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Does the Euro-Zone Diverge? A Stress Indicator for Analyzing Trends and Cycles in Real GDP and Inflation
Flaig, Gebhard; Wollmershäuser, Timo - 2021
This paper presents a stress indicator for the eurozone that summarizes developments of trends and cycles in real GDP … and inflation in the member countries. Stress in a country is defined as the difference between the country's actual short … on the trend growth rates of GDP and consumer prices as well as on the related cyclical components. The main results are …
Persistent link: https://www.econbiz.de/10013317182
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'Interest Rate Trap' : Or: Why Does the Central Bank Keep the Policy Rate Too Low for Too Long Time?
Cao, Jin - 2013
This paper provides a framework for modeling the risk-taking channel of monetary policy, the mechanism how financial intermediaries' incentives for liquidity transformation are affected by the central bank's reaction to financial crisis. Anticipating central bank's reaction to liquidity stress...
Persistent link: https://www.econbiz.de/10013091119
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Modeling Two Macro Policy Instruments - Interest Rates and Aggregate Capital Requirements
Gersbach, Hans - 2013
We present a simple neoclassical model to explore how an aggregate bank-capital requirement can be used as a macroeconomic policy tool and how this additional tool interacts with monetary policy. Aggregate bank-capital requirements should be adjusted when the economy is hit by cost-push shocks...
Persistent link: https://www.econbiz.de/10013092337
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Exchange Rate Dynamics Under Alternative Optimal Interest Rate Rules
Binici, Mahir - 2013
sample periods. The exchange rate equation implied by the interest rate rule that allows for interest rate and inflation …
Persistent link: https://www.econbiz.de/10013092385
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GDP Growth, Private Debt and Monetary Policy
Cafiso, Gianluca - 2017
Economic research has considered Private Debt a determinant of GDP growth for years. By keeping this perspective, the … objective of this work is to understand how much of the GDP response to a monetary shock is due to the variation of private debt …
Persistent link: https://www.econbiz.de/10012953691
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Dynamics and Time Scope of Post War Recovery Required for Compensating Civil War Economic Losses
Nam, Chang Woon - 2013
civil war GDP losses in several countries …
Persistent link: https://www.econbiz.de/10013077024
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Has Creative Destruction Become More Destructive?
Komlos, John - 2021
Schumpeter’s concept of creative destruction as the engine of capitalist development is well-known. However, that the destructive part of creative destruction is a social cost and therefore biases our estimate of the impact of the innovation on NNP and on welfare is hardly acknowledged, with...
Persistent link: https://www.econbiz.de/10013315579
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Macroeconomic Effects of Unconventional Monetary Policy in the Euro Area
Peersman, Gert - 2013
I find that the Eurosystem can stimulate the economy beyond the policy rate by increasing the size of its balance sheet or the monetary base, that is so-called quantitative easing. The transmission mechanism turns out to be different compared to traditional interest rate innovations: whilst the...
Persistent link: https://www.econbiz.de/10013092365
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Does the Chinese Interest Rate Follow the US Interest Rate?
Cheung, Yin-Wong - 2013
One argument for floating the Chinese renminbi (RMB) is to insulate China's monetary policy from the US effect. However, we note that both theoretical considerations and empirical results do not offer a definite answer on the link between exchange rate arrangement and policy dependence. We...
Persistent link: https://www.econbiz.de/10012753957
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How Banks Respond to Negative Interest Rates : Evidence from the Swiss Exemption Threshold
Basten, Christoph - 2018
We analyze the effect of negative monetary policy rates on banks, using detailed supervisory information from Switzerland. For identification, we compare changes in the behavior of banks that had different fractions of their central bank reserves exempt from negative rates. More affected banks...
Persistent link: https://www.econbiz.de/10012921277