Narrow search
Showing 1 - 10 of 470
Cover Image
Smells Like Fiscal Policy? Assessing the Potential Effectiveness of the ECB's OMT Program
Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - 2014
This paper explores the potential effectiveness of the ECB's Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...
Persistent link: https://www.econbiz.de/10010333401
Cover Image
A vicious cycle of manias, crashes and asymmetric policy responses : an overinvestment view
Hoffmann, Andreas; Schnabl, Gunther - 2009
The business cycles theories of Wicksell (1898), Schumpeter (1912), Mises (1912), Hayek (1929, 1935) and Minsky (1986, 1992) explain business cycles by distorted prices on capital markets, buoyant credit expansion and overinvestment. The exuberance during the boom endogenously causes the...
Persistent link: https://www.econbiz.de/10010276623
Cover Image
Financial contagion and the European debt crisis
Missio, Sebastian; Watzka, Sebastian - 2011
Since the beginning of 2010, the Euro Area faces a severe sovereign debt crisis, now generally known as the Euro Crisis. While the Euro Crisis has its origin in Greece, problems have now spread to several other European countries as well. Dynamic conditional correlation models (DCC) are...
Persistent link: https://www.econbiz.de/10010277409
Cover Image
The Fiscal Theory of the Price Level with a Bubble
Brunnermeier, Markus K.; Merkel, Sebastian; Sannikov, Yuliy - 2020
primary surpluses can have a positively valued currency and low inflation. It also provides an example with closed …
Persistent link: https://www.econbiz.de/10012214189
Cover Image
The Fiscal Theory of the Price Level with a Bubble
Brunnermeier, Markus K. - 2020
primary surpluses can have a positively valued currency and low inflation. It also provides an example with closed …
Persistent link: https://www.econbiz.de/10012834354
Cover Image
Taxation, corruption and the exchange rate regime
Hefeker, Carsten - 2009
. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption …
Persistent link: https://www.econbiz.de/10010264571
Cover Image
Financial frictions and inflation differentials in a monetary union
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2010
This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation … the fraction of borrowers and to a lesser extent the loan-to-value ratio - generate inflation differentials that are … characteristics of financial markets should be seen as a possible alternative explanation for the observable inflation dispersion in …
Persistent link: https://www.econbiz.de/10010274902
Cover Image
Extracting leading indicators of bank fragility from market prices : Estonia focus
Chen, Yu-Fu; Funke, Michael; Männasoo, Kadri - 2006
Banking reform has proved to be one of the most problematic elements of economic transition in central and Eastern Europe. Therefore the paper considers the development of the Estonian banking sector and derives individual banks´ fragility scores during transition. To this end we use...
Persistent link: https://www.econbiz.de/10010271924
Cover Image
Long-Term Interest Rates and Public Debt Maturity
Sakalauskaite, Ieva; Beetsma, Roel; Giuliodori, Massimo - 2013
is stronger for countries with higher average inflation or debt. …
Persistent link: https://www.econbiz.de/10010323031
Cover Image
A Note on Temporary Supply Shocks with Aggregate Demand Inertia
Caballero, Ricardo J.; Simsek, Alp - 2022
aggregate demand gains momentum. If inflation also has inertia, the central bank still overheats the economy during the low …
Persistent link: https://www.econbiz.de/10013177637