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Does conservatism matter? : a time series approach to central banking

Berger, Helge; Woitek, Ulrich - 1999

The empirical literature on central banking has found measures of central bank independence/conservatism to be …. We find that an increase in central bank conservatism leads to higher short-term interest rates and a more activist … economy, higher output and somewhat lower inflation. We also investigate the interaction between the central bank and the …

Persistent link: https://www.econbiz.de/10009781685

Electoral uncertainty, fiscal policies & growth : theory and evidence from Germany, the UK and the US

Oikonomidēs, Geōrgios; Malley, James R.; … - 2003

In this paper we study the link between elections, fiscal policy and economic growth/fluctuations. The set-up is a dynamic stochastic general equilibrium model of growth and endogenously chosen fiscal policy, in which two political parties can alternate in power. The party in office chooses...

Persistent link: https://www.econbiz.de/10011511068

Productivity shocks and aggregate fluctuations in an estimated endogenous growth model with human capital

Malley, James R.; Woitek, Ulrich - 2011

Employing an endogenous growth model with human capital, this paper explores how productivity shocks in the goods and human capital producing sectors contribute to explaining aggregate fluctuations in output, consumption, investment and hours. Given the importance of accounting for both the...

Persistent link: https://www.econbiz.de/10009295333

Real wages and business cycle asymmetries : presented at CESifo conference "Academic Use of ifo Survey Data", December 2003

Woitek, Ulrich - 2004

The cyclicality of real wages has important implications for the validity of competing business cycle theories. However, the empirical evidence on the aggregate level is inconclusive. Using a threshold vector autoregressive model for the US and Germany to condition the relationship between real...

Persistent link: https://www.econbiz.de/10011449261

Electoral uncertainty, fiscal policy and macroeconomic fluctuations

Malley, James R. (contributor); … - 2005

In this paper we study the link between elections, fiscal policy and aggregate fluctuations. The set-up is a stylized dynamic stochastic general equilibrium model incorporating both technology and political re-election shocks. The later are incorporated via a two-party model with elections. The...

Persistent link: https://www.econbiz.de/10003203561