Narrow search
Showing 1 - 10 of 868
Cover Image
The Globalisation of Inflation: The Growing Importance of Global Value Chains
Auer, Raphael A.; Borio, Claudio; Filardo, Andrew - 2017
presents evidence that the expansion of global value chains (GVCs), ie cross-border trade in intermediate goods and services … inflation rates, both across countries and over time. Accounting for the role of GVCs, we also find that the conventional trade … sensitive to the global output gap. This can affect the trade-offs that central banks face when managing inflation. …
Persistent link: https://www.econbiz.de/10011657108
Cover Image
International Inflation Spillovers Through Input Linkages
Auer, Raphael A.; Levchenko, Andrei A.; Sauré, Philip - 2017
We document that observed international input-output linkages contribute substantially to synchronizing producer price inflation (PPI) across countries. Using a multi-country, industry-level dataset that combines information on PPI and exchange rates with international and domestic input-output...
Persistent link: https://www.econbiz.de/10011657116
Cover Image
The Impact of Japanese Monetary Policy Crisis Management on the Japanese Banking Sector
Gerstenberger, Juliane; Schnabl, Gunther - 2017
The paper analyses the impact of Japanese monetary policy crisis management on the Japanese banking sector since the 1998 Japanese financial crisis. It shows how low-cost liquidity provision as a means to stabilize banks has created a growing gap between deposits above lending and has compressed...
Persistent link: https://www.econbiz.de/10011657161
Cover Image
What if the UK had joined the euro in 1999? : An empirical evaluation using a Global VAR
Pesaran, Mohammad Hashem; Smith, L. Vanessa; Smith, Ron P. - 2005
This paper attempts to provide a conceptual framework for the analysis of counterfactual scenarios using macroeconometric models. As an application we consider UK entry to the euro. Entry involves a long-term commitment to restrict UK nominal exchange rates and interest rates to be the same as...
Persistent link: https://www.econbiz.de/10010276168
Cover Image
Macroeconometric modelling with a global perspective
Pesaran, Mohammad Hashem; Smith, Ron P. - 2006
This paper provides a synthesis and further development of a global modelling approach introduced in Pesaran, Schuermann and Weiner (2004), where country specific models in the form of VARX* structures are estimated relating a vector of domestic variables, xit, to their foreign counterparts,...
Persistent link: https://www.econbiz.de/10010276174
Cover Image
Identification of new Keynesian Phillips Curves from a global perspective
Dees, Stephane; Pesaran, Mohammad Hashem; Smith, L. Vanessa - 2008
New Keynesian Phillips Curves (NKPC) have been extensively used in the analysis of monetary policy, but yet there are a number of issues of concern about how they are estimated and then related to the underlying macroeconomic theory. The first is whether such equations are identified. To check...
Persistent link: https://www.econbiz.de/10010276218
Cover Image
Supply, demand and monetary policy shocks in a multi-country New Keynesian model
Dees, Stephane; Pesaran, Mohammad Hashem; Smith, L. Vanessa - 2010
This paper estimates and solves a multi-country version of the standard DSGE New Keynesian (NK) model. The country-specific models include a Phillips curve determining inflation, an IS curve determining output, a Taylor Rule determining interest rates, and a real effective exchange rate...
Persistent link: https://www.econbiz.de/10010276272
Cover Image
Central Banking and Crisis Management from the Perspective of Austrian Business Cycle Theory
Schnabl, Gunther - 2016
The paper analyses the evolvement and effects of central bank crisis management since the mid 1980s based on a Hayek-Mises-Wicksell overinvestment framework. It is shown that, given that the traditional transmission mechanism between monetary policy and consumer price inflation has collapsed,...
Persistent link: https://www.econbiz.de/10011584878
Cover Image
Post-Thatcher fiscal strategies in the UK : an interpretation
Hallett, Andrew Hughes - 2004
combining fiscal leadership with an (instrument) independent central bank. The key feature is the ability to trade target (not …
Persistent link: https://www.econbiz.de/10010261117
Cover Image
Adverse Effects of Ultra-Loose Monetary Policies on Investment, Growth and Income Distribution
Hoffmann, Andreas; Schnabl, Gunther - 2016
The paper analyses adverse investment, growth and distributional effects of ultra-loose monetary policies based on the monetary overinvestment theories of Hayek and Mises. We argue that ultra-loose monetary policies create incentives to substitute real investment by financial investment. When...
Persistent link: https://www.econbiz.de/10011431295