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The International Transmission of Euro Area Monetary Policy Shocks
Jannsen, Nils; Klein, Melanie - Institut für Weltwirtschaft (IfW) - 2011
This paper analyzes the international transmission effects of euro area monetary policy shocks in to other western European countries, namely the United Kingdom, Sweden, Switzerland, Denmark, and Norway. For this purpose, we use a structural VAR model of the euro area and augment it...
Persistent link: https://www.econbiz.de/10009216278
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Labour Market Asymmetries in a Monetary Union
Andersen, Torben M.; Seneca, Martin - Institut für Weltwirtschaft (IfW) - 2007
This paper takes a first step in analysing how a monetary union performs in the presence of labour market asymmetries. Differences in wage flexibility, market power and country sizes are allowed for in a setting with both country-specific and aggregate shocks. The implications of asymmetries for...
Persistent link: https://www.econbiz.de/10005076119
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DSGE Models and Central Banks
Tovar, Camilo Ernesto - Institut für Weltwirtschaft (IfW) - 2008
Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic … general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly …, at their current stage DSGE models have important limitations. How much of a problem this is will depend on their …
Persistent link: https://www.econbiz.de/10005083409
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International transmission of financial stress: evidence from a GVAR
Dovern, Jonas; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2013
We analyze the international transmission of financial stress and its effects on economic activity. We construct country specific monthly financial stress indexes (FSI) using dynamic factor models from 1970 until 2012 for 20 countries. We show that there is a strong co-movement of the FSI during...
Persistent link: https://www.econbiz.de/10010886840
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Monetary Union and Macroeconomic Stabilization
Groll, Dominik - Institut für Weltwirtschaft (IfW) - 2013
It is conventionally held that countries are worse off by forming a monetary union when it comes to macroeconomic stabilization. However, this conventional view relies on assuming that monetary policy is conducted optimally. Relaxing the assumption of optimal monetary policy not only uncovers...
Persistent link: https://www.econbiz.de/10010886905
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A Preliminary Evaluation of Monetary Policy Rules for Russia
Esanov, Akram; Merkl, Christian; Souza, Lúcio Vinhas de - Institut für Weltwirtschaft (IfW) - 2004
The paper reviews the recent conduct of monetary policy and the central bank’s rule-based behavior in Russia. Using different policy rules, we test whether the central bank in Russia reacts to changes in inflation, output gap and the exchange rate in a consistent and predictable manner. Our...
Persistent link: https://www.econbiz.de/10005076111
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Monetary Policy Rules and Oil Price Shocks
Kamps, Christophe; Pierdzioch, Christian - Institut für Weltwirtschaft (IfW) - 2002
This paper studies the relative performance of alternative monetary policy rules in the presence of oil price shocks in a small open economy optimizing model. Our analysis shows that it is important to distinguish between alternative price indices (CPI, core CPI, and GDP deflator) when modeling...
Persistent link: https://www.econbiz.de/10005700608
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Monetary Policy as an Optimum Currency Area Criterion
Groll, Dominik - Institut für Weltwirtschaft (IfW) - 2014
Whether countries benefit from forming a monetary union depends critically on the way monetary policy is conducted. This is mainly because monetary policy determines whether and to what extent a flexible nominal exchange rate fosters or hampers macroeconomic stabilization, even if monetary...
Persistent link: https://www.econbiz.de/10010960602
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On the Welfare Effects of Monetary Policy When Households Try to Keep Up with the Rest of the World
Pierdzioch, Christian; Yener, Serkan - Institut für Weltwirtschaft (IfW) - 2004
We develop a dynamic general equilibrium two-economy model in order to analyze the welfare effects of monetary policy in open economies. The model features two distortions: one distortion due to monopolistic competition, and one distortion due to a consumption externality. This consumption...
Persistent link: https://www.econbiz.de/10005755148
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On the Hump-Shaped Output Effect of Monetary Policy in an Open Economy
Pierdzioch, Christian; Yener, Serkan - Institut für Weltwirtschaft (IfW) - 2004
Results of empirical research have revealed a characteristic hump-shaped effect of monetary policy shocks on output: the effect builds to a peak after several months and then gradually dies out. We analyze, in the context of a "new open economy macroeconomics" model, factors that imply a...
Persistent link: https://www.econbiz.de/10005818857