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

SCHOLARLY PAPERS

62

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3,410

Scholarly Papers (62)

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 1,491 (11,902)
Citation 513

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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 731 (34,313)
Citation 27

Abstract:

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DSGE models, monetary policy

2.

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

ECB Working Paper No. 91
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 1,828 (8,760)

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Monetary transmission mechanism, vector autoregressions

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 1,438 (12,876)
Citation 46

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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: 06 Jul 2008
Marek Jarocinski and Frank Smets
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 981 (23,022)
Citation 2

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

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 973 (22,892)
Citation 20

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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

ECB Working Paper No. 364
Number of pages: 64 Posted: 01 Dec 2004
Carsten Detken and Frank Smets
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 942 (24,409)
Citation 3

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

7.
Downloads 764 ( 32,781)
Citation 82

Booms and Banking Crises

Number of pages: 44 Posted: 19 Aug 2012 Last Revised: 17 Nov 2014
Bank for International Settlements (BIS), University of Berne - Department of Economics and European Central Bank (ECB)
Downloads 392 (76,290)
Citation 37

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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
Bank for International Settlements (BIS), University of Berne - Department of Economics and European Central Bank (ECB)
Downloads 232 (135,445)

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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
Bank for International Settlements (BIS), University of Berne - Department of Economics and European Central Bank (ECB)
Downloads 140 (213,773)
Citation 10

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

8.

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 598 (45,622)
Citation 9

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

9.

An Estimated Stochastic Dynamic General Equilibrium Model of the Euro Area

ECB Working Paper No. 171
Number of pages: 70 Posted: 14 May 2003
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 579 (47,586)
Citation 174

Abstract:

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SDGE models, monetary policy, euro area

10.

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
Brevan Howard Asset Management LLP, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 320 (96,996)

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Price setting, inflation persistence, monetary policy, EMU

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
Federal Reserve Bank of New York, University of Pennsylvania - Department of Economics, European Central Bank (ECB) and National Bank of Belgium
Downloads 290 (107,373)
Citation 4

Abstract:

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Bayesian analysis, DSGE models, model evaluation, vector autoregressions

On the Fit and Forecasting Performance of New Keynesian Models

CEPR Discussion Paper No. 4848
Number of pages: 51 Posted: 05 May 2005
Federal Reserve Bank of New York, University of Pennsylvania - Department of Economics, European Central Bank (ECB) and National Bank of Belgium
Downloads 26 (517,715)
Citation 13
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Bayesian analysis, DSGE models, model evaluation, vector autoregression

12.

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

ECB Working Paper No. 52
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 289 (108,401)

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monetary transmission mechanism, euro area

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

ECB Working Paper No. 389
Number of pages: 33 Posted: 10 Dec 2004
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 194 (160,981)

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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 46 (421,886)
Citation 150

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forecasting, DSGE models, monetary policy, euro area

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

CEPR Discussion Paper No. 4749
Number of pages: 30 Posted: 08 Feb 2005
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 20 (556,243)
Citation 4
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DSGE models, monetary policy, euro area, forecasting

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

Journal of Common Market Studies, Vol. 42, No. 4, pp. 841-867, November 2004
Number of pages: 27 Posted: 29 Oct 2004
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 18 (569,795)
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Openness, Imperfect Exchange Rate Pass-Through and Monetary Policy

ECB Working Paper No. 128
Number of pages: 52 Posted: 20 Jan 2003
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 225 (139,625)
Citation 4

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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 40 (446,654)
Citation 36

Abstract:

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Monetary Policy, Open Economies, Exchange Rate Pass-Through

15.

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 262 (120,167)
Citation 17

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

ECB Working Paper No. 391
Number of pages: 36 Posted: 10 Dec 2004
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 134 (221,604)
Citation 13

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 69 (346,033)
Citation 177

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

CEPR Discussion Paper No. 4750
Number of pages: 28 Posted: 08 Feb 2005
Frank Smets and Rafael Wouters
European Central Bank (ECB) and National Bank of Belgium
Downloads 20 (556,243)
Citation 5
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DSGE models, business cycle fluctuations

17.

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

ECB Working Paper No. 160
Number of pages: 52 Posted: 27 Apr 2003
European Central Bank (ECB), World Bank, European Central Bank (ECB), Universidad de Murcia and European Central Bank (ECB)
Downloads 210 (149,580)

Abstract:

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Equilibrium exchange rate, euro, model uncertainty

18.
Downloads 202 (155,130)
Citation 20

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 181 (171,545)
Citation 27

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Contagious Speculative Attacks

CEPR Discussion Paper No. 1055
Number of pages: 25 Posted: 09 Oct 2001
Stefan Gerlach and Frank Smets
Central Bank of Ireland and European Central Bank (ECB)
Downloads 21 (549,687)
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Exchange rate contagion, speculative attacks

The Industry Effects of Monetary Policy in the Euro Area

ECB Working Paper No. 165
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 179 (173,291)
Citation 1

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Monetary transmission mechanism, euro area, financial accelerator

The Industry Effects of Monetary Policy in the Euro Area

Economic Journal, Vol. 115, No. 503, pp. 319-342, April 2005
Number of pages: 24 Posted: 02 Apr 2005
Gert Peersman and Frank Smets
Ghent University - Department of Financial Economics and European Central Bank (ECB)
Downloads 20 (556,243)
Citation 4
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20.

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 190 (164,143)
Citation 28

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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
European Central Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 168 (183,230)

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

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

Economic Policy, Vol. 28, Issue 74, pp. 243-288, 2013
Number of pages: 46 Posted: 13 Apr 2013
European Central Bank, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 2 (689,571)
Citation 20
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22.

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 163 (187,876)

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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

23.

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 160 (190,923)
Citation 39

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24.

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 140 (213,251)

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

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
Facultés Universitaires Notre-Dame de la Paix (FUNDP) - Faculty of Economics, Management and Social Sciences, European Central Bank (ECB) and National Bank of Belgium
Downloads 110 (257,182)

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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
Facultés Universitaires Notre-Dame de la Paix (FUNDP) - Faculty of Economics, Management and Social Sciences, European Central Bank (ECB) and National Bank of Belgium
Downloads 22 (543,233)
Citation 120

Abstract:

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Inflation Persistence, DSGE Models

26.

Persistence, the Transmission Mechanism and Robust Monetary Policy

ECB Working Paper No. 250
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 124 (234,491)

Abstract:

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Persistence, transmission process, monetary policy, euro area

27.

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 116 (246,390)
Citation 1

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labour mobility, regional labour markets, migration, European integration

28.

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
Université du Maine - Groupe d' Analyse des Itineraires et Niveaux Salariaux (GAINS), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 108 (259,096)

Abstract:

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

29.

International Transmission and Monetary Policy Cooperation

ECB Working Paper No. 858
Number of pages: 48 Posted: 01 Feb 2008
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 100 (273,280)

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

30.

Uncertain Potential Output: Implications for Monetary Policy

ECB Working Paper No. 59
Number of pages: 57 Posted: 10 Feb 2003
Michael Ehrmann and Frank Smets
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 99 (275,124)
Citation 2

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Monetary policy rules; potential output; uncertainty

31.

What Horizon for Price Stability

ECB Working Paper No. 24
Number of pages: 42 Posted: 11 Dec 2002
Frank Smets
European Central Bank (ECB)
Downloads 98 (276,931)
Citation 1

Abstract:

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Monetary Policy, Strategy, Policy Rules, Euro Area

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 52 (399,677)
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 (459,985)
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

33.

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 89 (294,539)

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Adaptive learning, rational expectations, policy rules, optimal policy

34.
Downloads 88 (296,649)
Citation 32

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 56 (385,956)
Citation 11

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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
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 (500,035)

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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 3 (678,714)
Citation 6
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Nominal rigidities, output gap, Phillips curve, unemployment fluctuations, wage markup shocks

35.

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
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 88 (296,649)

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

36.

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 88 (296,649)
Citation 1

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Price Level Stability, Expectations, Adaptive Learning

37.

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 84 (305,320)
Citation 209

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DSGE models, monetary policy, euro area

38.

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 83 (307,657)
Citation 2

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global imbalances, open economy, VARs

Investment and Monetary Policy in the Euro Area

ECB Working Paper No. 78
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 78 (322,335)
Citation 1

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fiscal policy; government budget; cyclical adjustment; business cycles

Investment and Monetary Policy in the Euro Area

Journal of Banking and Finance, Forthcoming
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

40.

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 70 (339,381)
Citation 1

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

41.

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 64 (355,775)
Citation 3

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42.

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
Federal Reserve Board and European Central Bank (ECB)
Downloads 53 (389,871)
Citation 6

Abstract:

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VAR, factor models, rigidity, labour market

43.

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
affiliation not provided to SSRN, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 47 (410,436)
Citation 100

Abstract:

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price-setting, inflation persistence, monetary policy, EMU

44.

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 43 (425,480)
Citation 2

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Policy activism, DSGE model, interest rates, macroeconomic shocks

45.

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 41 (433,210)
Citation 1

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

46.
Downloads 33 (467,346)
Citation 21

Slow Recoveries: A Structural Interpretation

NBER Working Paper No. w18085
Number of pages: 39 Posted: 19 May 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 27 (511,599)
Citation 4

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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 6 (654,733)
Citation 18
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estimated DSGE models, Jobless recoveries, Okun's law, U.S. business cycle

47.

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

Australian Economic Papers, Vol. 41, pp. 404-436, 2002
Number of pages: 33 Posted: 13 Jan 2003
European Central Bank (ECB), World Bank, European Central Bank (ECB), European Central Bank (ECB) and Universidad de Murcia
Downloads 33 (467,346)
Citation 1
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Banking Supervision, Monetary Policy and Risk-Taking: Big Data Evidence from 15 Credit Registers

ECB Working Paper No. 2349
Number of pages: 46 Posted: 04 Jan 2020
European Central Bank (ECB), European Central Bank (ECB), affiliation not provided to SSRN and European Central Bank (ECB)
Downloads 23 (536,629)

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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
European Central Bank (ECB), European Central Bank (ECB), Catalan Institution of Research and Advanced Studies (ICREA) and European Central Bank (ECB)
Downloads 0
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AnaCredit, Banking, euro area crisis, monetary policy, Supervision

49.

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 (561,962)
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Business cycle, DSGE models, monetary policy

50.

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), KU Leuven and KU Leuven - Center for Economic Studies
Downloads 14 (574,506)
Citation 1

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Pipeline Pressures, Input-output linkages, Propagation, Spillovers

51.

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

ECB Working Paper No. 2352
Number of pages: 53 Posted: 04 Jan 2020
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
Downloads 13 (593,993)

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

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 (678,714)
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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)
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Citation 3
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Grease inflation, asymmetric adjustment costs, non?linear dynamics, 24, 31, 52, 61

53.

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
University of Adelaide, University of Bern - Department of Economics and European Central Bank (ECB)
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Citation 1
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Bayesian estimation, imperfect information, New Keynesian model, signal extraction

54.

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)
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Global imbalances, open economy, VARs

55.

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

56.

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
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

57.

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
European Central Bank (ECB), European Central Bank and European Central Bank (ECB)
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Effective lower bound, monetary policy, forward guidance, asset purchases, fiscal policy, euro area

58.

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 4
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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

59.

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)
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60.

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

61.

Price Shocks in General Equilibrium: Alternative Specifications

CESifo Economic Studies, Vol. 52, Issue 1, pp. 153-176, 2006
Posted: 02 Jul 2008
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

62.

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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