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Thierfelder, Felix - Deutsche Bundesbank - 2012

Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up … during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not … need to provide longer-term liquidity. The paper asks what market failure central banks were addressing by intervening and …

Persistent link: https://www.econbiz.de/10010957159

Maturity shortening and market failure

Thierfelder, Felix - Deutsche Bundesbank - 2012

Persistent link: https://www.econbiz.de/10010535438

Inflation, deflation, and uncertainty: What drives euro area option-implied inflation expectations and are they still anchored in the sovereign debt crisis?

Scharnagl, Michael; Stapf, Jelena - Deutsche Bundesbank - 2014

We tackle two questions in this paper: In the sovereign debt crisis, what moves the euro area inflation outlook and has the firm anchoring of medium to long-term inflation expectations been touched? Deriving densities from a new data set on options on the euro area harmonized index of consumer...

Persistent link: https://www.econbiz.de/10010957128

What horizon for targeting inflation?

Q. Farooq Akram. - Norges Bank - 2008

We investigate optimal horizons for targeting inflation in response to different shocks and their properties under alternative preferences of an inflation-targeting central bank. Our analysis is based on a well specified macroeconometric model of Norway, but we examine how alternative...

Persistent link: https://www.econbiz.de/10005292516

Monetary and fiscal policy interactions in a New Keynesian model with capital accumulation and non-Ricardian consumers

Leith, Campbell; von Thadden, Leopold - Deutsche Bundesbank - 2006

This paper develops a small New Keynesian model with capital accumulation and government debt dynamics. The paper discusses the design of simple monetary and fiscal policy rules consistent with determinate equilibrium dynamics in the absence of Ricardian equivalence. Under this assumption,...

Persistent link: https://www.econbiz.de/10005083241

Nowcasting GDP in real-time: A density combination approach

Aastveit, Knut Are; Gerdrup, Karsten R.; Jore, Anne Sofie; … - Norges Bank - 2011

In this paper we use U.S. real-time vintage data and produce combined density nowcasts for quarterly GDP growth from a system of three commonly used model classes. The density nowcasts are combined in two steps. First, a wide selection of individual models within each model class are combined...

Persistent link: https://www.econbiz.de/10009366339

From a fixed exchange rate regime to inflation targeting - A documentation paper on Norges Bank and monetary policy, 1992-2001

Kleivset, Christoffer - Norges Bank - 2012

This paper documents Norges Bank’s role in the long transition period from a fixed exchange rate regime to inflation targeting in Norway. It is shown that the Bank’s leadership and influential department leaders wanted more exchange rate flexibility from early on. However, due to the...

Persistent link: https://www.econbiz.de/10010835423

Delors and the core: Cooperative monetary policy games and the transition to EMU

Martin, Klein - University of Bonn, Germany

Persistent link: https://www.econbiz.de/10004989590

Price level fluctuations under the real bills doctrine and the quality theory

Drees, Burkhard; Eckwert, Bernhard - University of Bonn, Germany - 1990

Persistent link: https://www.econbiz.de/10004993117

Why the forward rate is a biased predictor of the future spot rate if investors are riskneutral

Schmidt, Roland - University of Bonn, Germany

Persistent link: https://www.econbiz.de/10004968301