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U.S. monetary-fiscal regime changes in the presence of endogenous feedback in policy rules

Chang, Yoosoon; Kwak, Boreum - Leibniz-Institut für Wirtschaftsforschung Halle - 2017

We investigate U.S. monetary and fiscal policy regime interactions in a model, where regimes are determined by latent autoregressive policy factors with endogenous feedback. Policy regimes interact strongly: Shocks that switch one policy from active to passive tend to induce the other policy to...

Persistent link: https://www.econbiz.de/10011657240

The premium of government debt : disentangling safety and liquidity

Xiong, Qizhou - Leibniz-Institut für Wirtschaftsforschung Halle - 2017

The persistent premium of government debt attributes to two main reasons: absolute nominal safety and liquidity. This … paper employs two types of measures of government debt supply to disentangle the safety and liquidity part of the premium … liability to all sector total liability, separates the liquidity premium from the safety premium and has a negative impact too …

Persistent link: https://www.econbiz.de/10011643023

Exchange rates and the information channel of monetary policy

Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - Leibniz-Institut für Wirtschaftsforschung Halle - 2020

We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock component and a central bank information shock component. We identify both components using changes in interest rate futures and in exchange rates around monetary policy...

Persistent link: https://www.econbiz.de/10012295246

Financial technologies and the effectiveness of monetary policy transmission

Hasan, Iftekhar; Kwak, Boreum; Li, Xiang - Leibniz-Institut für Wirtschaftsforschung Halle - 2023 - This version: April 3, 2023

This study investigates whether and how financial technologies (FinTech) influence the effectiveness of monetary policy transmission. We use an interacted panel vector autoregression model to explore how the effects of monetary policy shocks change with regional-level FinTech adoption. Results...

Persistent link: https://www.econbiz.de/10014247067

Optimal monetary policy in a two-sector environmental DSGE model

Holtemöller, Oliver; Sardone, Alessandro - Leibniz-Institut für Wirtschaftsforschung Halle - 2024

In this paper, we discuss how environmental damage and emission reduction policies affect the conduct of monetary policy in a two-sector (clean and dirty) dynamic stochastic general equilibrium model. In particular, we examine the optimal response of the interest rate to changes in sectoral...

Persistent link: https://www.econbiz.de/10014636978

Financial technologies and the effectiveness of monetary policy transmission

Hasan, Iftekhar; Kwak, Boreum; Li, Xiang - Leibniz-Institut für Wirtschaftsforschung Halle - 2023 - This version: December 11, 2023

Persistent link: https://www.econbiz.de/10014450633

Do conventional monetary policy instruments matter in unconventional times?

Buchholz, Manuel; Schmidt, Kirsten; Tonzer, Lena - Leibniz-Institut für Wirtschaftsforschung Halle - 2017

. However, given depressed margins in a low interest environment, banks might reallocate their liquidity toward more profitable … liquidity toward loans but not toward other liquid assets. This result is most pronounced for non-GIIPS countries of the euro …

Persistent link: https://www.econbiz.de/10011643045

Monetary policy in an oil-dependent economy in the presence of multiple shocks

Drygalla, Andrej - Leibniz-Institut für Wirtschaftsforschung Halle - 2017

Russian monetary policy has been challenged by large and continuous private capital outflows and a sharp drop in oil prices during 2014, with both ongoings having put a significant depreciation pressure on the ruble and having led the central bank to eventually give up its exchange rate...

Persistent link: https://www.econbiz.de/10011657233

Organised labour, labour market imperfections, and employer wage premia

Dobbelaere, Sabien; Hirsch, Boris; Müller, Steffen; … - Leibniz-Institut für Wirtschaftsforschung Halle - 2023 - This version: 13.11.2023

This paper examines how collective bargaining through unions and workplace co-determination through works councils relate to labour market imperfections and how labour market imperfections relate to employer wage premia. Based on representative German plant data for the years 1999-2016, we...

Persistent link: https://www.econbiz.de/10014425610

From labor to intermediates : firm growth, input substitution, and monopsony

Mertens, Matthias; Schoefer, Benjamin - Leibniz-Institut für Wirtschaftsforschung Halle - 2024

We document and dissect a new stylized fact about firm growth: the shift from labor to intermediate inputs. This shift occurs in input quantities, cost and output shares, and output elasticities. We establish this fact using German firm-level data and replicate it in administrative firm data...

Persistent link: https://www.econbiz.de/10015135557