Similar Search Results

The Price Puzzle Revisited : Can the Cost Channel Explain a Rise in Inflation after a Monetary Policy Shock?

Henzel, Steffen - 2013

restrictions which are not rejected by the data - the cost channel helps to generate an initial rise of inflation after a monetary …

Persistent link: https://www.econbiz.de/10012753889

Monetary Policy Through Production Networks : Evidence from the Stock Market

Ozdagli, Ali - 2017

Monetary policy shocks have a large impact on aggregate stock market returns in narrow event windows around press releases by the Federal Open Market Committee. We use spatial autoregressions to decompose the overall effect of monetary policy shocks into a direct (demand) effect and an indirect...

Persistent link: https://www.econbiz.de/10012953959

Systematic Monetary Policy and the Macroeconomic Effects of Shifts in Loan-to-Value Ratios

Bachmann, Ruediger - 2017

What are the macroeconomic consequences of changing aggregate lending standards in residential mortgage markets, as measured by loan-to-value (LTV) ratios? In a structural VAR, GDP and business investment increase following an expansionary LTV shock. Residential investment, by contrast, falls, a...

Persistent link: https://www.econbiz.de/10012955193

Risk Management-Driven Policy Rate Gap

Caggiano, Giovanni - 2018

uncertainty over and above that to expected inflation, output gap, and output growth. However, this evidence regards the Greenspan …

Persistent link: https://www.econbiz.de/10012910624

Resolving the Spanning Puzzle in Macro-Finance Term Structure Models

Bauer, Michael D. - 2015

Previous macro-finance term structure models (MTSMs) imply that macroeconomic state variables are spanned by (i.e., perfectly correlated with) model-implied bond yields. However, this theoretical implication appears inconsistent with regressions showing that much macroeconomic variation is...

Persistent link: https://www.econbiz.de/10013028787

Identifying Monetary Policy Shocks Via Changes in Volatility

Lanne, Markku - 2013

A central issue of monetary policy analysis is the specification of monetary policy shocks. In a structural vector autoregressive setting there has been some controversy about which restrictions to use for identifying the shocks because standard theories do not provide enough information to...

Persistent link: https://www.econbiz.de/10012754187

Central Bank Policy Rates : Are They Cointegrated?

Caporale, Guglielmo Maria - 2017

This paper analyses the stochastic properties of and the bilateral linkages between the central bank policy rates of the US, the Eurozone, Australia, Canada, Japan and the UK using fractional integration and cointegration techniques respectively. The univariate analysis suggests a high degree of...

Persistent link: https://www.econbiz.de/10012958879

Bank Behavior and the Cost Channel of Monetary Transmission

Hülsewig, Oliver; Mayer, Eric; Wollmershäuser, Timo - 2021

inflation is driven by real unit labor costs rather than the loan rate. Our main conclusion is that the strength of the cost …

Persistent link: https://www.econbiz.de/10013317392

The Role of Political Institutions for the Effectiveness of Central Bank Independence

Hielscher, Kai; Markwardt, Gunther - 2021

independence and inflation. Making use of data on the evolution of central bank independence over time and controlling for possible … country’s inflation performance. Examining a cross-section of up to 69 countries, we are able to show that granting a central … bank more autonomy does not necessarily lead to better inflation performance. To lower inflation by increasing independence …

Persistent link: https://www.econbiz.de/10013316036

Fairness Spillovers - the Case of Taxation

Cornelißen, Thomas; Himmler, Oliver; König, Tobias - 2021

It is standardly assumed that individuals adjust to perceived unfairness or norm violations in precisely the same area or relationship where the original offense has occurred. However, grievances over being exposed to injustice may have even broader consequences and also spill over to other...

Persistent link: https://www.econbiz.de/10013316144