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-2012) in the Polish economy. The empirical findings show that: (1) output appears more responsive to an interest rate shock at … the beginning of our sample. Since 2000, absorbing this shock has become less costly in terms of output, notwithstanding … some reversal since the beginning of the global financial crisis. The exchange rate shock also has a time-varying effect on …
Persistent link: https://www.econbiz.de/10015302567
Persistent link: https://www.econbiz.de/10015301872
The change in macroeconomic conditions since the ECB's strategy review in 2021 towards an environment characterised by above-target inflation, high interest rates, and renewed concerns about elevated government debt has been a vocal reminder of the intricate interdependencies between monetary...
Persistent link: https://www.econbiz.de/10015321150
Persistent link: https://www.econbiz.de/10015297782
We study how monetary policy shapes the aggregate and distributional effects of an energy price shock. Based on the …
Persistent link: https://www.econbiz.de/10015275358
cost shock. A 10 basis point increase in transaction costs entails a direct -0.30% decrease of collateral value and a -0 …
Persistent link: https://www.econbiz.de/10015299052
This paper examines the great supply shock following the pandemic and the invasion of Ukraine, using a novel suite of … from the suite show that the supply shock has had wide-spread effects, and that their dynamics have been industry-, sector …
Persistent link: https://www.econbiz.de/10015322771
This paper examines the asymmetry in global spillovers from Fed policy across tightening versus easing episodes several examples of which have been on display since the global financial crisis (GFC). We build a dynamic general equilibrium model featuring: (i) occasionally binding collateral...
Persistent link: https://www.econbiz.de/10015320891
Monetary policy decisions by the Federal Reserve System in the US are widely recognised to have spillover effects on the rest of the world. In this paper, we focus on the asymmetric effects of US monetary policy shocks on macro-financial outcomes in emerging market economies (EMEs). We shed...
Persistent link: https://www.econbiz.de/10015275756
In the aftermath of the financial crisis, the role of monetary policy and macro-prudential regulation in promoting financial stability is under discussion. The old debate concerning whether monetary policy should respond to credit and asset price bubbles was revived, whereas macro-prudential...
Persistent link: https://www.econbiz.de/10015298922