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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/10010535438

Does anticipation of government spending matter? Evidence from an expectation augmented VAR

Tenhofen, Jörn; Wolff, Guntram B. - Deutsche Bundesbank - 2007

How does private consumption react to an exogenous increase in government expenditure? Standard structural vector autoregressions (SVARs) usually report a positive GDP as well as consumption response, while event studies report a negative consumption response. We investigate in a SVAR whether...

Persistent link: https://www.econbiz.de/10005083242

The macroeconomic effects of exogenous fiscal policy shocks in Germany: a disaggregated SVAR analysis

Wolff, Guntram B.; Tenhofen, Jörn; Heppke-Falk, Kirsten H. - Deutsche Bundesbank - 2006

We investigate the short-term effects of fiscal policy shocks on the German economy following the SVAR approach by Blanchard and Perotti (2002). We find that direct government expenditure shocks increase output and private consumption on impact with low statistical significance, while they...

Persistent link: https://www.econbiz.de/10005083253

Taylor rules for the euro area: the issue of real-time data

Gerdesmeier, Dieter; Roffia, Barbara - Deutsche Bundesbank - 2004

Recently, a number of studies have made an attempt to deal with the key issue of the incompleteness of information available to the central bank when taking its monetary policy decisions. This study adds to this literature by tackling the problem with regard to the euro area. The analysis is...

Persistent link: https://www.econbiz.de/10005083249

Interest rate reaction functions for the euro area Evidence from panel data analysis

Ruth, Karsten - Deutsche Bundesbank - 2004

As of today, estimating interest rate reaction functions for the Euro Area is hampered by the short time span since the conduct of a single monetary policy. In this paper we circumvent the common use of aggregated data before 1999 by estimating interest rate reaction functions based on a panel...

Persistent link: https://www.econbiz.de/10005083306