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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
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Monetary transmission in Germany: New Perspectives on Financial Constraints and Investment Spending
von Kalckreuth, Ulf - Deutsche Bundesbank - 2001
In order to obtain a better understanding of monetary transmission, this paper assesses the importance of the interest rate and credit channels on business fixed investment in the German manufacturing sector. Our panel of financial statements contains 44,345 observations for 6,408 firms. We...
Persistent link: https://www.econbiz.de/10005083294
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A one-off wealth levy? Assessing the pros, the cons and the importance of credibility
Kempkes, Gerhard; Stähler, Nikolai - Deutsche Bundesbank - 2014
From an economic perspective, imposing a credible one-off net wealth levy in crisis times as a tool to ward off a national emergency appears to be advantageous as, in an ideal world, this would not distort market players' allocation decisions. However, in practice, charging such a levy may give...
Persistent link: https://www.econbiz.de/10011093845
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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
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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
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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. … auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die …
Persistent link: https://www.econbiz.de/10005083139
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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
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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
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Economia e finanza in Germania : 1876 - 1948
Albers, Willi (contributor) - 1988
Persistent link: https://www.econbiz.de/10000882741
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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