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Distance to Frontier and the Big Swings of the Unemployment Rate: What Room is Left for Monetary Policy?
Huang, Kevin X.D.; Meng, Qinglai - Institut für Weltwirtschaft (IfW) - 2007
stickiness or letting policy respond also to current output may help ensure a unique equilibrium. We find that the first channel … stickiness, indeterminacy is much less likely to occur as policy also responds to output. With estimated labor supply elasticity … or empirically reasonable price stickiness, policy's response to output helps little in ensuring determinacy; even …
Persistent link: https://www.econbiz.de/10005755151
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Stabilizing an unstable economy: on the choice of proper policy measures
Asada, Toichiro; Chiarella, Carl; Flaschel, Peter; … - Institut für Weltwirtschaft (IfW) - 2009
Currently, many monetary and fiscal policy measures are aimed at preventing the financial market meltdown that started in the US subprime sector and has spread worldwide as a great recession. Although some slow recovery appears to be on the horizon, it is worthwhile exploring the fragility and...
Persistent link: https://www.econbiz.de/10008474657
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Credit Bubbles and Land Bubbles
Reicher, Christopher - Institut für Weltwirtschaft (IfW) - 2010
In modern macroeconomic models it is difficult to obtain explosive price bubbles on assets with positive net supply. This paper shows that it is possible to obtain explosive bubbles in certain situations when assets such as land are used as collateral and lenders are willing to lend freely...
Persistent link: https://www.econbiz.de/10008511732
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Changes in the Response of Fiscal Policy to Monetary Policy in the EMU
Arora, Sanchit; Reicher, Claire - Institut für Weltwirtschaft (IfW) - 2014
We study the evolution of the response of scal policy to monetary policy shocks in the EMU in the light of two important events: the signing of the Maastricht treaty in 1992 and the introduction of the EMU in 1999. Based on impulse responses from a panel VAR, we nd that scal and monetary policy...
Persistent link: https://www.econbiz.de/10011093913
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Inflation, inflation uncertainty and output in Tunisia
Hachicha, Ahmed; Hooi, Lean Hooi - Institut für Weltwirtschaft (IfW) - 2013
This study investigates the relationship between inflation, inflation uncertainty and output in Tunisia using real and …
Persistent link: https://www.econbiz.de/10010956143
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How Can Voters Classify an Incumbent under Output Persistence
Caleiro, António - Institut für Weltwirtschaft (IfW) - 2008
allowing for output persistence, which is a feature of aggregate supply that, indeed, may make it impossible to correctly …
Persistent link: https://www.econbiz.de/10005097470
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Adjustment Costs, Inventories and Output
Danziger, Leif - Institut für Weltwirtschaft (IfW) - 2007
. The firm’s optimal adjustment strategy may involve stockouts. At low inflation rates, output is inversely related to the …
Persistent link: https://www.econbiz.de/10005700577
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Chance of revolts and ability of oppressions: a comment on the Acemoglu-Robinson model
Saito, Tetsuya - Institut für Weltwirtschaft (IfW) - 2010
In the original framework of Professors Acemoglu and Robinson, the government is unable to oppress the revolution once it is brought about. However, actual civil wars are unpredictable. With this notion, I introduce uncertainty depending on military expenditures of the government. Then an...
Persistent link: https://www.econbiz.de/10008615596
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Release of the kraken: a novel money multiplier equation's debut in 21st century banking
Hanley, Brian P. - Institut für Weltwirtschaft (IfW) - 2011
Use of a promise to pay by a bank to insure an outstanding loan in order to return the value of the insured amount into capital for use in writing a new loan is an invention in banking with calculably greater potential economic impact than the original invention of reserve banking. The...
Persistent link: https://www.econbiz.de/10009004773
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Social networks and macroeconomic stability
Chen, Shu-Heng; Chang, Chia-Ling; Wen, Ming-Chang - Institut für Weltwirtschaft (IfW) - 2013
We construct an agent-based New Keynesian DSGE model with different social network structures to investigate the significance of network topologies to macroeconomic stability. According to our simulation results, we find that the more liquid the information flow, the higher the stability of the...
Persistent link: https://www.econbiz.de/10010956024