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Monetary and fiscal policy interaction in the EMU : a dynamic game approach

Aarle, Bas van; Engwerda, Jacob Christiaan; Plasmans, … - 2001

The interaction of monetary and fiscal policies is a crucial issue in a highly integrated economic area as the European Union. We argue that EMU, which introduced a common monetary policy and restrictions on fiscal policy at the national level, increases the need for macroeconomic policy...

Persistent link: https://www.econbiz.de/10011398097

Supply, demand and monetary policy shocks in a multi-country New Keynesian model

Dées, Stéphane; Pesaran, M. Hashem; Smith, L. Vanessa; … - 2010

This paper estimates and solves a multi-country version of the standard DSGE New Keynesian (NK) model. The country-specific models include a Phillips curve determining inflation, an IS curve determining output, a Taylor Rule determining interest rates, and a real effective exchange rate...

Persistent link: https://www.econbiz.de/10003974674

Equilibrium contracts for the central bank of a monetary union

Dixit, Avinash K.; Jensen, Henrik - 2000

We consider the political economy of a monetary union wheremember governments attempt to influence the policy of the commoncentral bank. Modeling this as a common agency with incentivecontracts, we show that if incentives are all that matters for the bank,the equilibrium implements a weighted...

Persistent link: https://www.econbiz.de/10011397656

The failure of ECB monetary policy from a Mises-Hayek perspective

Schnabl, Gunther - 2017

The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...

Persistent link: https://www.econbiz.de/10011619626

The impact of Japanese monetary policy crisis management on the Japanese banking sector

Gerstenberger, Juliane; Schnabl, Gunther - 2017

The paper analyses the impact of Japanese monetary policy crisis management on the Japanese banking sector since the 1998 Japanese financial crisis. It shows how low-cost liquidity provision as a means to stabilize banks has created a growing gap between deposits above lending and has compressed...

Persistent link: https://www.econbiz.de/10011646717

International inflation spillovers through input linkages

Auer, Raphael A.; Levchenko, Andrei A.; Sauré, Philip - 2017

We document that observed international input-output linkages contribute substantially to synchronizing producer price inflation (PPI) across countries. Using a multi-country, industry-level dataset that combines information on PPI and exchange rates with international and domestic input-output...

Persistent link: https://www.econbiz.de/10011619669

Sixty years of global inflation : a post-GFC update

Auer, Raphael A.; Pedemonte, Mathieu; Schoenle, Raphael - 2024

Is inflation (still) a global phenomenon? We study the international co-movement of inflation based on a dynamic factor model and in a sample spanning up to 56 countries during the 1960-2023 period. Over the entire period, a first global factor explains approximately 58% of the variation in...

Persistent link: https://www.econbiz.de/10014551069

Adverse effects of ultra-loose monetary policies on investment, growth and income distribution

Hoffmann, Andreas; Schnabl, Gunther - 2016

The paper analyses adverse investment, growth and distributional effects of ultra-loose monetary policies based on the monetary overinvestment theories of Hayek and Mises. We argue that ultra-loose monetary policies create incentives to substitute real investment by financial investment. When...

Persistent link: https://www.econbiz.de/10011428355

Central banking and crisis management from the perspective of Austrian business cycle theory

Schnabl, Gunther - 2016

The paper analyses the evolvement and effects of central bank crisis management since the mid 1980s based on a Hayek-Mises-Wicksell overinvestment framework. It is shown that, given that the traditional transmission mechanism between monetary policy and consumer price inflation has collapsed,...

Persistent link: https://www.econbiz.de/10011561161

The globalisation of inflation : the growing importance of global value chains

Auer, Raphael A.; Borio, Claudio E. V.; Filardo, Andrew J. - 2017 - This version: 06.01.2017

presents evidence that the expansion of global value chains (GVCs), ie cross-border trade in intermediate goods and services … inflation rates, both across countries and over time. Accounting for the role of GVCs, we also find that the conventional trade … sensitive to the global output gap. This can affect the trade-offs that central banks face when managing inflation. …

Persistent link: https://www.econbiz.de/10011619539

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