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China's Exchange Rate Impasse and the Weak U.S. Dollar

McKinnon, Ronald; Schnabl, Gunther - 2021

Since 2004, China has been backed into a situation where the renminbi is expected to go ever higher against the dollar, and this one-way bet has led to a loss of domestic monetary control. Combined with a more general flight from the U.S. dollar, the resulting monetary explosion in China...

Persistent link: https://www.econbiz.de/10013316479

Money Overhang, Credit Overhang and Financial Imbalances in the Euro Area

Kool, Clemens J.M. - 2013

This paper focuses on the relation between external imbalances and domestic money and credit growth in the euro area. We compute money and credit overhang both for the euro area as a whole and for individual member countries. Our results show that both aggregate money and credit overhang have...

Persistent link: https://www.econbiz.de/10013072508

Time Variation in U.S. Wage Dynamics

Hofmann, Boris - 2011

This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates as well as real and nominal wages. The results indicate considerable time variation in U.S. wage dynamics that can be linked to the monetary policy regime. Before and after the...

Persistent link: https://www.econbiz.de/10013131601

Persistence and Cycles in the US Federal Funds Rate

Caporale, Guglielmo Maria - 2013

This paper uses long-range dependence techniques to analyse two important features of the US Federal Funds effective rate, namely its persistence and cyclical behaviour. It examines annual, monthly, bi-weekly and weekly data, from 1954 until 2010. Two models are considered. One is based on an...

Persistent link: https://www.econbiz.de/10013089178

US Monetary Policy in a Globalized World

Cuaresma, Jesús Crespo - 2016

We analyze the interaction between monetary policy in the US and the global economy, using a global vector autoregressive model with time-varying parameters and stochastic volatility (TVP-SV-GVAR). We find that a contractionary US monetary policy shock leads to a persistent fall in international...

Persistent link: https://www.econbiz.de/10012994181

Monetary Policy Transmission and Trade-Offs in the United States : Old and New

Hofmann, Boris - 2018

This study shows that, in the United States, the effects of monetary policy on credit and housing markets have become considerably stronger relative to the impact on GDP since the mid-1980s, while the effects on inflation have become weaker. Macroeconomic stabilization through monetary policy...

Persistent link: https://www.econbiz.de/10012930281

The Effects of Monetary Policy on Unemployment Dynamics under Model Uncertainty - Evidence from the US and the Euro Area

Altavilla, Carlo - 2013

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/10012753184

The Macroeconomic Policy Challenges of Balance Sheet Recession : Lessons from Japan for the European Crisis

Schnabl, Gunther - 2013

The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the … characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary … well as gradual real income losses, the economic policy implication for Japan and Europe is the timely exit from the …

Persistent link: https://www.econbiz.de/10013081055

Real Effects of Quantitative Easing at the Zero-Lower Bound : Structural VAR-Based Evidence from Japan

Schenkelberg, Heike - 2013

. These results are interesting not only for Japan, but also for other advanced economies where monetary policy is currently …

Persistent link: https://www.econbiz.de/10013092811

The Impact of Japanese Monetary Policy Crisis Management on the Japanese Banking Sector

Gerstenberger, Juliane - 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/10012955417