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Equilibrium real interest rates, secular stagnation, and the financial cycle : empirical evidence for euro-area member countries
Belke, Ansgar; Klose, Jens - 2018
Is the Euro area as a whole, or are individual Euro-area member countries facing a period of sustained lower economic …, we expand our model to incorporate the financial cycle. We estimate the model for the Euro area as a whole and for nine … Euro-area member countries. Incorporating the financial cycle changes the estimated equilibrium real interest rates: For …
Persistent link: https://www.econbiz.de/10011894437
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Equilibrium real interest rates, secular stagnation, and the financial cycle : empirical evidence for euro-area member countries
Belke, Ansgar; Klose, Jens - 2018
Is the Euro area as a whole, or are individual Euro-area member countries facing a period of sustained lower economic …, we expand our model to incorporate the financial cycle. We estimate the model for the Euro area as a whole and for nine … Euro-area member countries. Incorporating the financial cycle changes the estimated equilibrium real interest rates: For …
Persistent link: https://www.econbiz.de/10012131206
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Equilibrium real interest rates, secular stagnation, and the financial cycle : empirical evidence for euro-area member countries
Belke, Ansgar; Klose, Jens - 2018
Is the Euro area as a whole, or are individual Euro-area member countries facing a period of sustained lower economic …, we expand our model to incorporate the financial cycle. We estimate the model for the Euro area as a whole and for nine … Euro-area member countries. Incorporating the financial cycle changes the estimated equilibrium real interest rates: For …
Persistent link: https://www.econbiz.de/10011799334
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Who gains from nominal devaluation? : an empirical assessment of Euro-area exports and imports
Breuer, Sebastian; Klose, Jens - 2013
In early 2013 rumors about the Euro-appreciation gained momentum, which may lead to decreases in exports and increases … in imports of the member states. Therefore, we investigate the impact of changes in the nominal Euro exchange rate vis …-à-vis major currencies on export and import performance of nine different Euro-area-countries. To disentangle the "true …
Persistent link: https://www.econbiz.de/10010197621
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Modifying Taylor reaction functions in presence of the zero-lower-bound : evidence for the ECB and the Fed
Belke, Ansgar; Klose, Jens - 2012
We propose an alternative way of estimating Taylor reaction functions if the zero-lowerbound on nominal interest rates is binding. This approach relies on tackling the real rather than the nominal interest rate. So if the nominal rate is (close to) zero central banks can influence the inflation...
Persistent link: https://www.econbiz.de/10009579305
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Modifying Taylor Reaction Functions in Presence of the Zero-Lower-Bound – Evidence for the ECB and the Fed
Belke, Ansgar Hubertus - 2012
We propose an alternative way of estimating Taylor reaction functions if the zero-lowerbound on nominal interest rates is binding. This approach relies on tackling the real rather than the nominal interest rate. So if the nominal rate is (close to) zero central banks can influence the infl ation...
Persistent link: https://www.econbiz.de/10013102781
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Modifying Taylor Reaction Functions in Presence of the Zero-Lower-Bound : Evidence for the ECB and the Fed
Belke, Ansgar Hubertus - 2012
We propose an alternative way of estimating Taylor reaction functions if the zero-lowerbound on nominal interest rates is binding. This approach relies on tackling the real rather than the nominal interest rate. So if the nominal rate is (close to) zero central banks can influence the inflation...
Persistent link: https://www.econbiz.de/10013103372
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Modifying Taylor reaction functions in presence of the zero-lower-bound : evidence for the ECB and the Fed
Belke, Ansgar; Klose, Jens - 2012
We propose an alternative way of estimating Taylor reaction functions if the zero-lowerbound on nominal interest rates is binding. This approach relies on tackling the real rather than the nominal interest rate. So if the nominal rate is (close to) zero central banks can influence the inflation...
Persistent link: https://www.econbiz.de/10010209965
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Forecasting ECB policy rates with different monetary policy rules
Belke, Ansgar; Klose, Jens - 2019
This article compares two types of monetary policy rules - the Taylor-Rule and the Orphanides-Rule - with respect to their forecasting properties for the policy rates of the European Central Bank. In this respect the basic rules, results from estimated models and augmented rules are compared....
Persistent link: https://www.econbiz.de/10012063951
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COVID-19 and financial markets : a panel analysis for European countries
Klose, Jens; Tillmann, Peter - 2020
In order to fight the economic consequences of the COVID-19 pandemic, monetary and fiscal policy announced a large variety of support packages which are often unprecedented in size. In this paper, we provide an empirical analysis of the responses of European financial markets to these policy...
Persistent link: https://www.econbiz.de/10012224892