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Time variation in macro-financial linkages

Prieto, Esteban; Eickmeier, Sandra; Marcellino, Massimiliano - Deutsche Bundesbank - 2013

We analyze the contribution of credit spread, house and stock price shocks to GDP growth in the US based on a Bayesian VAR with time-varying parameters estimated over 1958-2012. Our main findings are: (i) The contribution of financial shocks to GDP growth fluctuates from about 20 percent in...

Persistent link: https://www.econbiz.de/10010957086

Business cycles and FDI: evidence from German sectoral data

Buch, Claudia M.; Lipponer, Alexander - Deutsche Bundesbank - 2005

Globalization has effected business cycle developments in OECD countries and has increased activities of firms across national borders. This paper analyzes whether these two developments are linked. We use a new firm-level dataset on the foreign activities of German firms to test whether foreign...

Persistent link: https://www.econbiz.de/10005083107

Imperfect Competition, Monetary Policy and Welfare in a Currency Area

Lombardo, Giovanni - Deutsche Bundesbank - 2002

optimal inflation target for the asymmetric union is also discussed. …

Persistent link: https://www.econbiz.de/10005083139

Inflation targeting rules and welfare in an asymmetric currency area

Lombardo, Giovanni - Deutsche Bundesbank - 2004

-maximizing central bank should react more aggressively to the inflation pressure generated by the more competitive economy. We extend the …

Persistent link: https://www.econbiz.de/10005083325

Monetary policy, housing booms and financial (im)balances

Eickmeier, Sandra; Hofmann, Boris - Deutsche Bundesbank - 2010

house price inflation, strong private debt growth and low credit risk spreads. The results suggest that (i) monetary policy …

Persistent link: https://www.econbiz.de/10008595899

The financial accelerator and market-based debt instruments: A role for maturities?

Kühl, Michael - Deutsche Bundesbank - 2014

This paper shows how the average maturity of corporate bonds can affect the transmission of shocks if financial frictions prevail. We modify a standard financial accelerator model à la Bernanke, Gertler, and Gilchrist (1999) and allow for market-based debt which has a market-determined price....

Persistent link: https://www.econbiz.de/10010984739

The information content of survey data on expected price developments for monetary policy

Gerberding, Christina - Deutsche Bundesbank - 2001

The present paper uses survey data on expected consumer price developments to analyse the role of inflation … expectations in the inflation process. The survey measures of price expectations are derived from the European Commission … estimates of the New Keynesian inflation model presented here underscore the importance of inflation expectations for the short …

Persistent link: https://www.econbiz.de/10005083244

Money in monetary policy design under uncertainty: the Two-Pillar Phillips Curve versus ECB-style cross-checking

Beck, Günter W.; Wieland, Volker - Deutsche Bundesbank - 2007

output or inflation as in the empirical "two-pillar" Phillips curves estimated in some recent contributions, it would be …-checking does not require direct effects of money on output or inflation. …

Persistent link: https://www.econbiz.de/10005083254

The use of real-time information in Phillips curve relationships for the euro area

Paloviita, Maritta; Mayes, David - Deutsche Bundesbank - 2004

The dynamics of the Phillips Curve in New Keynesian, Expectations Augmented and Hybrid forms are extremely sensitive to the choice, timing and restrictions on variables. An important element of the debate revolves round what information decision-makers took into account at the time and round...

Persistent link: https://www.econbiz.de/10005083279

Zur Diskussion über den Verbraucherpreisindex als Inflationsindikator: Beiträge zu einem Workshop in der Deutschen Bundesbank

1999

with problems of measuring inflation in Gerrnany. This paper met with a lively response. The Research Group of the …

Persistent link: https://www.econbiz.de/10010478854