http://www.bis.org/cbhub/list/author/author_2156/index.rss Research hub papers by author Beatrice Pierluigi en http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1512.pdf European Central Bank Working papers by Elena Angelini, Alistair Dieppe, Beatrice Pierluigi Learning about wage and price mark-ups in euro area countries, 2013-02-13T12:35:59Z In this paper we show that higher flexibility, measured by lower wage and price mark-ups leads to reduced inflationary pressures, increase in competitiveness, and higher output. A rational expectation and a learning version of the ECB's New Multi-Country Model are used to understand plausible dynamics of labour cost and price adjustments. In the rational expectation version of the model gains are quicker but more short-lived than in a learning environment. We argue that a rational expectation model appears appropriate to describe the abrupt wage adjustment which took place in the Baltic States. By contrast, a learning model appears better suited to capture the gradual wage adjustment of Germany during the 2000s and the one that started in Spain and Italy after the 2008-09 crisis. In fact, in view of implementation lags and the need to change institutions, in the above countries the adjustment should be expected to deliver output gains less quickly than in the Baltic States. In this paper we use the linked version of the model to evaluate the aggregate impact of the imposed shocks as well as possible spillover effects within the euro area. All in all, spillover effects are relatively small. Learning about wage and price mark-ups in euro area countries, 2013-02-13T12:35:59Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1512.pdf Elena Angelini Beatrice Pierluigi Alistair Dieppe Elena Angelini, Alistair Dieppe, Beatrice Pierluigi 2013-02-13 European Central Bank Working papers http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1284.pdf European Central Bank Working papers by Jan Bruha, Beatrice Pierluigi, Roberta Serafini Euro area labour markets: different reactions to shocks? 2011-01-06T06:21:59Z A small labour market model for the six largest euro area countries (Germany, France, Italy, Spain, the Netherlands, Belgium) is estimated in a state -space framework. The model entails, in the long run, four driving forces: a trend labour force component, a trend labour productivity component, a long-run inflation rate and a trend hours worked component. The short run dynamics is governed by a VAR model including six shocks. The state-space framework is convenient for the decomposition of endogenous variables in trends and cycles, for shock decomposition, for incorporating external judgement, and for running conditional projections. The forecast performance of the model is rather satisfactory. The model is used to carry out a policy experiment with the objective of investigating whether euro area countries differ in the labour market adjustment to a reduction in labour costs. Results suggest that, following the 2008-09 recession, moderate wage growth would significantly help delivering a more job-intense recovery. Euro area labour markets: different reactions to shocks? 2011-01-06T06:21:59Z ECB Full text http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1284.pdf Roberta Serafini Jan Bruha Beatrice Pierluigi Jan Bruha, Beatrice Pierluigi, Roberta Serafini 2011-01-05 European Central Bank Working papers http://www.ecb.int/pub/pdf/scpops/ecbocp90.pdf European Central Bank Occasional papers by Malin Andersson, Arne Gieseck, Beatrice Pierluigi and Nick Vidalis Wage growth dispersion across the euro area countries: some stylised facts 2008-07-07T12:35:59Z Wage growth dispersion across the euro area countries: some stylised facts 2008-07-07T12:35:59Z ECB Full text http://www.ecb.int/pub/pdf/scpops/ecbocp90.pdf Arne Gieseck Nick Vidalis Beatrice Pierluigi Malin Andersson Malin Andersson, Arne Gieseck, Beatrice Pierluigi and Nick Vidalis 2008-07 European Central Bank Occasional papers C10 E24 E31 http://www.ecb.int/pub/pdf/scpwps/ecbwp912.pdf European Central Bank Working papers by Beatrice Pierluigi and Moreno Roma Labour cost and employment across euro area countries and sectors 2008-06-30T17:34:59Z Labour cost and employment across euro area countries and sectors 2008-06-30T17:34:59Z ECB Full text http://www.ecb.int/pub/pdf/scpwps/ecbwp912.pdf Beatrice Pierluigi Moreno Roma Beatrice Pierluigi and Moreno Roma 2008-06 European Central Bank Working papers http://www.ecb.int/pub/pdf/scpops/ecbocp45.pdf European Central Bank Occasional papers by Nicholai Benalal, Juan Luiz Diaz del Hoyo, Beatrice Pierluigi and Nick Vidalis Output growth differentials across the euro area countries: some stylised facts 2006-05-22T17:30:59Z Output growth differentials across the euro area countries: some stylised facts 2006-05-22T17:30:59Z ECB Full text http://www.ecb.int/pub/pdf/scpops/ecbocp45.pdf Nicholai Benalal Nick Vidalis Beatrice Pierluigi Juan Luiz Diaz del Hoyo Nicholai Benalal, Juan Luiz Diaz del Hoyo, Beatrice Pierluigi and Nick Vidalis 2006-05 European Central Bank Occasional papers C10 E32 O40