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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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Who gains from nominal devaluation? : an empirical assessment of Euro-area exports and imports
Breuer, Sebastian; Klose, Jens - In: The world economy : the leading journal on … 38 (2015) 12, pp. 1966-1989
Persistent link: https://www.econbiz.de/10011509241
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Federal reserve communications and emerging equity markets
Hayo, Bernd; Kutan, Ali Mustafa; Neuenkirch, Matthias - In: Southern economic journal 78 (2012) 3, pp. 1041-1056
Persistent link: https://www.econbiz.de/10009502346
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Federal Reserve Communications and Emerging Equity Markets
Hayo, Bernd - 2010
Work on the impact of U.S. monetary policy on emerging financial markets mostly focuses on official federal funds rate announcements; empirical evidence using data on informal communication channels, such as speeches, is scant. Employing a unique data set covering formal and informal...
Persistent link: https://www.econbiz.de/10013152782
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Central bank communication in the financial crisis : evidence from a survey of financial market participants
Hayo, Bernd; Neuenkirch, Matthias - 2014 - This version: 9 January 2014
In this paper, we study whether central bank communication has a positive effect on market participants' perception of central banks' (i) credibility, (ii) unorthodox measures, and (iii) independence. We utilise a survey of more than 500 financial market participants from around the world who...
Persistent link: https://www.econbiz.de/10010356195
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Central bank communication in the financial crisis : evidence from a survey of financial market participants
Hayo, Bernd; Neuenkirch, Matthias - 2014 - This version: 9 January 2014
In this paper, we study whether central bank communication has a positive effect on market participants’ perception of central banks’ (i) credibility, (ii) unorthodox measures, and (iii) independence. We utilise a survey of more than 500 financial market participants from around the world...
Persistent link: https://www.econbiz.de/10010226327
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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