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dc.contributor.authorGalí, Jordi
dc.contributor.authorGertler, Mark
dc.contributor.authorLópez Salido, J. David
dc.coverage.spatialZona euro
dc.coverage.spatialEstados Unidos
dc.date.accessioned2019-08-10T17:41:10Z
dc.date.available2019-08-10T17:41:10Z
dc.date.issued2003
dc.identifier.issn0213-2710
dc.identifier.urihttps://repositorio.bde.es/handle/123456789/6768
dc.description.abstractWe construct a measure of Euro area cyclical effficiency, following the approach developed in Galí, Gertler and López-Salido (2002).Our measure -wich we call “the gap”- corresponds to the inverse of price over social marginal cost. Here we present a time series of this gap for the Euro area, as well as it two components, the price and wage markups. As with U.S. data, the inefficiency gap is highly procyclical, and driven largely by countercyclical movements in the wage markup. We are also able to use our gap variable to derive a theory-based measure of the output gap for the Euro area, which we can compare to other measures often used in applications. We also show that the wage markup moves closely with the unemployment rate, as theory would suggest. Finally, we discuss briefly the implications for monetary policy of alternative interpretations of our evidence [resumen de autor]
dc.format.extent38 p.
dc.language.isoeng
dc.publisherBanco de España. Servicio de Estudios
dc.relation.ispartofDocumentos de trabajo / Banco de España, 0302
dc.rightsReconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)
dc.rightsIn Copyright - Non Commercial Use Permitted
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES
dc.rights.urihttp://rightsstatements.org/vocab/InC-NC/1.0/
dc.subjectBusiness cycles
dc.subjectCountercyclical markups
dc.subjectMonetary policy
dc.titleThe euro area inefficiency gap
dc.typeLibro
dc.identifier.bdebib000175404
dc.identifier.bdepubDTRA-200302-eng
dc.subject.bdeFluctuaciones y ciclos económicos
dc.subject.bdeFluctuaciones económicas
dc.publisher.bdeMadrid : Banco de España. Servicio de Estudios, 2003
dc.subject.jelE3
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