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Monetary policy, housing booms and financial (im)balances
Eickmeier, Sandra; Hofmann, Boris - 2010
This paper uses a factor-augmented vector autoregressive model (FAVAR) estimated on U.S. data in order to analyze monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to explore the role of monetary policy in the three...
Persistent link: https://www.econbiz.de/10011605224
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Monetary policy, housing booms and financial (im)balances
Eickmeier, Sandra; Hofmann, Boris - 2010
This paper uses a factor-augmented vector autoregressive model (FAVAR) estimated on U.S. data in order to analyze monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to explore the role of monetary policy in the three...
Persistent link: https://www.econbiz.de/10010300360
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Do monetary indicators (still) predict euro area inflation?
Hofmann, Boris - 2006
This paper assesses the performance of monetary indicators in predicting euro area HICP inflation out-of-sample over …. The results suggest that monetary indicators are still useful indicators for inflation in the euro area, but that a …
Persistent link: https://www.econbiz.de/10010295806
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Macroeconomic fluctuations and bank lending: evidence for Germany and the euro area
Eickmeier, Sandra; Hofmann, Boris; Worms, Andreas - 2006
monetary policy shocks in Germany and the euro area. The results suggest that the dynamic responses in the two areas are …
Persistent link: https://www.econbiz.de/10010295823
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FCIs and economic activity: Some international evidence
Goodhart, Charles A. E.; Hofmann, Boris - 2003
, is a commonly used indicator of aggregate demand conditions. In-sample evidence for the US, the euro area, Japan and the … performance is mixed. An FCI would have predicted the recent economic downturn in Japan and the UK, but not in the US and the euro …
Persistent link: https://www.econbiz.de/10010301215
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Comparing monetary policy reaction functions: ECB versus Bundesbank
Hayo, Bernd; Hofmann, Boris - 2005
This paper compares the ECB's conduct of monetary policy with that of the Bundesbank. Estimated monetary policy reaction functions for the Bundesbank (1979:4-1998:12) and the European Central Bank (1999:1-2004:5) show that, while the ECB and the Bundesbank react similarly to expected inflation,...
Persistent link: https://www.econbiz.de/10010265742