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Trend growth expectations and US house prices before and after the crisis

Hoffmann, Mathias; Krause, Michael U.; Laubach, Thomas - Deutsche Bundesbank - 2012

-rational movements, using a two-sector business cycle model, in which investment in housing is subject to collateral constraints. A large …

Persistent link: https://www.econbiz.de/10010957113

The expectations-driven US current account

Hoffmann, Mathias; Krause, Michael U.; Laubach, Thomas - Deutsche Bundesbank - 2013

Since 1991, survey expectations of long-run output growth for the U.S. relative to the rest of the world exhibit a pattern strikingly similar to that of the U.S. current account, and thus also to global imbalances. We show that this finding can to a large extent be rationalized in a two-region...

Persistent link: https://www.econbiz.de/10010957136

More or less aggressive? Robust monetary policy in a New Keynesian model with financial distress

Gerke, Rafael; Hammermann, Felix; Lewis, Vivien - Deutsche Bundesbank - 2009

This paper investigates the optimal monetary policy response to a shock to collateral when policymakers act under … model misspecification leads to a more aggressive policy response. The same is true for a shock to collateral. A preference … of disturbances affect the economy: in the case of a shock to collateral the policymaker does not need to be as much …

Persistent link: https://www.econbiz.de/10005059030

User costs of housing when households face a credit constraint: evidence for Germany

Dümmler, Tobias; Kienle, Stephan - Deutsche Bundesbank - 2010

extended by an additional term which mirrors the credit constraints a household would be faced with. This extension term …

Persistent link: https://www.econbiz.de/10008554268

Cash use in Germany : cash hoarding by German households - an empirical analysis of how much cash they store and why

Eschelbach, Martina; Schneider, Friedrich - Deutsche Bundesbank - 2020

Persistent link: https://www.econbiz.de/10012592398

Die Studie zur wirtschaftlichen Lage privater Haushalte (PHF)

Deutsche Bundesbank - 2016 - Stand: November 2016

Persistent link: https://www.econbiz.de/10011803322

The ESRB at 1

Gerlach, Stefan (ed.); Gnan, Ernest (ed.); Ulbrich, Jens (ed.) - Conference on ESRB at 1 <1, 2011, Berlin>; SUERF - The …; … - 2012

SUERF – The European Money and Finance Forum, the Deutsche Bundesbank and the Institute for Monetary and Financial Stability (IMFS) took the opportunity of the first anniversary of this new institution to organise a joint conference in Berlin on 8-9 November 2011. The purpose of this event was...

Persistent link: https://www.econbiz.de/10011711529

Reconciling narrative monetary policy disturbances with structural VAR model shocks?

Kliem, Martin; Kriwoluzky, Alexander - Deutsche Bundesbank - 2013

Structural VAR studies disagree with narrative accounts about the history of monetary policy disturbances. We investigate whether employing the narrative monetary shock account as a proxy variable in a VAR model aligns both shock series. We quantify the extent to which the disagreement still...

Persistent link: https://www.econbiz.de/10010957085

Learning about fiscal policy and the effects of policy uncertainty

Hollmayr, Josef; Matthes, Christian - Deutsche Bundesbank - 2013

The recent crisis in the United States has often been associated with substantial amounts of policy uncertainty. In this paper we ask how uncertainty about fiscal policy affects the impact of fiscal policy changes on the economy when the government tries to counteract a deep recession. The...

Persistent link: https://www.econbiz.de/10010957088

Cyclical adjustment in fiscal rules: Some evidence on real-time bias for EU-15 countries

Kempkes, Gerhard - Deutsche Bundesbank - 2012

Most EU member states will adopt fiscal rules that refer to cyclically-adjusted borrowing limits. Under the standard cyclical adjustment procedure, trend increases in public debt based on cyclical components are prevented if the real-time output gaps used to calculate cyclical components balance...

Persistent link: https://www.econbiz.de/10010957098