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Global Financial Transmission of Monetary Policy Shocks

Ehrmann, Michael; Fratzscher, Marcel - CESifo - 2006

-sector heterogeneity. Distinguishing different transmission channels, we find that in particular the transmission via US and foreign short …-term interest rates and the exchange rate play an important role. As to the determinants of the strength of transmission to …, thus linking the strength of asset price transmission to underlying trade and asset holdings, and find that in particular …

Persistent link: https://www.econbiz.de/10005181586

National Representation in Multinational Institutions: The Case of the European Central Bank

Badinger, Harald; Nitsch, Volker - CESifo - 2011

Multinational institutions face an important trade-off when hiring personnel. On the one hand, hiring decisions are based, as in most organizations, on a candidate’s professional qualifications. On the other hand, multinational institutions often aim for broad national representation....

Persistent link: https://www.econbiz.de/10009294095

Optimal Central Bank Conservatism and Monopoly Trade Unions

Berger, Helge; Hefeker, Carsten; Schöb, Ronnie - CESifo - 2001

OPTIMThe “conservative central banker” has come under attack recently. Explicitly modeling the interaction of a trade union with monetary policy, it has been argued that the standard solution to the inflationary bias in monetary policy might actually be welfare reducing if the trade union...

Persistent link: https://www.econbiz.de/10005181631

A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan

Schnabl, Gunther; Danne, Christian - CESifo - 2007

Few papers have tried to project how Chinese monetary policy will behave under flexible exchange rates. As Japan … policy after the shift of Japan from a fixed to a floating exchange rate regime. The econometric estimations allow for regime … soften the appreciation pressure by interest rate cuts have led Japan into the liquidity trap. …

Persistent link: https://www.econbiz.de/10005405989

Resolving the Spanning Puzzle in Macro-Finance Term Structure Models

Bauer, Michael D.; Rudebusch, Glenn D. - CESifo - 2015

Previous macro-finance term structure models (MTSMs) imply that macroeconomic state variables are spanned by (i.e., perfectly correlated with) model-implied bond yields. However, this theoretical implication appears inconsistent with regressions showing that much macroeconomic variation is...

Persistent link: https://www.econbiz.de/10011155372

Fiscal Transfers in a Monetary Union with Exit Option

Hefeker, Carsten; Neugart, Michael - CESifo - 2015

It is widely debated whether a monetary union has to be accompanied by a fiscal transfer scheme to accommodate asymmetric shocks. We build a model of a monetary union with a central bank and two heterogeneous countries that are linked by a fiscal transfer scheme with repercussions on monetary...

Persistent link: https://www.econbiz.de/10011202966

Monetary Policy Analysis in Real-Time. Vintage Combination from a Real-Time Dataset.

Altavilla, Carlo; Ciccarelli, Matteo - CESifo - 2011

This paper provides a general strategy for analyzing monetary policy in real time which accounts for data uncertainty without explicitly modelling the revision process. The strategy makes use of all the data available from a real-time data matrix and averages model estimates across all data...

Persistent link: https://www.econbiz.de/10008861862

In Search for Yield? New Survey-Based Evidence on Bank Risk Taking

Buch, Claudia M.; Eickmeier, Sandra; Prieto, Esteban - CESifo - 2011

There is growing consensus that the conduct of monetary policy can have an impact on financial and economic stability through the risk-taking incentives of banks. Falling interest rates might induce a “search for yield” and generate incentives to invest into risky activities. This paper...

Persistent link: https://www.econbiz.de/10008872212

The Role of Political Institutions for the Effectiveness of Central Bank Independence

Hielscher, Kai; Markwardt, Gunther - CESifo - 2011

This paper empirically studies the impact of the quality of political institutions on the link between central bank independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible nonlinearities, we employ interaction models to...

Persistent link: https://www.econbiz.de/10008914290

Hyperbolic Discounting and Positive Optimal Inflation

Graham, Liam; Snower, Dennis - CESifo - 2011

The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...

Persistent link: https://www.econbiz.de/10009024848

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