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Monetary Policy in the Euro Area - Lessons from the First Years

Clausen, Volker; Hayo, Bernd - EconWPA - 2002

This paper investigates in a consistent semi-structural empirical framework three current issues of monetary policy in the euro area. First, regarding policy transmission we offer a three-stage procedure to combine the efficient estimation of economic structure prior to EMU with current ECB...

Persistent link: https://www.econbiz.de/10005076690

Monetary Policy Reaction Functions: ECB versus Bundesbank

Hayo, Bernd; Hofmann, Boris - EconWPA - 2003

We estimate monetary policy reaction functions for the Bundesbank (1979:4-1998:12) and the European Central Bank (1999:1-2003:7). The Bundesbank regime can be characterised, both before and after German reunification, by an inflation weight of 1.2 and an output weight of 0.4. The estimates for...

Persistent link: https://www.econbiz.de/10005126198

Comparing Monetary Policy Reaction Functions: ECB versus Bundesbank

Hayo, Bernd; Hofmann, Boris - EconWPA - 2005

This paper compares the ECB’s conduct of monetary policy with that of the Bundesbank. Estimated monetary policy reaction functions for the Bundesbank (1979:4-1998:12) and the European Central Bank (1999:1- 2004:5) show that, while the ECB and the Bundesbank react similarly to expected...

Persistent link: https://www.econbiz.de/10005126232

Asymmetric Monetary Policy Effects in EMU

Hayo, Bernd; Clausen, Volker - EconWPA - 2002

This paper uses a semi-structural dynamic modelling approach to investigate asymmetric monetary transmission in Europe. A system of equations containing reaction functions for monetary policy, output and inflation equations is simultaneously estimated for France, Germany, and Italy. Extensive...

Persistent link: https://www.econbiz.de/10005126264

Do We Really Need Central Bank Independence? A Critical Re- examination

Hayo, Bernd; Hefeker, Carsten - EconWPA - 2001

In this survey, we critically review the argument for central bank independence (CBI). We argue CBI is neither necessary nor sufficient for reaching monetary stability. First, CBI is just one potentially useful monetary policy design instrument among several. Second, CBI should not be treated as...

Persistent link: https://www.econbiz.de/10005126298

Estimating a European Demand for Money

Hayo, Bernd - EconWPA - 1998

that will be adopted by the European Central Bank (ECB). For both likely candidates, targeting a money aggregate or an … inflation target, the existence of a stable money demand function at a European level is important. In this paper estimates of … such a European money demand for narrow and broad money for the actual 11 EMU countries based on quarterly aggregate data …

Persistent link: https://www.econbiz.de/10005412709

Monetary policy, the tax code, and the real effects of energy shocks

Gavin, William T.; Keen, Benjamin D.; Kydland, Finn E. - Federal Reserve Bank of St. Louis - 2013

behaves as a negative wealth effect and generates an immediate decline in output, investment, and hours worked. The large drop … in investment then causes a gradual but very persistent decline in the capital stock. That protracted decline in the …

Persistent link: https://www.econbiz.de/10010662819

Global dynamics at the zero lower bound

Gavin, William T.; Keen, Benjamin D.; Richter, Alexander; … - Federal Reserve Bank of St. Louis - 2013

capital, but we also study the model with capital, with and without investment adjustment costs. Our solution method …

Persistent link: https://www.econbiz.de/10010628491

The stimulative effect of forward guidance

Gavin, William T.; Keen, Benjamin D.; Richter, Alexander; … - Federal Reserve Bank of St. Louis - 2013

This paper examines the stimulative effect of central bank forward guidance—the promise to keep future policy rates lower than its policy rule suggests—when the short-term nominal interest rate is stuck at its zero lower bound (ZLB).We utilize a standard New Keynesian model in which forward...

Persistent link: https://www.econbiz.de/10011027342

Industry Effects of Monetary Policy in Germany

Hayo, Bernd - EconWPA - 1999

This paper is on monetary policy transmission. First, it asks the question whether industries are affected differently by monetary policy shocks. Here both output and price effects are compared. Second, some industry characteristics are explored which may help to understand the existence of...

Persistent link: https://www.econbiz.de/10005561233