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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
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Dauerkritik an der Europäischen Zentralbank: Falsch angewendete Theorie untergräbt Vertrauen in die Geldpolitik
Winkler, Adalbert - In: Wirtschaftsdienst 94 (2014) 7, pp. 479-486
Die Beschlüsse der Europäischen Zentralbank vom 5. Juni 2014 sind zum Teil heftig kritisiert worden. Damit setzt sich die überwiegend negative Bewertung an der Politik der Europäischen Zentralbank fort, die seit langem zu beobachten ist, aber im Widerspruch zur realen Entwicklung steht. Sie...
Persistent link: https://www.econbiz.de/10010471456
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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
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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
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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
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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
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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
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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
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Bundesverfassungsgericht und Krisenpolitik der EZB: Stellungnahmen der Ökonomen
Konrad, Kai A.; Fuest, Clemens; Uhlig, Harald; … - In: Wirtschaftsdienst 93 (2013) 7, pp. 431-454
Am 11. und 12. Juni 2013 hat das Bundesverfassungsgericht Experten zur Krisenpolitik der EZB angehört. Dabei ging es um die Frage, ob oder inwieweit die EZB durch das Outright-Monetary-Transactions-Programm (OMT) Kompetenzen beansprucht, die ihr nicht übertragen worden sind. Wir...
Persistent link: https://www.econbiz.de/10010327951
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Überschreitet die EZB mit ihren Staatsanleihekäufen ihr Mandat?
Matthes, Jürgen; Demary, Markus - In: Wirtschaftsdienst 93 (2013) 9, pp. 607-615
Die Staatsanleihekäufe der EZB sind zu einem Fall für das Bundesverfassungsgericht geworden. Die Autoren des IW Köln argumentieren, dass das Outright-Monetary-Transactions-Programm noch innerhalb der Grenzen des EZB-Mandats liegt, aber wegen seiner Nachteile nur temporär eingesetzt werden...
Persistent link: https://www.econbiz.de/10010327962