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Banks’ Regulatory Buffers, Liquidity Networks and Monetary Policy Transmission
Merkl, Christian; Stolz, Stéphanie - Institut für Weltwirtschaft (IfW) - 2006
Based on a quarterly regulatory dataset for German banks from 1999 to 2004, this paper analyzes the effects of banks’ regulatory capital on the transmission of monetary policy in a system of liquidity networks. The dynamic panel regression results provide evidence in favor of the bank capital...
Persistent link: https://www.econbiz.de/10005818925
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Structure and Temporal Change of Credit Network between Banks and Large Firms in Japan
Fujiwara, Yoshi; Aoyama, Hideaki; Ikeda, Yuichi; … - Institut für Weltwirtschaft (IfW) - 2009
Credit relationships between commercial banks and quoted firms are studied for the structure and its temporal change … from the year 1980 to 2005. At each year, the credit network is regarded as a weighted bipartite graph where edges … correspond to the relationships and weights refer to the amounts of loans. Reduction in the supply of credit affects firms as …
Persistent link: https://www.econbiz.de/10005097477
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Uncertainty shocks, banking frictions, and economic activity
Bonciani, Dario; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2013
Equilibrium (DSGE) model with heterogenous agents and a stylized banking sector. We show that frictions in credit supply amplify …
Persistent link: https://www.econbiz.de/10010886850
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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
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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
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Endogenous Indexing and Monetary Policy Models
Mash, Richard - Institut für Weltwirtschaft (IfW) - 2007
Models in which firms use a rule of thumb or partial indexing in price setting are prominent in the recent monetary policy literature. The extent to which these firms adjust their prices to lagged inflation has been taken as fixed. We consider the implications of firms choosing the optimal...
Persistent link: https://www.econbiz.de/10005083332
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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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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
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Stock prices and monetary policy: Re-examining the issue in a New Keynesian model with endogenous investment
Grossi, Michele; Tamborini, Roberto - Institut für Weltwirtschaft (IfW) - 2011
In this paper, the authors present a New Keynesian quantitative model with endogenous investment and a stock-market sector to shed further light on two unsettled issues: whether central banks should include some financial indicator in their policy rules, and what indicator may be expected to...
Persistent link: https://www.econbiz.de/10009416987
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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