Details about Frank Rafael Smets

Workplace:

European Central Bank, (more information at EDIRC) Centrum voor Economische Studiën (Center for Economic Studies), Faculteit Economie en Bedrijfswetenschappen (Faculty of Business and Economics), Katholieke Universiteit Leuven (Catholic University of Leuven), (more information at EDIRC) Centre for Economic Policy Research (CEPR), (more information at EDIRC) Faculteit Economie en Bedrijfskunde (Faculty of Economics and Business), Rijksuniversiteit Groningen (Royal University of Groningen), (more information at EDIRC) SOM Research Institute, Faculteit Economie en Bedrijfskunde (Faculty of Economics and Business), Rijksuniversiteit Groningen (Royal University of Groningen), (more information at EDIRC)

Access statistics for papers by Frank Rafael Smets.

Last updated 2013-03-19. Update your information in the RePEc Author Service.

Short-id: psm33

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Working Papers

2012

1. Slow Recoveries: A Structural Interpretation
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
   Also in Open Access publications from Katholieke Universiteit Leuven, Katholieke Universiteit Leuven (2012) View citations (5)
   Working Papers, Barcelona Graduate School of Economics (2012) View citations (2)
   Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2012) View citations (2)
   NBER Working Papers, National Bureau of Economic Research, Inc (2012) View citations (2)
   See also Journal Article in Journal of Money, Credit and Banking (2012)
2. Unemployment in an Estimated New Keynesian Model
   National Bank of Poland Working Papers, National Bank of Poland, Economic Institute
   Also in 2011 Meeting Papers, Society for Economic Dynamics (2011) View citations (13)
   NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (12)
   Working Papers, Barcelona Graduate School of Economics (2011) View citations (13)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (12)
   2010 Meeting Papers, Society for Economic Dynamics (2010) View citations (2)
   Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2011) View citations (12)
   See also Chapter (2011)

2011

3. A monetary policy strategy in good and bad times: lessons from the recent past
   Working Paper Series, European Central Bank View citations (3)
4. The determination of wages of newly hired employees: survey evidence on internal versus external factors
   Working Papers, Bank of Greece
   Also in Working Papers, Czech National Bank, Research Department (2009) View citations (12)
   Research Technical Papers, Central Bank of Ireland (2010) View citations (1)
   Working Paper Series, European Central Bank (2010) View citations (11)
   See also Journal Article in Labour Economics (2012)

2010

5. Imperfect information and the business cycle
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
   Also in School of Economics Working Papers, University of Adelaide, School of Economics (2009) View citations (5)
6. Price Setting and Price Adjustment in Some European Union Countries: Introduction to the Special Issue
   Working Papers, Department of Economics, Bar-Ilan University View citations (1)
   Also in MPRA Paper, University Library of Munich, Germany (2010) View citations (1)
   See also Journal Article in Managerial and Decision Economics (2010)

2009

7. Estimation of the Euro Area Output Gap Using the NAWM
   Bank of Lithuania Working Paper Series, Bank of Lithuania View citations (5)
8. Evidence from surveys of price-setting managers: Policy lessons and directions for ongoing research
   Working Papers, Banco de Portugal, Economics and Research Department View citations (1)
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations (1)

2008

9. A quantitative perspective on optimal monetary policy cooperation between the US and the euro area
   Working Paper Series, European Central Bank View citations (11)
10. House prices and the stance of monetary policy
    Working Paper Series, European Central Bank View citations (14)
    See also Journal Article in Review (2008)
11. International transmission and monetary policy cooperation
    Working Paper Series, European Central Bank View citations (8)
    See also Chapter (2007)
12. On Implications of Micro Price Data for Macro Models
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (13)
    Also in Working Paper Series, European Central Bank (2008) View citations (13)
    See also Journal Article in Conference Series ; [Proceedings] (2008)

2007

13. Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a Medium-Scale DSGE Model
    Working papers, Banque de France View citations (12)
    See also Journal Article in Journal of Money, Credit and Banking (2008)
14. Is Time Ripe for Price Level Path Stability?
    Working Papers, Banco de Portugal, Economics and Research Department View citations (4)
    Also in Working Paper Series, European Central Bank (2007) View citations (16)
15. Real wages and monetary policy transmission in the euro area
    Kiel Working Papers, Kiel Institute for the World Economy View citations (11)
16. Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (464)
    Also in Working Paper Series, European Central Bank (2007) View citations (453)
    Working Paper Research, National Bank of Belgium (2007) View citations (447)
    See also Journal Article in American Economic Review (2007)
17. US Imbalances: The Role of Technology and Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (18)
    Also in Working Paper Series, European Central Bank (2007) View citations (33)
    See also Journal Article in Journal of International Money and Finance (2007)

2006

18. Adaptive learning, persistence, and optimal monetary policy
    Working Paper Series, European Central Bank View citations (44)
    See also Journal Article in Journal of the European Economic Association (2006)
19. Firm-Specific Production Factors in a DSGE Model with Taylor Price Setting
    MPRA Paper, University Library of Munich, Germany View citations (13)
    Also in Working Paper Series, European Central Bank (2006) View citations (11)
    Working Paper Research, National Bank of Belgium (2006) View citations (11)
    See also Journal Article in International Journal of Central Banking (2006)
20. Inflation persistence and price-setting behaviour in the euro area – a summary of the IPN evidence
    Occasional Paper Series, European Central Bank View citations (62)
21. Inflation persistence and price-setting behaviour in the euro area: a summary of the Inflation Persistence Network evidence
    Working Paper Research, National Bank of Belgium View citations (4)
22. Optimal Monetary Policy under Adaptive Learning
    Computing in Economics and Finance 2006, Society for Computational Economics View citations (22)

2005

23. Monetary Policy under Adaptive Learning
    Computing in Economics and Finance 2005, Society for Computational Economics View citations (8)
24. New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modelling
    Working Papers, Barcelona Graduate School of Economics View citations (2)
    Also in Economics Working Papers, Department of Economics and Business, Universitat Pompeu Fabra (2005) View citations (41)
    See also Journal Article in Journal of the European Economic Association (2006)
25. On the Fit and Forecasting Performance of New Keynesian Models
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (29)
    Also in Working Paper Series, European Central Bank (2005) View citations (86)
    Working Paper, Federal Reserve Bank of Atlanta (2004) View citations (24)
26. Price setting in General Equilibrium: Alternative Specifications
    Computing in Economics and Finance 2005, Society for Computational Economics View citations (15)

2004

27. Asset price booms and monetary policy
    Working Paper Series, European Central Bank View citations (81)
28. Comparing Shocks and Frictions in US and Euro Area Business Cycles: A Bayesian DSGE Approach
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (18)
    Also in Working Paper Research, National Bank of Belgium (2004) View citations (21)
    Working Paper Series, European Central Bank (2004) View citations (17)
    See also Journal Article in Journal of Applied Econometrics (2005)
29. Forecasting with a Bayesian DSGE Model: An Application to the Euro Area
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (44)
    Also in Working Paper Research, National Bank of Belgium (2004) View citations (54)
    Working Paper Series, European Central Bank (2004) View citations (53)
    See also Journal Article in Journal of Common Market Studies (2004)
30. Welfare analysis of non-fundamental asset price and investment shocks: Implications for monetary policy
    Computing in Economics and Finance 2004, Society for Computational Economics
    See also Chapter (2005)

2003

31. Output gaps:theory versus practice
    Computing in Economics and Finance 2003, Society for Computational Economics View citations (6)
32. Persistence, the Transmission Mechanism and Robust Monetary Policy
    Computing in Economics and Finance 2003, Society for Computational Economics View citations (16)
    Also in Working Paper Series, European Central Bank (2003) View citations (34)
    See also Journal Article in Scottish Journal of Political Economy (2003)

2002

33. An estimated dynamic stochastic general equilibrium model of the euro area
    Working Paper Research, National Bank of Belgium View citations (50)
    See also Journal Article in Journal of the European Economic Association (2003)
34. An estimated stochastic dynamic general equilibrium model of the euro area
    Working Paper Series, European Central Bank View citations (157)
35. Model uncertainty and the equilibrium value of the real effective euro exchange rate
    Working Paper Series, European Central Bank View citations (29)
36. Openness, imperfect exchange rate pass-through and monetary policy
    Working Paper Research, National Bank of Belgium View citations (103)
    Also in Working Paper Series, European Central Bank (2002) View citations (115)
    See also Journal Article in Journal of Monetary Economics (2002)
37. Output and interest rate gaps: Theory versus practice
    Computing in Economics and Finance 2002, Society for Computational Economics View citations (3)
38. The industry effects of monetary policy in the Euro area
    Working Paper Series, European Central Bank View citations (11)
    See also Journal Article in Economic Journal (2005)

2001

39. Are the effects of monetary policy in the euro area greater in recessions than in booms?
    Working Paper Series, European Central Bank View citations (31)
40. Investment and monetary policy in the Euro area
    Working Paper Series, European Central Bank View citations (15)
    See also Journal Article in Journal of Banking & Finance (2002)
41. The monetary transmission mechanism in the Euro area: more evidence from VAR analysis (MTN conference paper)
    Working Paper Series, European Central Bank View citations (129)
42. Uncertain Potential Output: Implications for Monetary Policy
    Working Papers, Quebec a Montreal - Recherche en gestion View citations (38)
    Also in Working Paper Series, European Central Bank (2001) View citations (19)
    Computing in Economics and Finance 2001, Society for Computational Economics (2001) View citations (19)
    See also Journal Article in Journal of Economic Dynamics and Control (2003)

2000

43. OPTIMAL MONETARY POLICY IN AN OPEN ECONOMY
    Computing in Economics and Finance 2000, Society for Computational Economics View citations (13)
44. What horizon for price stability
    Working Paper Series, European Central Bank View citations (58)

1999

45. The Exchange Rate and the Monetary Transmission Mechanism in Germany
    DNB Staff Reports (discontinued), Netherlands Central Bank View citations (14)

1998

46. Output gap uncertainty: does it matter for the Taylor rule?
    BIS Working Papers, Bank for International Settlements View citations (52)
    See also Journal Article in Empirical Economics (2002)

1997

47. Exchange Rate Regimes and the Expectations Hypothesis of the Term Structure
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (7)
    Also in BIS Working Papers, Bank for International Settlements (1997) View citations (5)
48. Financial Asset Prices and Monetary Policy: Theory and Evidence
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (34)
    Also in BIS Working Papers, Bank for International Settlements (1997) View citations (33)
    See also Chapter (1997)
49. Measuring monetary policy shocks in France, Germany and Italy: The role of the exchange rate
    BIS Working Papers, Bank for International Settlements View citations (11)
    See also Journal Article in Swiss Journal of Economics and Statistics (SJES) (1997)
50. Why Does the Yield Curve Predict Economic Activity? Dissecting the Evidence for Germany and the United States
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (13)
    Also in BIS Working Papers, Bank for International Settlements (1997) View citations (8)

1995

51. The Monetary Transmission Mechanism: Evidence from the G-7 Countries
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (67)
    Also in BIS Working Papers, Bank for International Settlements (1995) View citations (44)
52. The Term Structure of Euro-Rates: Some Evidence in Support of the Expectations Hypothesis
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (20)
    Also in BIS Working Papers, Bank for International Settlements (1995) View citations (4)
    See also Journal Article in Journal of International Money and Finance (1997)

1994

53. Contagious Speculative Attacks
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (28)
    Also in BIS Working Papers, Bank for International Settlements (1994) View citations (20)
    See also Journal Article in European Journal of Political Economy (1995)

Journal Articles

2012

1. Slow Recoveries: A Structural Interpretation
   Journal of Money, Credit and Banking, 2012, 44, 9-30 View citations (5)
   See also Working Paper (2012)
2. The determination of wages of newly hired employees: Survey evidence on internal versus external factors
   Labour Economics, 2012, 19, (5), 802-812 View citations (3)
   See also Working Paper (2011)

2010

3. DSGE models and their use at the ECB
   SERIEs, 2010, 1, (1), 51-65 View citations (4)
4. Downward Wage Rigidities and Optimal Monetary Policy in a Monetary Union
   Scandinavian Journal of Economics, 2010, 112, (4), 812-840 View citations (8)
5. Price setting and price adjustment in some European Union Countries: introduction to the special issue
   Managerial and Decision Economics, 2010, 31, (2-3), 63-66 View citations (3)
   See also Working Paper (2010)
6. Some Macroeconomic and Monetary Policy Implications of New Micro Evidence on Wage Dynamics
   Journal of the European Economic Association, 2010, 8, (2-3), 506-513 View citations (5)
7. Uncertainty, Risk-taking, and the Business Cycle in Germany
   CESifo Economic Studies, 2010, 56, (4), 596-626 View citations (6)

2008

8. Differences in Interest Rate Policy at the ECB and the Fed: An Investigation with a Medium-Scale DSGE Model
   Journal of Money, Credit and Banking, 2008, 40, (2-3), 505-521 View citations (19)
   See also Working Paper (2007)
9. House prices and the stance of monetary policy
   Review, 2008, (Jul), 339-366 View citations (29)
   See also Working Paper (2008)
10. On implications of micro price data for macro models
    Conference Series ; [Proceedings], 2008 View citations (18)
    See also Working Paper (2008)

2007

11. Housing is the business cycle: commentary
    Proceedings, 2007, 235-243
12. On the Fit of New Keynesian Models
    Journal of Business & Economic Statistics, 2007, 25, 123-143 View citations (84)
13. Rejoinder
    Journal of Business & Economic Statistics, 2007, 25, 159-162
14. Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach
    American Economic Review, 2007, 97, (3), 586-606 View citations (449)
    See also Working Paper (2007)
15. Transparency, Communication and Commitment
    International Journal of Central Banking, 2007, 3, (1)
16. US imbalances: The role of technology and policy
    Journal of International Money and Finance, 2007, 26, (4), 523-545 View citations (19)
    See also Working Paper (2007)

2006

17. Adaptive Learning, Persistence, and Optimal Monetary Policy
    Journal of the European Economic Association, 2006, 4, (2-3), 376-385 View citations (30)
    See also Working Paper (2006)
18. Firm-Specific Production Factors in a DSGE Model with Taylor Price Setting
    International Journal of Central Banking, 2006, 2, (3) View citations (13)
    See also Working Paper (2006)
19. MONETARY POLICY OVER TIME
    Macroeconomic Dynamics, 2006, 10, (02), 207-229 View citations (2)
20. New Evidence on Inflation Persistence and Price Stickiness in the Euro Area: Implications for Macro Modeling
    Journal of the European Economic Association, 2006, 4, (2-3), 562-574 View citations (56)
    See also Working Paper (2005)
21. Price Shocks in General Equilibrium: Alternative Specifications
    CESifo Economic Studies, 2006, 52, (1), 153-176 View citations (9)
22. Staggered Pricing Models Face the Facts
    International Journal of Central Banking, 2006, 2, (3)

2005

23. Bayesian New Neoclassical Synthesis (NNS) Models: Modern Tools for Central Banks
    Journal of the European Economic Association, 2005, 3, (2-3), 422-433 View citations (9)
24. Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE Approach
    Journal of Applied Econometrics, 2005, 20, (2), 161-183 View citations (137)
    See also Working Paper (2004)
25. The Industry Effects of Monetary Policy in the Euro Area
    Economic Journal, 2005, 115, (503), 319-342 View citations (54)
    See also Working Paper (2002)

2004

26. Comments on "Mark-up fluctuations and fiscal policy stabilisation in a monetary union"
    Journal of Macroeconomics, 2004, 26, (2), 377-379
27. Forecasting with a Bayesian DSGE Model: An Application to the Euro Area
    Journal of Common Market Studies, 2004, 42, (4), 841-867 View citations (44)
    See also Working Paper (2004)

2003

28. An Estimated Dynamic Stochastic General Equilibrium Model of the Euro Area
    Journal of the European Economic Association, 2003, 1, (5), 1123-1175 View citations (655)
    See also Working Paper (2002)
29. Maintaining price stability: how long is the medium term?
    Journal of Monetary Economics, 2003, 50, (6), 1293-1309 View citations (59)
30. Persistence, The Transmission Mechanism And Robust Monetary Policy
    Scottish Journal of Political Economy, 2003, 50, (5), 527-549 View citations (24)
    See also Working Paper (2003)
31. Uncertain potential output: implications for monetary policy
    Journal of Economic Dynamics and Control, 2003, 27, (9), 1611-1638 View citations (56)
    See also Working Paper (2001)

2002

32. Determinants of the Effective Real Exchange Rate of the Synthetic Euro: Alternative Methodological Approaches
    Australian Economic Papers, 2002, 41, (4), 404-436 View citations (12)
33. Investment and monetary policy in the euro area
    Journal of Banking & Finance, 2002, 26, (11), 2111-2129 View citations (12)
    See also Working Paper (2001)
34. Monetary Policy, Price Stability and Output Gap Stabilization
    International Finance, 2002, 5, (2), 193-211 View citations (17)
35. Monetary policy in an estimated stochastic dynamic general equilibrium model of the Euro area
    Proceedings, 2002, (Mar) View citations (26)
36. Openness, imperfect exchange rate pass-through and monetary policy
    Journal of Monetary Economics, 2002, 49, (5), 947-981 View citations (109)
    See also Working Paper (2002)
37. Output gap uncertainty: Does it matter for the Taylor rule?
    Empirical Economics, 2002, 27, (1), 113-129 View citations (57)
    See also Working Paper (1998)

2000

38. MCIs and monetary policy
    European Economic Review, 2000, 44, (9), 1677-1700 View citations (37)
39. Price Level Stability: Some Issues
    National Institute Economic Review, 2000, 174, (1), 68-79 View citations (1)

1999

40. Output gaps and monetary policy in the EMU area1
    European Economic Review, 1999, 43, (4-6), 801-812 View citations (87)
41. The Taylor Rule: A Useful Monetary Policy Benchmark for the Euro Area?
    International Finance, 1999, 2, (1), 85-116 View citations (84)
42. Uncertainty and the Taylor rule in a simple model of the Euro-area economy
    Proceedings, 1999 View citations (31)

1997

43. Commentaire de l'article de F. Barran, V. Coudert et B. Mojon
    Revue Française d'Économie, 1997, 12, (2), 159-176
44. Measuring Monetary Policy Shocks in France, Germany and Italy: The Role of The Exchange Rate
    Swiss Journal of Economics and Statistics (SJES), 1997, 133, (III), 597-616 View citations (10)
    See also Working Paper (1997)
45. The term structure of Euro-rates: some evidence in support of the expectations hypothesis
    Journal of International Money and Finance, 1997, 16, (2), 305-321 View citations (55)
    See also Working Paper (1995)

1995

46. Contagious speculative attacks
    European Journal of Political Economy, 1995, 11, (1), 45-63 View citations (74)
    See also Working Paper (1994)

Books

2010

1. CNB Economic Research Bulletin: Wage Adjustment in Europe, vol 8
   Occasional Publications - Edited Volumes, Czech National Bank, Research Department

2008

2. Commodities, Energy and Finance
   SUERF Studies, SUERF - The European Money and Finance Forum

Edited books

2011

1. Approaches to monetary policy revisited - lessons from the crisis, 6th ECB Central Banking Conference, 18-19 November 2010
   Books, European Central Bank

2010

2. The euro at ten - lessons and challenges, 5th ECB Central Banking Conference, 13-14 November 2008
   Books, European Central Bank

Chapters

2011

1. Unemployment in an Estimated New Keynesian Model
   A chapter in NBER Macroeconomics Annual 2011, Volume 26, 2011, pp 329-360 View citations (12)
   See also Working Paper (2012)

2010

2. Inflation Expectations, Adaptive Learning and Optimal Monetary Policy
   Chapter 19 in Handbook of Monetary Economics, 2010, vol. 3, pp 1055-1095 View citations (2)

2009

3. Comment on "Reflections on Monetary Policy in the Open Economy"
   A chapter in NBER International Seminar on Macroeconomics 2008, 2009, pp 149-154

2008

4. How should monetary policy take commodity and energy prices into account?
   SUERF - The European Money and Finance Forum

2007

5. International Transmission and Monetary Policy Cooperation
   A chapter in International Dimensions of Monetary Policy, 2007, pp 157-192 View citations (5)
   See also Working Paper (2008)

2005

6. Welfare analysis of non-fundamental asset price and investment shocks: implications for monetary policy
   A chapter in Investigating the relationship between the financial and real economy, 2005, vol. 22, pp 146-65
   See also Working Paper (2004)

1997

7. Financial-asset Prices and Monetary Policy: Theory and Evidence
   A chapter in Monetary Policy and Inflation Targeting, 1997
   See also Working Paper (1997)

Undated

8. Lessons for monetary policy strategies from the recent past
   European Central Bank View citations (4)

Editor

1. International Journal of Central Banking
   International Journal of Central Banking