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The global dimension of inflation –evidence from factor-augmented Phillips curves
Eickmeier, Sandra; Moll, Katharina - Deutsche Bundesbank <Frankfurt, Main> / … - 2008
We examine the global dimension of inflation in 24 OECD countries between 1980 and 2007in a traditional Phillips curve … affect inflation through (the common part of) domestic demand and supplyconditions. Our most important result is that the … common component of changes in unit laborcosts notably affects inflation. We also find evidence that movements in import …
Persistent link: https://www.econbiz.de/10005866174
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Great moderation at the firm level?Unconditional versus conditional output volatility
Buch, Claudia M.; Döpke, Jörg; Stahn, Kerstin - Deutsche Bundesbank <Frankfurt, Main> / … - 2008
Moderation” can be found in firm level data as wellremains disputed. We study the evolution of firm level output volatility using … unconditional firm level and aggregatedoutput volatility in Germany are similar. There has been a long-run downward trend,which was … interrupted by the unification period. Second, the conditional, idiosyncraticfirm level volatility does not exhibit a downward …
Persistent link: https://www.econbiz.de/10005866178
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How informative are macroeconomicrisk forecasts?An examination of the Bank of England’sinflation forecasts
Knüppel, Malte; Schultefrankenfeld, Guido - Deutsche Bundesbank <Frankfurt, Main> / … - 2008
inflation. We find that these forecasts do not contain the intended information.Rather, they either have no information content …
Persistent link: https://www.econbiz.de/10005866177
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International financial markets’influence on the welfare performanceof alternative exchange rate regimes
Hoffmann, Mathias - Deutsche Bundesbank <Frankfurt, Main> / … - 2008
In this paper Friedman (1953) and Mundell's (1968) position favouring flexible over alternative exchange rate regimes is reassessed in the context of international financial market integration...
Persistent link: https://www.econbiz.de/10005866161
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Liquidity and the dynamic pattern of price adjustment:a global view
Belke, Ansgar; Orth, Walter; Setzer, Ralph - Deutsche Bundesbank <Frankfurt, Main> / … - 2008
Global liquidity expansion has been very dynamic since 2001. Contrary to conventionalwisdom, high money growth rates have not coincided with a concurrent rise in goodsprices. At the same time, however, asset prices have increased sharply, significantlyoutpacing the subdued development in...
Persistent link: https://www.econbiz.de/10005866163
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Banking globalization, monetary transmissionand the lending channel
Cetorelli, Nicola; Goldberg, Linda S. - Deutsche Bundesbank <Frankfurt, Main> / … - 2008
The globalization of banking in the United States is influencing the monetarytransmission mechanism both domestically and in foreign markets. Using quarterlyinformation from all U.S. banks filing call reports between 1980 and 2005, we findevidence for the lending channel for monetary policy in...
Persistent link: https://www.econbiz.de/10005866167
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Financial globalization and monetary policy
Devereux, Michael; Sutherland, Alan - Deutsche Bundesbank <Frankfurt, Main> / … - 2008
Recent data show substantial increases in the size of gross external asset and liabilitypositions. The implications of these developments for optimal conduct of monetarypolicy are analyzed in a standard open economy model which is augmented to allowfor endogenous portfolio choice. The model...
Persistent link: https://www.econbiz.de/10005866170
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Communication, decision-making and theoptimal degree of transparency of monetarypolicy committees
Weber, Anke - Deutsche Bundesbank <Frankfurt, Main> / … - 2008
This paper develops a theoretical model of dynamic decision-making of a monetarypolicy committee with heterogeneous members. It investigates the optimal transparency,and the optimal way of transmitting information of committees, by analysing the effectsdifferent communication strategies have on...
Persistent link: https://www.econbiz.de/10005866195
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Monetary policy and bank distress:an integrated micro-macro approach
de Graeve, Ferre; Kick, Thomas; Koetter, Michael - Deutsche Bundesbank <Frankfurt, Main> / … - 2008
Evidence on the interdependency between monetary policy and the state of thebanking system is scarce. We suggest an integrated micro-macro approach with twocore virtues. First, we measure the probability of bank distress directly at the banklevel. Second, we integrate a microeconomic hazard...
Persistent link: https://www.econbiz.de/10005866368