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Liquidity Traps, Learning and Stagnation

Evans, George; Guse, Eran; Honkapohja, Seppo - Institut für Weltwirtschaft (IfW) - 2007

We examine global economic dynamics under learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. Under normal monetary and fiscal policy, the intended steady state is locally but not globally stable. Large pessimistic shocks to expectations can lead...

Persistent link: https://www.econbiz.de/10005700647

The accuracy of a forecast targeting central bank

Falch, Nina Skrove; Nymoen, Ragnar - Institut für Weltwirtschaft (IfW) - 2011

This paper evaluates inflation forecasts made by Norges Bank which is recognized as a successful forecast targeting central bank. It is reasonable to expect that Norges Bank produces inflation forecasts that are on average better than other forecasts, both 'naïve' forecasts, and forecasts from...

Persistent link: https://www.econbiz.de/10009647561

Monetary Persistence, Imperfect Competition, and Staggering Complementarities

Merkl, Christian; Snower, Dennis J. - Institut für Weltwirtschaft (IfW) - 2005

This paper explores the influence of wage and price staggering on monetary persistence. First, our analysis indicates that the degree of monetary persistence generated by wage vis-à-vis price staggering depends on the relative competitiveness of the labor and product markets. We show that the...

Persistent link: https://www.econbiz.de/10010887022

Inflation Persistence and the Philips Curve Revisited

Karanassou, Marika; Snower, Dennis - Institut für Weltwirtschaft (IfW) - 2007

A major criticism against staggered nominal contracts is that they give rise to the so called "persistency puzzle" - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly asserted that, in the context of the new Phillips...

Persistent link: https://www.econbiz.de/10005700522

Modelling bank asset quality and profitability: An empirical assessment

Swamy, Vighneswara - Institut für Weltwirtschaft (IfW) - 2015

The determinants of default risk of banks in emerging economies have so far received inadequate attention in the … the economy. Public sector banks have shown significant performance in containing bad debts. Private banks have continued … banks, apart from other accepted determinants of profitability, asset size has no significant impact on profitability. …

Persistent link: https://www.econbiz.de/10011263002

Monetary policy shocks and macroeconomic variables: Evidence from fast growing emerging economies

Ivrendi, Mehmet; Yildirim, Zekeriya - Institut für Weltwirtschaft (IfW) - 2013

This paper investigates both the effects of domestic monetary policy and external shocks on fundamental macroeconomic variables in six fast growing emerging economies: Brazil, Russia, India, China, South Africa and Turkey - denoted hereafter as BRICS_T. The authors adopt a structural VAR model...

Persistent link: https://www.econbiz.de/10010956075

The changing dynamics of US inflation persistence: a quantile regression approach

Tillmann, Peter; Wolters, Maik - Institut für Weltwirtschaft (IfW) - 2014

We examine both the degree and the structural stability of inflation persistence at different quantiles of the conditional inflation distribution. Previous research focused exclusively on persistence at the conditional mean of the inflation rate. As economic theory provides reasons for inflation...

Persistent link: https://www.econbiz.de/10010905561

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

The effect of inflation on real commodity prices

Reicher, Christopher; Utlaut, Johannes - Institut für Weltwirtschaft (IfW) - 2011

Recent research has shown that economic conditions have an important effect on real commodity prices. We quantify the contribution of fluctuations in inflation to this particular link. In the data, a temporary rise in inflation causes real commodity prices to rise, as does a rise in trend...

Persistent link: https://www.econbiz.de/10009292398

Price Bargaining, the Persistence Puzzle, and Monetary Policy

Wesselbaum, Dennis - Institut für Weltwirtschaft (IfW) - 2010

In the recent New Keynesian literature a standard assumption is that the price for which an intermediate good is sold to the final good firm is equal to the marginal costs of the intermediate good firm. However, there is empirical evidence that this need not to hold. This paper introduces price...

Persistent link: https://www.econbiz.de/10008530638

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