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Does U.S. monetary policy respond to macroeconomic uncertainty?

Gomez, Thomas; Piccillo, Giulia - 2023

We find that macroeconomic uncertainty plays a significant role in U.S. monetary policy. First, we construct a measure of uncertainty as felt by policymakers at the time of making their rate-setting decisions. This measure is derived from a real-time, Bayesian estimation of a small monetary VAR...

Persistent link: https://www.econbiz.de/10014265941

An empirical investigation into exchange rate regime choice and exchange rate volatility

Berger, Helge; Sturm, Jan-Egbert; Haan, Jakob de - 2000

We test a simple model of exchange rate regime choice with data for 65 non-OECD countries covering the period 1980-94.We find that the variance of output at home and in potential target c ountries as well as the correlation between home and foreign real activity are powerful and robust...

Persistent link: https://www.econbiz.de/10009781534

Does high inflation cause central bankers to lose their job? : evidence based on a new data set

Dreher, Axel (contributor); Sturm, Jan-Egbert (contributor); … - 2007

Persistent link: https://www.econbiz.de/10003499549

Does conservatism matter? : a time series approach to central banking

Berger, Helge; Woitek, Ulrich - 1999

The empirical literature on central banking has found measures of central bank independence/conservatism to be … and conservatism. We avoid these shortcomings by estimating a single-country time series model for the German Bundesbank …. We find that an increase in central bank conservatism leads to higher short-term interest rates and a more activist …

Persistent link: https://www.econbiz.de/10009781685

Post-Thatcher fiscal strategies in the UK : an interpretation

Hughes Hallett, Andrew (contributor) - 2004

Fiscal policy in Britain has changed radically since the Keynesianism of the 1960s and 1970s. After a passive period under monetarism of the 1980s, fiscal policy is said to have adopted a leadership role with long term objectives (low debt, the provision of public services/ investment, and...

Persistent link: https://www.econbiz.de/10002524201

Monetary commitment, institutional constraints and inflation : empirical evidence for OECD countries since the 1970s

Freytag, Andreas (contributor); … - 2007

Persistent link: https://www.econbiz.de/10003497804

The euro crisis and economic growth : a novel counterfactual approach

Terzi, Alessio - 2019 - This Draft: 25 June 2019

Macroeconomic adjustment in the euro area periphery was more recessionary than pre-crisis imbalances would have warranted. To make this claim, this paper uses a Propensity Score Matching Model to produce counterfactuals for the Eurozone crisis countries (Greece, Portugal, Ireland, Cyprus, Spain)...

Persistent link: https://www.econbiz.de/10012033212

Pegxit pressure : evidence from the classical gold standard

Mitchener, Kris; Pina, Gonçalo - 2016

We develop a simple model that highlights the costs and benefits of fixed exchange rates as they relate to trade, and show that negative export-price shocks reduce fiscal revenue and increase the likelihood of an expected currency devaluation. Using a new high-frequency data set on...

Persistent link: https://www.econbiz.de/10011568741

Pulling up the tarnished anchor : the end of silver as a global unit of account

Fernholz, Ricardo T.; Mitchener, Kris; Weidenmier, Marc D. - 2017

We use the demise of silver-based standards in the 19th century to explore price dynamics when a commodity-based money ceases to function as a global unit of account. We develop a general equilibrium model of the global economy with gold and silver money. Calibration of the model shows that...

Persistent link: https://www.econbiz.de/10011646314

Currency unions, trade, and heterogeneity

Chen, Natalie; Novy, Dennis - 2018

How do trade costs affect international trade? This paper offers a new approach. We rely on a flexible gravity equation that predicts variable trade cost elasticities, both across and within country pairs. We apply this framework to the effect of currency unions on international trade. While we...

Persistent link: https://www.econbiz.de/10011867116