Frank Smets

European Central Bank (ECB)

Dr.

Kaiserstrasse 29

D-60311 Frankfurt am Main

Germany

KU Leuven - Center for Economic Studies

Professor

Naamsestraat 69

Leuven, B-3000

Belgium

  • European Central Bank (ECB)

    • Email
    • Tel: +49 69 1344 6550
    • Fax: +49 69 1344 6575

  • KU Leuven - Center for Economic Studies

SCHOLARLY PAPERS

66

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Scholarly Papers (66)

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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 2,633 (7,147)
Citation 6

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Monetary transmission mechanism, vector autoregressions

2.

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

Downloads 2,372 ( 8,444)
Citation 744

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 1,549 (16,402)
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 823 (41,226)
Citation 38

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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 1,620 (15,602)
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 1,266 (22,604)
Citation 7

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

5.

Financial Asset Prices and Monetary Policy: Theory and Evidence

Downloads 1,142 ( 26,284)

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 1,142 (25,872)
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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6.

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 982 (32,660)
Citation 4

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

7.

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 922 (35,800)
Citation 10

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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

8.

Booms and Banking Crises

Downloads 851 ( 39,923)
Citation 107

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 408 (100,009)
Citation 42

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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 276 (153,127)
Citation 3

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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 167 (245,237)
Citation 40

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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 691 (52,728)
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 654 (56,746)
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 367 (113,731)
Citation 5

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 367 (112,911)
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 4
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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 362 (115,489)
Citation 4

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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 355 (118,009)
Citation 21

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14.

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 340 (123,884)

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monetary transmission mechanism, euro area

15.

On the Fit and Forecasting Performance of New Keynesian Models

Downloads 328 (126,570)
Citation 164

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 302 (139,599)
Citation 7

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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 (669,086)
Citation 20
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Bayesian analysis, DSGE models, model evaluation, vector autoregression

16.

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

Downloads 294 (144,270)
Citation 169

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 209 (201,025)

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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 47 (543,388)
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 (717,070)
Citation 3
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DSGE models, monetary policy, euro area, forecasting

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

Number of pages: 27 Posted: 29 Oct 2004
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 18 (734,165)

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17.

Openness, Imperfect Exchange Rate Pass-Through and Monetary Policy

Downloads 276 (153,785)
Citation 42

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 229 (184,291)
Citation 8

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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 47 (543,388)
Citation 38

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Monetary Policy, Open Economies, Exchange Rate Pass-Through

18.

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

Downloads 269 (157,938)
Citation 225

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 140 (283,583)
Citation 14

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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 109 (341,302)
Citation 187

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 (717,070)
Citation 18
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DSGE models, business cycle fluctuations

19.

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 223 (189,331)

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Equilibrium exchange rate, euro, model uncertainty

20.

Contagious Speculative Attacks

Downloads 207 (203,047)
Citation 26

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 186 (223,405)
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 (708,786)
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Exchange rate contagion, speculative attacks

21.

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 198 (211,422)
Citation 29

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22.

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 197 (212,384)
Citation 1

Abstract:

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Monetary transmission mechanism, euro area, financial accelerator

23.

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 181 (228,763)

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

24.

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

Downloads 175 (235,436)
Citation 5

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 112 (334,891)

Abstract:

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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 63 (474,411)
Citation 5

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

25.

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 168 (243,677)
Citation 50

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26.

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

Downloads 158 (256,652)
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 134 (293,447)

Abstract:

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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 24 (684,427)
Citation 120

Abstract:

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Inflation Persistence, DSGE Models

27.

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 152 (264,776)
Citation 3

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

28.

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 137 (287,404)

Abstract:

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Persistence, transmission process, monetary policy, euro area

29.

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 127 (304,407)
Citation 1

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labour mobility, regional labour markets, migration, European integration

30.

Unemployment in an Estimated New Keynesian Model

Downloads 119 (319,174)
Citation 58

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 84 (404,080)
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: 07 Mar 2022
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 31 (633,534)
Citation 1

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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 (873,178)
Citation 8
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Nominal rigidities, output gap, Phillips curve, unemployment fluctuations, wage markup shocks

31.

What Horizon for Price Stability

Number of pages: 42 Posted: 11 Dec 2002
Frank Smets
European Central Bank (ECB)
Downloads 117 (322,923)
Citation 1

Abstract:

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Monetary Policy, Strategy, Policy Rules, Euro Area

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 116 (324,861)
Citation 316

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DSGE models, monetary policy, euro area

33.

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 115 (326,849)
Citation 1

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

34.

Pipeline Pressures and Sectoral Inflation Dynamics

NBB Working Paper Series 2019
Number of pages: 85 Posted: 27 Mar 2019
Frank Smets, Joris Tielens, Joris Tielens and Jan Van Hove
European Central Bank (ECB), KU LeuvenNational Bank of Belgium and KU Leuven - Center for Economic Studies
Downloads 110 (337,116)
Citation 4

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Pipeline Pressures, Input-output linkages, Propagation, Spillovers

35.

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 107 (343,476)
Citation 3

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

36.

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 104 (350,114)
Citation 2

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Monetary policy rules; potential output; uncertainty

37.

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 99 (361,633)
Citation 4

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

38.

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 96 (368,692)
Citation 7

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Price Level Stability, Expectations, Adaptive Learning

39.

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 96 (368,692)
Citation 3

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Adaptive learning, rational expectations, policy rules, optimal policy

40.

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

Downloads 91 (381,191)
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 54 (511,125)
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 37 (596,400)
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

41.

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 85 (397,306)
Citation 2

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global imbalances, open economy, VARs

42.

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 82 (405,877)

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

43.

Investment and Monetary Policy in the Euro Area

Downloads 81 (408,766)

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 81 (412,988)
Citation 2

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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

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 78 (417,657)
Citation 2

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

45.

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 65 (460,506)
Citation 6

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46.

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 64 (464,083)
Citation 7

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VAR, factor models, rigidity, labour market

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 61 (475,314)
Citation 103

Abstract:

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price-setting, inflation persistence, monetary policy, EMU

48.

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 47 (533,321)
Citation 2

Abstract:

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

49.

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 47 (533,321)
Citation 2

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Policy activism, DSGE model, interest rates, macroeconomic shocks

50.

Slow Recoveries: A Structural Interpretation

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Citation 24

Slow Recoveries: A Structural Interpretation

NBER Working Paper No. w18085
Number of pages: 39 Posted: 19 May 2012 Last Revised: 02 Jun 2022
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 29 (647,144)
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 (840,821)
Citation 19
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estimated DSGE models, Jobless recoveries, Okun's law, U.S. business cycle

51.

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 33 (605,742)

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

52.

Determinants of the Effective Real Exchange Rate of the Synthetic Euro: Alternative Methodological Approaches

Number of pages: 33 Posted: 13 Jan 2003
Carsten Detken, Alistair Dieppe, Jerome Henry, Frank Smets and Carmen Marin
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and Universidad de Murcia
Downloads 33 (605,742)
Citation 1

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53.

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 (726,438)
Citation 1
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Business cycle, DSGE models, monetary policy

54.

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)
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bank intermediation, Central bank digital currency, DSGE models

55.

Downward Wage Rigidities and Optimal Monetary Policy in a Monetary Union

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Citation 16

Downward Wage Rigidities and Optimal Monetary Policy in a Monetary Union

Scandinavian Journal of Economics, Vol. 112, Issue 4, pp. 812-840, December 2010
Number of pages: 29 Posted: 16 Nov 2010
Stephan Fahr and Frank Smets
European Central Bank and European Central Bank (ECB)
Downloads 3 (885,459)

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Downward Wage Rigidities and Optimal Monetary Policy in a Monetary Union

Scandinavian Journal of Economics, Vol. 112, Issue 4, pp. 812-840, 2010
Number of pages: 29 Posted: 19 Dec 2010
Stephan Fahr and Frank Smets
European Central Bank and European Central Bank (ECB)
Downloads 2 (899,404)
Citation 3

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Grease inflation, asymmetric adjustment costs, non?linear dynamics, 24, 31, 52, 61

56.

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 (838,938)
Citation 2
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Bayesian estimation, imperfect information, New Keynesian model, signal extraction

57.

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 (850,041)
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Global imbalances, open economy, VARs

58.

Monetary Policy in Uncertain Times: ECB Monetary Policy Since June 2014

The Manchester School, Vol. 85, pp. e1-e15, 2017
Number of pages: 15 Posted: 07 Dec 2017
John Hutchinson and Frank Smets
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 2 (862,356)
Citation 8

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59.

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 (862,356)
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micro price data, models of price setting, real effects of nominal shocks, sticky prices

60.

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)
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Monetary policy, New Keynesian models, price setting, price stickiness

61.

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)
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62.

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)
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63.

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)
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Citation 29
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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

64.

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
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and VAR models, DSGE, Financial Frictions, great recession, macroprudential policy, Monetary policy, Open economy., Regime-Switching, zero lower bound

65.

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

66.

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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