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The Interest Rate Pass-Through in the Euro Area During the Global Financial Crisis
Hristov, Nikolay - 2013
This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro–area banks to the global financial crisis. We focus on their interest–rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding...
Persistent link: https://www.econbiz.de/10013089850
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Monetary Policy and the Relative Price of Durable Goods
Cantelmo, Alessandro - 2015
In a VAR model of the US, the response of the relative price of durables to a monetary contraction is either flat or mildly positive. It significantly falls only if narrowly defined as the ratio between new house and nondurables prices. These findings survive three identification strategies and...
Persistent link: https://www.econbiz.de/10013023113
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Adverse Effects of Ultra-Loose Monetary Policies on Investment, Growth and Income Distribution
Hoffmann, Andreas - 2016
The paper analyses adverse investment, growth and distributional effects of ultra-loose monetary policies based on the … substitute real investment by financial investment. When interest rates are expected to fall in the long term, the marginal and …
Persistent link: https://www.econbiz.de/10012996802
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The Interest Rate Pass-Through in the Euro Area During the Global Financial Crisis
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - CESifo - 2012
This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro–area banks to the global financial crisis. We focus on their interest–rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding...
Persistent link: https://www.econbiz.de/10010877927
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House Prices, Local Demand, and Retail Prices
Stroebel, Johannes - 2015
We use detailed micro data to document a causal response of local retail price to changes in house prices, with elasticities of 15%-20% across housing booms and busts. Notably, these price responses are largest in zip codes with many homeowners, and non-existent in zip codes with mostly renters....
Persistent link: https://www.econbiz.de/10013009877
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The Changing Macroeconomic Response to Stock Market Volatility Shocks
Beetsma, Roel; Giuliodori, Massimo - CESifo - 2011
. Further, while during earlier parts of our sample both a slowdown in consumption and investment growth contribute to a … reduction of GDP growth, during later parts, only the investment reaction contributes to the GDP slowdown. A variance … to later parts of the sample, while the corresponding decomposition for investment growth reveals an increase in the role …
Persistent link: https://www.econbiz.de/10009371360
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The Ifo Investment Database
Strobel, Thomas - 2013
In this paper we present the Ifo Investment Database, which provides annual investment data for 12 investment assets in … allows allocating investments by asset type to each industry, using an investment flow matrix. The database enables … researchers to analyze structural investment behavior on the industry level and to identify changes in the importance of in-vestment …
Persistent link: https://www.econbiz.de/10013084902
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Outside Versus Inside Bonds : A Modigliani-Miller Type Result for Liquidity Constrained Economies
Berentsen, Aleksander - 2010
When agents are liquidity constrained, two options exist - sell assets or borrow. We compare the allocations arising in two economies: in one, agents can sell government (outside) bonds and in the other they can borrow by issuing (inside) bonds. All transactions are voluntary, implying no...
Persistent link: https://www.econbiz.de/10013135267
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Hyperbolic Discounting and Positive Optimal Inflation
Graham, Liam - 2013
The Friedman rule states that steady-state welfare is maximized when there is deflation at the real rate of interest. Recent work by Khan et al (2003) uses a richer model but still finds deflation optimal. In an otherwise standard new Keynesian model we show that, if households have hyperbolic...
Persistent link: https://www.econbiz.de/10013092871
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Animal Spirits and Credit Cycles
De Grauwe, Paul - 2013
In this paper we extend the behavioral macroeconomic model as proposed by De Grauwe (2012) to include a banking sector. The behavioral model takes the view that agents have limited cognitive limitations. As a result, it is rational to use simple forecasting rules and to subject the use of these...
Persistent link: https://www.econbiz.de/10013072502