Similar Search Results

Policy coordination under model disagreement and uncertainty

Hefeker, Carsten; Neugart, Michael - 2019

What are the incentives for governments to coordinate their policies internationally when there is model disagreement and uncertainty? We build a model where countries disagree on policy targets and how policies affect the economies, and show that uncertainty not only determines the type of...

Persistent link: https://www.econbiz.de/10011966668

Monetary policies of large industrialised countries, emerging market credit cycles and feedback effects

Andreas, Hoffmann; Schnabl, Gunther - 2014

. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of …

Persistent link: https://www.econbiz.de/10010337620

Liquidity traps and large-scale financial crises

Caggiano, Giovanni; Castelnuovo, Efrem; Damette, Olivier; … - 2018

This paper estimates a nonlinear Threshold-VAR to investigate if a Keynesian liquidity trap due to a speculative motive was in place in the U.S. Great Depression and the recent Great Recession. We find clear evidence in favor of a breakdown of the liquidity effect after an unexpected increase in...

Persistent link: https://www.econbiz.de/10011863616

Reasons for the demise of interest : savings glut and secular stagnation or central bank policy?

Mayer, Thomas; Schnabl, Gunther - 2019

, from the perspective of Austrian business cycle theory, interest rates were step by step decreased by central banks to … nihilo and the need of time to produce capital invalidates the IS identity assumed in the Keynesian theory to hold …

Persistent link: https://www.econbiz.de/10012124862

Optimal policy under dollar pricing

Egorov, Konstantin; Mukhin, Dmitry - 2020

rest of the world. International cooperation benefits other countries by improving global demand for dollar-invoiced goods …

Persistent link: https://www.econbiz.de/10012213072

An equilibrium theory of nominal exchange rates

Hagedorn, Marcus - 2021

This paper proposes an equilibrium theory of nominal exchange rates, which offers a new perspective on various issues … features of this theory are that the nominal exchange rate is determined in international financial markets, that the risk … from the nominal exchange rate. In terms of policy, this novel theory implies that a country with an exchange rate peg and …

Persistent link: https://www.econbiz.de/10012619299

Ordoliberalism, pragmatism and the Eurozone crisis : how the German tradition shaped economic policy in Europe

Feld, Lars P.; Köhler, Ekkehard A.; Nientiedt, Daniel - 2015 - This version: May 18, 2015

German policy during the Eurozone crisis supposedly follows an ordoliberal tradition. In this paper, we discuss to what extent this contention holds and to what extent Germany pragmatically responded to different crisis phenomena. A proper analysis of ordoliberal thinking reveals that the...

Persistent link: https://www.econbiz.de/10010528303

First impressions matter : signalling as a source of policy dynamics

Hansen, Stephen; McMahon, Michael - 2012

We first establish that policymakers on the Bank of England’s Monetary Policy Committee choose lower interest rates with experience. We then reject increasing confidence in private information or learning about the structure of the macroeconomy as explanations for this shift. Instead, a model...

Persistent link: https://www.econbiz.de/10009518217

Policy rules and political polarization

Hefeker, Carsten; Neugart, Michael - 2024

We develop a model to analyze policymakers’ incentives to install policy rules, comparing the case of no rule with a binding and a contingent policy rule that allows policymakers to suspend the rule in response to a sufficiently large shock. First, abstracting from political polarization, we...

Persistent link: https://www.econbiz.de/10014507802

Trends in monetary policy transparency

Geraats, Petra M. - 2009

communication practices and is the first to systematically analyze transparency trends throughout the world and across monetary …

Persistent link: https://www.econbiz.de/10003818025

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