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Monetary policy transmission to Russia & Eastern Europe
Stann, Carsten M.; Grigoriadis, Theocharis - 2019
spillover effects in Russia and Eastern Europe. The hypothesis is tested using OLS estimations of event-based regressions on … monetary policy event dummies and seven financial variables in eleven East European countries including Russia. Overall, the … Europe and Russia. Notably, bilateral integration with the eurozone is a key determinant of the strength of spillovers, with …
Persistent link: https://www.econbiz.de/10012006697
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Cross-border banking and business cycles in asymmetric currency unions
Dräger, Lena; Proaño Acosta, Christian - 2015
Against the background of the recent housing boom and bust in countries such as Spain and Ireland, we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this purpose, we incorporate in an otherwise standard two-region...
Persistent link: https://www.econbiz.de/10011299044
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Monetary and macroprudential policy in an estimated DSGE model of the euro area
Quint, Dominic; Rabanal, Pau - 2014
In this paper, we study the optimal mix of monetary and macroprudential policies in an estimated two-country model of the euro area. The model includes real, nominal and financial frictions, and hence both monetary and macroprudential policy can play a role. We find that the introduction of a...
Persistent link: https://www.econbiz.de/10010258716
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Monetary policy and the current account : theory and evidence
Hjortsoe, Ida; Weale, Martin; Wieladek, Tomasz - 2016
Does the current account improve or deteriorate following a monetary policy expansion? We examine this issue theoretically and empirically. We show that a standard open economy DSGE model predicts that the current account response to a monetary policy shock depends on the degree of economic...
Persistent link: https://www.econbiz.de/10011436615
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Heterogeneity in euro-area monetary policy transmission : results from a large multi-country BVAR model
Mandler, Martin; Scharnagl, Michael; Volz, Ute - 2016
We study cross-country differences in monetary policy transmission across the large four euro-area countries (France, Germany, Italy and Spain) using a large Bayesian vector autoregressive model with endogenous prior selection. Drawing both on the posterior distributions of the cross-country...
Persistent link: https://www.econbiz.de/10011444752
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Inflation expectations, disagreement, and monetary policy
Hoffmann, Mathias; Hürtgen, Patrick - 2016
Survey data on inflation expectations show that: (i) private sector forecasts and central bank forecasts are not fully aligned and (ii) private sector forecasters disagree about inflation expectations. To reconcile these two facts we introduce dispersed information in a New Keynesian model,...
Persistent link: https://www.econbiz.de/10011520661
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The macroeconomic effects of progressive taxes and welfare
Engler, Philipp; Strehl, Wolfgang - 2016
We analyze the positive and normative effects of a progressive tax on wages in a nonlinear New Keynesian DSGE model in the presence of demand and technology shocks. The non-linearity allows us to disentangle the effects of the progressive tax on the volatility and the level of macroeconomic...
Persistent link: https://www.econbiz.de/10011566088
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Cross-border liquidity, relationships and monetary policy : evidence from the Euro area interbank crisis
Abbassi, Puriya; Bräuning, Falk; Fecht, Falko; … - 2014 - This version: November 2014
We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on the compositional supply effects through cross-border and relationship lending. For empirical identification, we draw on the proprietary bank-to-bank European interbank dataset...
Persistent link: https://www.econbiz.de/10010471858
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Bank capital, the state contingency of banks’ assets and its role for the transmission of shocks
Kühl, Michael - 2014
The role of bank capital as a propagation channel of shocks is strongly pronounced in recent macroeconomic models. In this paper, we show how the evolution of bank capital depends on the share of non-state-contingent assets in banks’ balance sheets and present the consequences for...
Persistent link: https://www.econbiz.de/10010415785
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Revisiting Thailand's monetary policy model for an integrated policy analysis
Pongpitch Amatyakul; Apaitan, Tosapol; Savaphol … - 2021
Persistent link: https://www.econbiz.de/10012655443