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Asymmetric Monetary Policy Effects in Germany
Kuzin, Vladimir; Tober, Silke - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2004
In a small structural model we find asymmetries in the effects of monetary policy in Germany depending on whether the economy is in an upswing or a downswing. These two different regimes are also identified using a Markov-switching model and the Kalman filter. Our results indicate that the...
Persistent link: https://www.econbiz.de/10004963955
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Optimal Monetary Policy in a Monetary Union with Housing and Credit Market Heterogeneity
Elstner, Steffen; Hristov, Nikolay; Hülsewig, Oliver; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
central bank puts a higher weight on stabilizing inflation in the country with a higher degree of nominal rigidity continues …-country disparities in the degree of price rigidities on the volatility of inflation are amplified. While the volatility of inflation in … the economy with a higher degree of price rigidity is almost as low as in the model without borrowers, inflation in the …
Persistent link: https://www.econbiz.de/10011128094
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Optimal Monetary Policy in a Monetary Union with Housing and Credit Market Heterogeneity
Elstner, Steffen; Hristov, Nikolay; Hülsewig, Oliver; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
central bank puts a higher weight on stabilizing inflation in the country with a higher degree of nominal rigidity continues …-country disparities in the degree of price rigidities on the volatility of inflation are amplified. While the volatility of inflation in … the economy with a higher degree of price rigidity is almost as low as in the model without borrowers, inflation in the …
Persistent link: https://www.econbiz.de/10010661280
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Euro Area Government Bonds: Integration and Fragmentation during the Sovereign Debt Crisis
Ehrmann, Michael; Fratzscher, Marcel - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2015
The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in spillovers) and flight-to-quality patterns, exploiting...
Persistent link: https://www.econbiz.de/10011273259
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Flight-to-Liquidity and the Great Recession
Radde, Sören - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012
This paper argues that counter-cyclical liquidity hoarding by financial intermediaries may strongly amplify business cycles. It develops a dynamic stochastic general equilibrium model in which banks operate subject to financial frictions and idiosyncratic funding liquidity risk in their...
Persistent link: https://www.econbiz.de/10011128868
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Banks in Space: Does Distance Really Affect Cross-Border Banking?
Neugebauer, Katja - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
During the last years, gravity equations have leapt from the trade literature over into the literature on financial markets. Martin and Rey (2004) were the first to provide a theoretical model for cross-border asset trade, yielding a structural gravity equation that could be tested empirically....
Persistent link: https://www.econbiz.de/10010896125
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Bank-Specific Shocks and the Real Economy
Buch, Claudia M.; Neugebauer, Katja - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
Government interventions into the financial system in the form of bail out operations or liquidity assistance are often justified with the systemic importance of large banks for the real economy. In this paper, we test whether idiosyncratic shocks to loan growth at large banks have effects on...
Persistent link: https://www.econbiz.de/10010896126
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R&D Behavior of German Manufacturing Companies during the 2008/09 Recession
Eickelpasch, Alexander - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014
This paper investigates to what extent the R&D behavior of manufacturing companies was influenced by the 2008/09 crisis. Based on a broad official data set for German manufacturing companies, only a few companies that engaged in R&D during 2008 gave it up in the following year. Some companies...
Persistent link: https://www.econbiz.de/10010896184
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Granularity in Banking and Growth: Does Financial Openness Matter?
Bremus, Franziska; Buch, Claudia M. - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2013
We explore the impact of large banks and of financial openness for aggregate growth. Large banks matter because of granular effects: if markets are very concentrated in terms of the size distribution of banks, idiosyncratic shocks at the bank-level do not cancel out in the aggregate but can...
Persistent link: https://www.econbiz.de/10010896187
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Do Media Data Help to Predict German Industrial Production?
Kholodilin, Konstantin A.; Thomas, Tobias; Ulbricht, Dirk - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014
Expectations form the basis of economic decisions of market participants in an uncertain world. Sentiment indicators reflect those expectations and thus have a proven track record for predicting economic variables. However, respondents of surveys perceive the world to a large extent with the...
Persistent link: https://www.econbiz.de/10010786994