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Optimal degrees of transparency in monetary policymaking

Jensen, Henrik - Deutsche Bundesbank - 2001

Den meisten Akademikern und politischen Entscheidungsträgern zufolge ist Transparenz in der Geldpolitik wünschenswert … der Zentralbank zu schließen, wodurch die laufende Inflation stärker auf stabilitätspolitische Maßnahmen reagiert. Dies … führt dazu, dass die Zentralbank sich eher auf die Inflation als auf die Stabilisierung der Produktionslücke konzentriert …

Persistent link: https://www.econbiz.de/10005083135

Business Cycle Transmission from the US to Germany: a Structural Factor Approach

Eickmeier, Sandra - Deutsche Bundesbank - 2004

This paper investigates the transmission of US macroeconomic shocks to Germany by employing a large-dimensional structural dynamic factor model. This framework allows us to investigate many transmission channels simultaneously, including 'new' channels like stock markets, foreign direct...

Persistent link: https://www.econbiz.de/10005083065

Financial Liberalization and Business Cycles: The Experience of Countries in the Baltics and Central Eastern Europe

Vinhas de Souza, Lúcio - Deutsche Bundesbank - 2004

This paper extends the work of Kaminsky and Schmukler (2003) to the Baltic and Central Eastern European future Member States of the European Union, to test if the same short-run increase in cyclical volatility arising from financial integration is observed in this specific sample of ?emerging...

Persistent link: https://www.econbiz.de/10005083257

How synchronized are central and east European economies with the euro area? Evidence from a structural factor model

Eickmeier, Sandra; Breitung, Jörg - Deutsche Bundesbank - 2005

A high degree of cyclical synchronization between central and east European countries (CEECs) and the euro area is generally seen as a prerequisite for successful EMU enlargement. This paper investigates comovements between CEECs and the euro area. We first establish stylized facts on economic...

Persistent link: https://www.econbiz.de/10005083270

Common stationary and non-stationary factors in the euro area analyzed in a large-scale factor model

Eickmeier, Sandra - Deutsche Bundesbank - 2005

In this paper we rely on techniques recently developed by Bai and Ng (2004a) to estimate common euro-area stationary and non-stationary factors using a large-scale dynamic factor model. We find that euro-area economies share four non-stationary factors or trends and one stationary factor. By...

Persistent link: https://www.econbiz.de/10005083327

Currency blocs in the 21st century

Fischer, Christoph - Deutsche Bundesbank - 2011

Based on a classification of countries and territories according to their regime and anchor currency choice, the study considers the two major currency blocs of the present world. A nested logit regression suggests that long-term structural economic variables determine a given country's currency...

Persistent link: https://www.econbiz.de/10009151248

Pitfalls in the European Enlargement Process: Financial Instability and Real Divergence

Wagner, Helmut - Deutsche Bundesbank - 2002

Many of the EU accession countries have announced that they will not only try to enter the EU as quickly as possible but also to adopt the euro at an early date. This is justified by the effort to avoid the danger of financial instability in the period prior to euro-introduction. However, by...

Persistent link: https://www.econbiz.de/10005059015

Real-time Data for Norway: Challenges for Monetary Policy

Bernhardsen, Tom; Eitrheim, Øyvind; Jore, Anne Sofie; … - Deutsche Bundesbank - 2004

National accounts data are always revised. Not only recent data, but also figures dating many years back can be revised substantially. This means that there is a danger that an important part of the central bank's information set is flawed for a long period of time. In this paper we present a...

Persistent link: https://www.econbiz.de/10005059039

An affine macro-finance term structure model for the euro area

Lemke, Wolfgang - Deutsche Bundesbank - 2007

A joint model of macroeconomic and term structure dynamics is specified and estimated for the euro area. The model comprises a backward-looking Phillips curve, a dynamic IS equation, a monetary policy rule as well as a specification of the dynamics of trend growth and the natural real interest...

Persistent link: https://www.econbiz.de/10005083055

Money-based interest rate rules: lessons from German data

Gerberding, Christina; Seitz, Franz; Worms, Andreas - Deutsche Bundesbank - 2007

The paper derives the monetary policy reaction function implied by money growth targeting. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. In the second part, it is...

Persistent link: https://www.econbiz.de/10005083083