Policy

CEPR Discussion Paper No. DP16236
Number of pages: 57 Posted: 14 Jul 2021
Marco Onofri, Gert Peersman and Frank Smets
Ghent University, Ghent University - Department of Financial Economics and European Central Bank (ECB)
Downloads 1 (1,047,581)
Citation 2
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60.

Effects of State-Dependent Forward Guidance, Large-Scale Asset Purchases and Fiscal Stimulus in a Low-Interest-Rate Environment

CEPR Discussion Paper No. DP16050
Number of pages: 52 Posted: 14 May 2021
Günter Coenen, Carlos Montes-Galdón and Frank Smets
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 0 (1,056,430)
Citation 8
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61.

The First Twenty Years of the European Central Bank: Monetary Policy

CEPR Discussion Paper No. DP13411
Number of pages: 96 Posted: 07 Jan 2019
Philipp Hartmann and Frank Smets
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 0 (1,056,430)
Citation 48
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crisis, euro area economy, European Central Bank, European Economic and Monetary Union, inflation, monetary policy, non-standard measures, zero-lower bound

62.

Challenges for Central Banks' Macro Models

CEPR Discussion Paper No. DP11405
Number of pages: 90 Posted: 25 Jul 2016
Jesper Lindé, Frank Smets and Rafael Wouters
Sveriges Riksbank, European Central Bank (ECB) and National Bank of Belgium
Downloads 0 (1,056,430)
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and VAR models, DSGE, Financial Frictions, great recession, macroprudential policy, Monetary policy, Open economy., Regime-Switching, zero lower bound

63.

Price Shocks in General Equilibrium: Alternative Specifications

CESifo Economic Studies, Vol. 52, Issue 1, pp. 153-176, 2006
Posted: 02 Jul 2008
Gregory de Walque, Frank Smets and Rafael Wouters
affiliation not provided to SSRN, European Central Bank (ECB) and National Bank of Belgium

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sticky prices, DSGE models, business cycle fluctuations

64.

Why Does the Yield Curve Predict Economic Activity?: Dissecting the Evidence for Germany and the United States

BIS Working Paper No. 49
Posted: 13 Dec 2005
Frank Smets and Kostas Tsatsaronis
European Central Bank (ECB) and Bank for International Settlements (BIS) - Monetary and Economic Department

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