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Forward-looking behavior on the part of the monetary authority leads least squares estimates to understate the true growth consequences of monetary policy interventions. We present instrumental variables estimates of the impact of interest rates on real output growth for several European...
Persistent link: https://www.econbiz.de/10010262211
In this paper we incorporate a labor market with matching frictions and wage rigidities into the New Keynesian business cycle model. In particular, we analyze the effect of a monetary policy shock and investigate how labor market frictions affect the transmission process of monetary policy. The...
Persistent link: https://www.econbiz.de/10010267287
Macroeconomists have long been concerned with the causal effects of monetary policy. When the identification of causal effects is based on a selection-on-observables assumption, non-causality amounts to the conditional independence of outcomes and policy changes. This paper develops a...
Persistent link: https://www.econbiz.de/10010270625
We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers' bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...
Persistent link: https://www.econbiz.de/10010277123
Preise stabil zu halten, müsste die Europäische Zentralbank langsam die Geldpolitik zügeln. Doch hätte beispielweise eine …
Persistent link: https://www.econbiz.de/10013178158
We study the design of optimal monetary policy in a New Keynesian model with labor turnover costs in which wages are set according to a right to manage bargaining where the firms' counterpart is given by currently employed workers. Our model captures well the salient features of European labor...
Persistent link: https://www.econbiz.de/10010277961
Existing literature documents that house prices respond to monetary policy surprises with a significant delay, taking years to reach their peak response. We present new evidence of a much faster response. We exploit information contained in listings for the residential properties for sale in the...
Persistent link: https://www.econbiz.de/10013426330
In den 24 Jahren seines Bestehens hat der Euro eine Finanzkrise, eine Staatsschuldenkrise, eine globale Pandemie und eine Energiekrise erlebt - und auch überlebt. Mit Hilfe eines Modells, dass auf die Haushaltsebene abstellt, zeigt dieser Wochenbericht, dass die Stabilität der Währungsunion...
Persistent link: https://www.econbiz.de/10014318954
. Ihr Mandat, Preisstabilität zu gewährleisten, konnte die Europäische Zentralbank als Hüterin des Euro weitestgehend …
Persistent link: https://www.econbiz.de/10014512650
Die Europäische Zentralbank (EZB) hat im Zuge der europäischen Schuldenkrise in den vergangenen Jahren massiv an …: Anders als etwa die US-amerikanische Federal Reserve hat die Europäische Zentralbank keinen institutionell verankerten …
Persistent link: https://www.econbiz.de/10010369560