Narrow search
Showing 1 - 10 of 3,168
Cover Image
Time-Varying Parameters in Monetary Policy Rules : A GMM Approach
Anderl, Christina; Caporale, Guglielmo Maria - 2023
Moments (TVP-GMM) framework. Using monthly data until December 2022 for five inflation targeting countries (the UK, Canada …, Switzerland), we find that monetary policy has become more averse to inflation and more responsive to the output gap in both sets … of countries over time. In particular, there has been a clear shift in inflation targeting countries towards a more …
Persistent link: https://www.econbiz.de/10014348141
Cover Image
Monetary Commitment, Institutional Constraints and Inflation : Empirical Evidence for OECD Countries Since the 1970s
Freytag, Andreas; Schneider, Friedrich - 2021
Central bank independence (CBI) is a very important precondition for price stability. However, the empirical evidence for a correlation between both is relatively weak. In this paper, this weakness is countered with a) an extended measure of monetary commitment, which includes well-known...
Persistent link: https://www.econbiz.de/10013317032
Cover Image
Do EU Fiscal Rules Support or Hinder Counter-Cyclical Fiscal Policy?
Larch, Martin; Orseau, Eloise; der Wielen, Wouter van - 2021
Rather than stabilising aggregate demand, discretionary fiscal policy tends to amplify cyclical fluctuations of output. The commonly accepted reasons are political economy and uncertainty. In the EU, the pro-cyclical nature of discretionary fiscal policy has also been associated with the...
Persistent link: https://www.econbiz.de/10013315041
Cover Image
Does it Matter When Labor Market Reforms are Implemented? The Role of the Monetary Policy Environment
Lastauskas, Povilas - 2019
introduced in periods when monetary tightening prevailed? Since economic theory usually pays attention to the steady state change … replacement rates deliver substantially different outcomes on real GDP, inflation and real effective exchange rate, whereas labor …
Persistent link: https://www.econbiz.de/10012861428
Cover Image
Measuring Monetary Policy with Residual Sign Restrictions at Known Shock Dates
Badinger, Harald - 2020
We propose a novel identification strategy to measure monetary policy in a structural VAR. It is based exclusively on known past policy shocks, which are uncovered from high-frequency data, and does not rely on any theoretical a-priori restrictions. Our empirical analysis for the euro area...
Persistent link: https://www.econbiz.de/10012822501
Cover Image
Monetary Policy in the Presence of Supply Constraints : Evidence from German Firm-Level Data
Balleer, Almut; Noeller, Marvin - 2023
Using firm-level survey data from Germany, this paper asks how do supply constraints propagate monetary policy shocks? To answer this question, we first offer a general discussion on the measurement of supply constraints. We show that capacity utilization, a widely accepted measure of...
Persistent link: https://www.econbiz.de/10014261028
Cover Image
Term Limits : Do They Really Affect Fiscal Policy Choices?
Dalle Nogare, Chiara; Ricciuti, Roberto - 2021
-2000, using government spending, social and welfare spending and deficit as policy choice variables using panel data estimation …
Persistent link: https://www.econbiz.de/10013316609
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/10013282457
Cover Image
Too many cooks?: committees in monetary policy
Berger, Helge; Nitsch, Volker - 2008
-shaped relation between the membership size of MPCs and inflation; our results suggest that the lowest level of inflation is reached … at MPCs with about seven to ten members. Similar results are obtained for other measures, such as inflation variability …
Persistent link: https://www.econbiz.de/10010264342
Cover Image
Post-Thatcher fiscal strategies in the UK : an interpretation
Hallett, Andrew Hughes - 2004
Fiscal policy in Britain has changed radically since the Keynesianism of the 1960s and 1970s. After a passive period under monetarism of the 1980s, fiscal policy is said to have adopted a leadership role with long term objectives (low debt, the provision of public services/ investment, and...
Persistent link: https://www.econbiz.de/10010261117