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Does Government Ideology Matter in Monetary Policy?: A Panel Data Analysis for OECD Countries

Belke, Ansgar; Potrafke, Niklas - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011

This paper examines whether government ideology has influenced monetary policy in OECD countries. We use quarterly data in the 1980.1-2005.4 period and exclude EMU countries. Our Taylor-rule specification focuses on the interactions of a new time-variant index of central bank independence with...

Persistent link: https://www.econbiz.de/10009395418

How Much Fiscal Backing Must the ECB Have?: The Euro Area Is Not the Philippines

Belke, Ansgar - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010

The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations ("repo"). This has led some commentators to argue that the ECB needs "fiscal...

Persistent link: https://www.econbiz.de/10008535997

Driven by the Markets?: ECB Sovereign Bond Purchases and the Securities Markets Programme

Belke, Ansgar - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010

After the dramatic rescue package for the euro area, the governing council of the European Central Bank decided to purchase European government bonds - to ensure an “orderly monetary policy transmission mechanism”. Many observers argued that, by bond purchases, national fiscal policies could...

Persistent link: https://www.econbiz.de/10008492948

The Credibility of Monetary Policy Announcements: Empirical Evidence for OECD Countries since the 1960s

Belke, Ansgar; Freytag, Andreas; Keil, Jonas; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012

Monetary policy rules have been considered as fundamental protection against inflation. However, empirical evidence for … a correlation between rules and inflation is relatively weak. In this paper, we first discuss likely causes for this …

Persistent link: https://www.econbiz.de/10010896170

Fiscal Spillovers in the Euro Area

Caporale, Guglielmo Maria; Girardi, Alessandro - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011

This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...

Persistent link: https://www.econbiz.de/10009325377

Race to the Debt Trap?: Spatial Econometric Evidence on Debt in German Municipalities

Fossen, Frank M.; Freier, Ronny; Martin, Thorsten - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014

Through an intertemporal budget constraint, jurisdictions may gain advantages in tax and spending competition by 'competing' on debt. While the existing spatial econometric literature focuses on tax and spending competition, very little is known about spatial interaction via public debt. This...

Persistent link: https://www.econbiz.de/10011118569

Employment Growth, Inflation and Output Growth: Was Phillips Right?: Evidence from a Dynamic Panel

Caporale, Guglielmo Maria; Skare, Marinko - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011

In this paper we analyse the short- and long-run relationship between employment growth, inflation and output growth in … growth, inflation and output growth with bidirectional causality between employment growth and inflation as well as output …

Persistent link: https://www.econbiz.de/10009225992

Inflation and Inflation Uncertainty in the Euro Area

Caporale, Guglielmo Maria; Onorante, Luca; Paesani, Paolo - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009

This paper estimates a time-varying AR-GARCH model of inflation producing measures of inflation uncertainty for the … policy regime change associated with the start of EMU in 1999. The main findings are as follows. Steady-state inflation and … inflation uncertainty have declined steadily since the inception of EMU, whilst short-run uncertainty has increased, mainly …

Persistent link: https://www.econbiz.de/10004963627

Food Price Inflation and Children's Schooling

Grimm, Michael - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008

I analyze the impact of food price inflation on parental decisions to send their children to school. Moreover, I use …

Persistent link: https://www.econbiz.de/10004963629

Multi-Factor Gegenbauer Processes and European Inflation Rates

Caporale, Guglielmo Maria; Gil-Alana, Luis A. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009

, Italy and the UK). The empirical results suggest that inflation in France and Italy is nonstationary. However, while for the … exclusively from the long-run or zero frequency. In the UK, inflation seems to be stationary with a component of long memory at …

Persistent link: https://www.econbiz.de/10004963951