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Inflation, deflation, and uncertainty: What drives euro area option-implied inflation expectations and are they still anchored in the sovereign debt crisis?
Scharnagl, Michael; Stapf, Jelena - Deutsche Bundesbank - 2014
study framework despite the short sample period from 2009 to 2013. Due to renewed fears of deflation we compare option …-implied and statistical density functions to gain insight into deflation risk. Inflation expectations show a decreasing mean but … influence of monetary policy announcements on inflation expectations diminished. Tail events such as deflation although still …
Persistent link: https://www.econbiz.de/10010957128
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The role of real wage rigidity and labor market frictions for unemployment and inflation dynamics
Christoffel, Kai; Linzert, Tobias - Deutsche Bundesbank - 2006
In this paper we incorporate a labor market with matching frictions and wage rigidities into the New Keynesian business cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions affect the transmission process of monetary policy. The...
Persistent link: https://www.econbiz.de/10005083106
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On-the-job search and the cyclical dynamics of the labor market
Krause, Michael; Lubik, Thomas A. - Deutsche Bundesbank - 2007
We show how on-the-job search and the propagation of shocks to the economy are intricately linked. Rising search by employed workers in a boom amplifies the incentives of firms to post vacancies. In turn, more vacancies induce more on-the-job search. By keeping job creation costs low for firms,...
Persistent link: https://www.econbiz.de/10005083231
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An affine multifactor model with macro factors for the German term structure: Changing results during the recent crises
Halberstadt, Arne; Stapf, Jelena - Deutsche Bundesbank - 2012
Using arbitrage-free affine models, we analyze the dynamics of German bond yields and risk premia for the period 1999 to 2010 (EMU). We estimate two model specifications, one with only latent factors, and another one with a Taylor-type rule comprising a price and a real activity factor drawn...
Persistent link: https://www.econbiz.de/10010957117
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Monetary policy, housing booms and financial (im)balances
Eickmeier, Sandra; Hofmann, Boris - Deutsche Bundesbank - 2010
This paper uses a factor-augmented vector autoregressive model (FAVAR) estimated on U.S. data in order to analyze monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to explore the role of monetary policy in the three...
Persistent link: https://www.econbiz.de/10008595899
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Price discovery on traded inflation expectations: does the financial crisis matter?
Schulz, Alexander; Stapf, Jelena - Deutsche Bundesbank - 2009
We analyze contributions of different markets to price discovery on traded inflation expectations and how it changed during the financial crisis. The quicker information is processed on one market and the less one market is disrupted by the financial crisis the more valuable is its information...
Persistent link: https://www.econbiz.de/10005049667
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The SSM at 1
Laeven, Luc; Draghi, Mario; Dombret, Andreas R.; … - SUERF - The European Money and Finance Forum; Deutsche …; … - 2016
On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...
Persistent link: https://www.econbiz.de/10011557140
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30 Jahre Fachhochschule der Deutschen Bundesbank : Festschrift
Böhmler, Rudolf (contributor) - 2010
Persistent link: https://www.econbiz.de/10008699411
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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
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Bankenaufsicht im Dialog 2015
Dombret, Andreas R. (ed.) - Deutsche Bundesbank - 2015
Persistent link: https://www.econbiz.de/10012878880