Population growth rates have fallen considerably in most developed countries. An important question for monetary policy is whether this has led to a fall in the natural rate of interest. In representative agent models, the response of the natural rate to a fertility shock crucially depends on...

The output gap is a key variable of business cycle analysis and policy. Obtaining reliable estimates for it, is very difficult, though. Most real-time estimates are frequently revised over time. The idea of this paper is to use various indicators, for example from business surveys, that (i) were...

This paper develops a small open economy model to investigate the impact of rising sovereign bond market spreads on the real economy. One key element of the model is a "sovereign risk channel" through which tensions in the sovereign bond market tend to spill over into private credit markets. The...

Erwartungen über zukünftige Entwicklungen spielen für die Beurteilung der aktuellen wirtschaftlichen Situation eine entscheidende Rolle. Als eine Erklärung konjunktureller Schwankungen wird beispielsweise in der Konjunkturtheorie die Erwartungsbildung bei unvollständigen Informationen...

This paper develops a small open economy model to investigate the impact of rising sovereign bond market spreads on the real economy. One key element of the model is a "sovereign risk channel" through which tensions in the sovereign bond market tend to spill over into private credit markets. The...

Population growth rates have fallen considerably in most developed countries. An important question for monetary policy is whether this has led to a fall in the natural rate of interest. In representative agent models, the response of the natural rate to a fertility shock crucially depends on...

The output gap is a key variable of business cycle analysis and policy. Obtaining reliable estimates for it, is very difficult, though. Most real-time estimates are frequently revised over time. The idea of this paper is to use various indicators, for example from business surveys, that (i) were...

Ist Arbeitszeitverlängerung ohne Lohnausgleich, wie neuerdings vielfach von interessierten Kreisen behauptet, der Weg aus der Beschäftigungskrise? Diese Fragestellung wurde mit Hilfe makroökonometrischer Simulationsverfahren untersucht. Selbst unter der Annahme, dass der Staat die infolge der...