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Do oil price increases cause higher food prices?
Baumeister, Christiane; Kilian, Lutz - Center for Financial Studies - 2013
U.S. retail food price increases in recent years may seem large in nominal terms, but after adjusting for inflation have been quite modest even after the change in U.S. biofuel policies in 2006. In contrast, increases in the real prices of corn, soybeans, wheat and rice received by U.S. farmers...
Persistent link: https://www.econbiz.de/10010958646
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Measuring financial asset return and volatility spillovers, with application to global equity markets
Diebold, Francis X.; Yilmaz, Kamil - Center for Financial Studies - 2007
formulate and examine precise and separate measures of return spillovers and volatility spillovers. Our framework facilitates … study of both non-crisis and crisis episodes, including trends and bursts in spillovers, and both turn out to be empirically … evidence of divergent behavior in the dynamics of return spillovers vs. volatility spillovers: Return spillovers display a …
Persistent link: https://www.econbiz.de/10010958768
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The volatility of capital flows to emerging markets and financial services trade
Beck, Roland - Center for Financial Studies - 2000
This paper examines empirically the question whether the presence of foreign banks and a liberal trade regime with regard to financial services can contribute to a stabilization of capital flows to emerging markets. Since foreign banks, so the argument goes, provide better information to foreign...
Persistent link: https://www.econbiz.de/10010958599
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Financial contagion: Spillovers through banking centers
Van Rijckeghem, Caroline; Weder, Beatrice - Center for Financial Studies - 1999
This paper presents evidence that spillovers through shifts in bank lending can help explain the pattern of contagion …, specification and definition of the common bank lender effect. Overall our findings suggest that spillovers through banking centers …
Persistent link: https://www.econbiz.de/10010958810
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Test of the German resilience
Bornhorst, Fabian; Mody, Ashoka - Center for Financial Studies - 2012
From its early post-war catch-up phase, Germany's formidable export engine has been its consistent driver of growth. But Germany has almost equally consistently run current account surpluses. Exports have powered the dynamic phases and helped emerge from stagnation. Volatile external demand, in...
Persistent link: https://www.econbiz.de/10010958648
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Risks to price stability, the zero lower bound and forward guidance: A real-time assessment
Coenen, Günter; Warne, Anders - Center for Financial Studies - 2013
This paper employs stochastic simulations of the New Area-Wide Model - microfounded open-economy model developed at the ECB - to investigate the consequences of the zero lower bound on nominal interest rates for the evolution of risks to price stability in the euro area during the recent...
Persistent link: https://www.econbiz.de/10010986359
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Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero
Coenen, Günter; Orphanides, Athanasios; Wieland, Volker - Center for Financial Studies - 2003
This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...
Persistent link: https://www.econbiz.de/10010986364
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Regional inflation dynamics within and across euro area countries and a comparison with the US
Beck, Günter W.; Hubrich, Kirstin; Marcellino, Massimiliano - Center for Financial Studies - 2006
We investigate co-movements and heterogeneity in inflation dynamics of different regions within and across euro area countries using a novel disaggregate dataset to improve the understanding of inflation differentials in the European Monetary Union. We employ a model where regional inflation...
Persistent link: https://www.econbiz.de/10010986373
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Inflation rate dispersion and convergence in monetary and economic unions: lessons for the ECB
Weber, Axel A.; Beck, Günter W. - Center for Financial Studies - 2005
Using a set of regional inflation rates we examine the dynamics of inflation dispersion within the U.S.A., Japan and across U.S. and Canadian regions. We find that inflation rate dispersion is significant throughout the sample period in all three samples. Based on methods applied in the...
Persistent link: https://www.econbiz.de/10010986384
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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