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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

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 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

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

How should large and small countries be represented in a currency union?

Berger, Helge; Mueller, Till - 2004

The likely extension of the euro area has triggered a debate on the organization of the ECB, in particular on the apparent mismatch between relative economic size and voting rights in the Council. We present a simple model of optimal representation in a federal central bank addressing this...

Persistent link: https://www.econbiz.de/10010261091

Asymmetries in the trans-atlantic monetary policy relationship : does the ECB follow the Fed?

Belke, Ansgar; Gros, Daniel - 2005

The belief that the ECB follows the US Federal Reserve in setting its policy is so entrenched with market participants and commentators that the search for empirical support would seem to be a trivial task. However, this is not the case. We find that the ECB is indeed often influenced by the...

Persistent link: https://www.econbiz.de/10010261156