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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

The debt brake: business cycle and welfare consequences of Germany's new fiscal policy rule

Mayer, Eric; Stähler, Nikolai - Deutsche Bundesbank - 2009

In a New Keynesian DSGE model with non-Ricardian consumers, we show that automatic stabilization according to a countercyclical spending rule following the idea of the debt brake is well suited both to steer the economy and in terms of welfare. In particular, the adjustment account set up to...

Persistent link: https://www.econbiz.de/10005059028

Cost-Push Shocks and Monetary Policy and Monetary Policy

Sutherland, Alan - Deutsche Bundesbank - 2002

Geldpolitik in einem 2-Länder-Modell mit träger Preisanpassung. Neben einem Cost-Push-Schock erlebt jedes Land auch …

Persistent link: https://www.econbiz.de/10005083233