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Commodity price shocks and global cycles : monetary policy matters

Castelnuovo, Efrem; Mori, Lorenzo; Peersman, Gert - 2024

We employ a structural VAR model with global and US variables to study the relevance and transmission of oil, food commodities, and industrial input price shocks. We show that commodities are not all alike. Industrial input price changes are almost entirely endogenous responses to other shocks....

Persistent link: https://www.econbiz.de/10014550949

Time variation in U.S. wage dynamics

Hofmann, Boris; Peersman, Gert; Straub, Roland - 2010

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/10008806609

Macroeconomic effects of unconventional monetary policy in the Euro area

Peersman, Gert - 2011 - This draft: July 2011

short-run liquidity effect after an interest rate innovation, that is additional bank loans are generated by a greater …

Persistent link: https://www.econbiz.de/10009303919

Endogenous wage indexation and aggregate shocks

Carrillo, Julio A.; Peersman, Gert; Wauters, Joris - 2014

Empirical and institutional evidence finds considerable time variation in the degree of wage indexation to past inflation, a finding that is at odds with the assumption of constant indexation parameters in most New-Keynesian DSGE models. We build a DSGE model with endogenous wage indexation in...

Persistent link: https://www.econbiz.de/10010358269

Effectiveness and transmission of the ECB's balance sheet policies

Boeckx, Jef; Bossche, Maarten; Peersman, Gert - 2014

crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial … markets, and has a positive impact on economic activity and prices. The effects on bank lending and output are smaller in the …

Persistent link: https://www.econbiz.de/10010383862

Wage indexation and the monetary policy regime

De Schryder, Selien; Peersman, Gert; Wauters, Joris - 2014

We estimate a New Keynesian wage Phillips curve for a panel of 24 OECD countries, and allow the degree of wage indexation to past inflation to vary according to the monetary policy regime. We find that the extent of wage indexation is significantly lower in an inflation targeting regime, in...

Persistent link: https://www.econbiz.de/10010459666

The transmission mechanism of credit support policies in the Euro Area

Boeckx, Jef; Sola Perea, Maite de; Peersman, Gert - 2017

indeed been succesful in stimulating the credit flow of banks to the private sector. Second, we find support for the "bank … effect). The role of bank capital is, however, ambiguous. Besides the above favorable direct effect on loan supply, lower … levels of bank capitalization at the same time mitigate the size, retail and liquidity effects of the policies. The drag on …

Persistent link: https://www.econbiz.de/10011646726

Monetary policy transmission and trade-offs in the United States : old and new

Hofmann, Boris; Peersman, Gert - 2017 - First version: July 2017, this version: October 2017

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/10011754207