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The unintended consequences of the debt: Will increased government expenditure hurt the economy?

Werner, Richard A. - Center for Financial Studies - 2011

that of Japan in the 1990s. Then a weak economy with risk-averse banks seemed to require some of the largest peacetime …

Persistent link: https://www.econbiz.de/10010958773

Credit risk transfers and the macroeconomy

Faia, Ester - Center for Financial Studies - 2010

credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets …

Persistent link: https://www.econbiz.de/10010986438

A new comparative approach to macroeconomic modeling and policy analysis

Wieland, Volker; Cwik, Tobias J.; Müller, Gernot J.; … - Center for Financial Studies - 2012

In the aftermath of the global financial crisis, the state of macroeconomic modeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of...

Persistent link: https://www.econbiz.de/10010986439

Exit strategies

Angeloni, Ignazio; Faia, Ester; Winkler, Roland C. - Center for Financial Studies - 2010

We study alternative scenarios for exiting the post-crisis fiscal and monetary accommodation using the model of Angeloni and Faia (2010), that combines a standard DSGE framework with a fragile banking sector, suitably modified and calibrated for the euro area. Credibly announced and fast fiscal...

Persistent link: https://www.econbiz.de/10010958696

Quantitative easing: A rationale and some evidence from Japan

Wieland, Volker - Center for Financial Studies - 2009

of recent announcements regarding direct asset purchases by the Bank of England, the Bank of Japan, the U.S. Federal … Reserve and the European Central Bank. Empirical evidence from the previous period of quantitative easing in Japan between … 2001 and 2006 is presented. During this earlier period the Bank of Japan was able to expand the monetary base very quickly …

Persistent link: https://www.econbiz.de/10010958535

Money in monetary policy design under uncertainty: A formal characterization of ECB-style cross-checking

Beck, Günter W.; Wieland, Volker - Center for Financial Studies - 2006

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. The case against including money in the central banks interest rate rule is based on a standard model of the monetary transmission process that underlies...

Persistent link: https://www.econbiz.de/10010986372

Opting out of the great inflation: German monetary policy after the break down of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - Center for Financial Studies - 2008

During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the...

Persistent link: https://www.econbiz.de/10010986410

Sticky prices and monetary policy: Evidence from disaggregated US data

Boivin, Jean; Giannoni, Marc P.; Mihov, Ilian - Center for Financial Studies - 2006

This paper uses factor-augmented vector autoregressions (FAVAR) estimated using a large data set to disentangle fluctuations in disaggregated consumer and producer prices which are due to macroeconomic factors from those due to sectorial conditions. This allows us to provide consistent estimates...

Persistent link: https://www.econbiz.de/10010986414

Money in monetary policy design under uncertainty: The two-pillar Phillips curve versus ECB-style cross-checking

Beck, Günter W.; Wieland, Volker - Center for Financial Studies - 2006

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central banks interest rate rule is based on a standard model of...

Persistent link: https://www.econbiz.de/10010986472

Monetary policy, indeterminacy and learning

Evans, George W.; McGough, Bruce - Center for Financial Studies - 2003

The development of tractable forward looking models of monetary policy has lead to an explosion of research on the implications of adopting Taylor-type interest rate rules. Indeterminacies have been found to arise for some specifications of the interest rate rule, raising the possibility of...

Persistent link: https://www.econbiz.de/10010986495