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Real effects of quantitative easing at the zero-lower bound: Structural VAR-based evidence from Japan

Schenkelberg, Heike; Watzka, Sebastian - 2011

Using post-1995 Japanese data we propose a theory-based sign-restriction SVAR approach to identify monetary policy shocks when the economy is at the zero-lower bound. The identifying restrictions accord with predictions of corresponding DSGE models. Our results show that while a quantitative...

Persistent link: https://www.econbiz.de/10010274778

The effects of monetary policy on unemployment dynamics under model uncertainty: evidence from the US and the Euro area

Altavilla, Carlo; Ciccarelli, Matteo - 2009

This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...

Persistent link: https://www.econbiz.de/10010264579

Is monetary policy in the Eurozone less effective than in the US?

De Grauwe, Paul; Storti, Cláudia Costa - 2005

There is a wide consensus that the existence of structural rigidities in the Eurozone reduces the effectiveness of the ECB's monetary policies. In order to test this ?ECB-handicap? hypothesis, we perform a meta-analysis of the effects of monetary policies in the US and the Eurozone countries....

Persistent link: https://www.econbiz.de/10010276746

The quantity theory of money and Friedmanian monetary policy: An empirical investigation

Hillinger, Claude; Süssmuth, Bernd; Sunder, Marco - 2012

We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect … directly on the relationship between the rate of change of the money stock and inflation. We believe that this is an inferior …

Persistent link: https://www.econbiz.de/10010281041

The interest rate pass-through in the Euro area during the global financial crisis

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2012

standard macroeconomic shocks. Our main empirical finding is that the pass-through from changes in the money market rate to …

Persistent link: https://www.econbiz.de/10010288717

Flight from the Old Euro-Area Currencies

Sinn, Hans-Werner - In: CESifo Forum 02 (2001) 4, pp. 44-47

Persistent link: https://www.econbiz.de/10011695675

The role of monetary aggregates in the policy analysis of the Swiss National Bank

Kirchgässner, Gebhard; Wolters, Jürgen - 2010

quantity of money and or excess money can be used to forecast inflation. After a preliminary data analysis, money demand … relations are specified, estimated and tested. Then, employing error correction models, measures of excess money are derived … money is generally a better predictor than the quantity of money. Taking into account also the most (available) recent …

Persistent link: https://www.econbiz.de/10010266089

Bank loan supply and monetary policy transmission in Germany: An assessment based on matching impulse responses

Huelsewig, Oliver; Mayer, Eric; Wollmershäuser, Timo - 2005

This paper addresses the credit channel in Germany by using aggregate data. We present a stylized model of the banking firm in which banks decide on their loan supply in light of uncertainty about the future course of monetary policy. Applying a vector error correction model (VECM), we estimate...

Persistent link: https://www.econbiz.de/10010276159

The predictability of monetary policy

Blattner, Tobias; Catenaro, Marco; Ehrmann, Michael; … - 2008

Current best practice in central banking views a high level of monetary policy predictability as desirable. A clear distinction, however, has to be made between short-term and longer-term predictability. While short-term predictability can be narrowly defined as the ability of the public to...

Persistent link: https://www.econbiz.de/10011606235

The impact of the global economic and financial crisis on central, eastern and south-eastern Europe: A stock-taking exercise

Gardó, Sándor (contributor); Martin, Reiner (contributor) - 2010

The paper first reviews the main drivers of the growth and real convergence process in central, eastern and south-eastern Europe (CESEE) since 2000 and assesses the key macro-financial strengths and vulnerabilities of the region at the beginning of the global economic and financial crisis. The...

Persistent link: https://www.econbiz.de/10011606266