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Robustly optimal monetary policy in a New Keynesian model with housing
Adam, Klaus; Woodford, Michael - 2020
We analytically characterize optimal monetary policy for an augmented New Keynesian model with a housing sector. With rational private sector expectations about housing prices and inflation, optimal monetary policy can be characterized by a standard 'target criterion' that refers to inflation...
Persistent link: https://www.econbiz.de/10012171741
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The role of the IFO business climate indicator and asset prices in German monetary policy : presented at CEFifo conference "Academic Use of ifo Survey Data", December 2003
Sterken, Elmer - 2004
monetary transmission. We show that the use of both the IFO indicator and asset prices improves the performance and … interpretation of a Vector AutoRegression (VAR) model of German monetary transmission. First, we show that the Bundesbank responded …
Persistent link: https://www.econbiz.de/10011449258
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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
transmission mechanism and in the composition of macroeconomic and credit aggregates. In particular, the stronger impact of …
Persistent link: https://www.econbiz.de/10011754207
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Monetary policy transmission and house prices : European cross-country evidence
Carstensen, Kai; Hülsewig, Oliver; Wollmershäuser, Timo - 2009
transmission of monetary policy. We use a panel VAR model which is estimated over the period 19952006 to generate impulse responses … macroeconomic variables is amplified. -- panel VAR model ; house prices ; monetary policy transmission ; country clusters ; sign …
Persistent link: https://www.econbiz.de/10003872444
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The international transmission of monetary policy
Buch, Claudia M.; Bussière, Matthieu; Goldberg, Linda S.; … - 2018
transmission of monetary policies of the U.S., euro area, Japan, and United Kingdom. Two other studies use international data with … Network (IBRN) on the cross-border transmission of conventional and unconventional monetary policy through banks. Teams from ….S. policies, and bank-specific heterogeneity influences the magnitudes of transmission. The effects are supportive of the …
Persistent link: https://www.econbiz.de/10011877813
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Smells like fiscal policy? : assessing the potential effectiveness of the ECB's OMT program ; conference paper
Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - 2014
safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting … 2003 2013. Our results suggest that the potential success of OMTs in restoring the monetary transmission mechanism is …
Persistent link: https://www.econbiz.de/10010480578
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Smells like fiscal policy? : assessing the potential effectiveness of the ECB's OMT program
Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - 2014
an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting … 2003-2013. Our results suggest that the potential success of OMTs in restoring the monetary transmission mechanism is …
Persistent link: https://www.econbiz.de/10010246072
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Policy mix and debt sustainability : evidence from fiscal policy rules
Claeys, Peter (contributor) - 2005
This paper characterises rules-based fiscal policy setting. Basically, we translate a standard monetary policy rule into a simple fiscal policy rule. We then infer on fiscal policymakers' reaction coefficients by testing the rule with GMM. Interaction is also tested directly by the inclusion of...
Persistent link: https://www.econbiz.de/10002578199
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Round-number effects in real estate prices : evidence from Germany
Englmaier, Florian; Roider, Andreas; Schlereth, Lars; … - 2023
Round numbers affect behavior in various domains, e.g., as prominent thresholds or focal points in bargaining. In line with earlier findings, residential real estate transactions in Germany cluster at round-number prices, but there are also interesting (presumably cultural) differences. We...
Persistent link: https://www.econbiz.de/10014426542
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Common monetary policy with asymmetric shocks
Gros, Daniel; Hefeker, Carsten - 2002
What policy objective should a common central bank in a heterogeneous monetary union pursue? Should it base its decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national welfare losses based on national rates of inflation and growth?...
Persistent link: https://www.econbiz.de/10011409772