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On household labour supply in sticky-wage HANK models

Gerke, Rafael; Giesen, Sebastian; Lozej, Matija; … - 2024 - November 24, 2023

Heterogeneous-agent New Keynesian models with sticky nominal wages usually assume that wage-setting unions demand the …, wages and inflation to monetary policy shocks becomes notably less pronounced. This attenuation reflects that hours worked … modification substantially lowers the effective stickiness of nominal wages, resulting in markedly different wage and inflation …

Persistent link: https://www.econbiz.de/10014467926

Scarcity effects of QE : a transaction-level analysis in the Bund market

Schlepper, Kathi; Riordan, Ryan; Hofer, Heiko; … - 2017

This paper investigates the scarcity effects of quantitative easing (QE) policies, drawing on intra-day transaction-level data for German government bonds, purchased under the Public Sector Purchase Program (PSPP) of the ECB/Eurosystem. This paper is the first to match high-frequency QE purchase...

Persistent link: https://www.econbiz.de/10011632212

Quantitative easing, portfolio rebalancing and credit growth : micro evidence from Germany

Tischer, Johannes - 2018

This paper sheds light on the effect of quantitative easing (QE) on bank lending. Using data on German banks for 2014-2016, I show that QE encourages banks to rebalance from securities to loans. For identification, I use bond redemptions as exogenous variation in banks' need to rebalance their...

Persistent link: https://www.econbiz.de/10011874231

Rebalancing the euro area : is wage adjustment in Germany the answer?

Hoffmann, Mathias; Kliem, Martin; Krause, Michael; … - 2020

We assess to what extent wage inflation policies in Germany could contribute to an economic rebalancing in the euro … and output in Germany and the rest of the euro area. The duration of constant interest rates and expectations about the … consists of Germany, the rest of the euro area, and the rest of the world. …

Persistent link: https://www.econbiz.de/10012184056

What drives the German TARGET balances? : evidence from a BVAR approach

Bettendorf, Timo; Jochem, Axel - 2021

Applying a BVAR model, the present paper first identifies the possible drivers of Germany's TARGET claims. In this … studying the causes of current fluctuations in Germany's TARGET claims. …

Persistent link: https://www.econbiz.de/10012510162

The impact of monetary instruments on shock absorption in EU-countries

Müller, Claudia; Buscher, Herbert S. - 1999

The main characteristic of the implementation of the European Monetary Union (EMU) is the transition from various national currencies to the Euro, the common European currency. A final fixing of the individual bilateral exchange rates of all European countries involved in the Monetary Union...

Persistent link: https://www.econbiz.de/10013428212

The timing of monetary policy shocks

Olivei, Giovanni P. (contributor); … - 2006

Persistent link: https://www.econbiz.de/10003335381

Central bank communication and the perception of monetary policy by financial market experts

Schmidt, Sandra; Nautz, Dieter - 2010

This paper investigates why financial market experts misperceive the interest rate policy of the European Central Bank (ECB). Assuming a Taylor-rule-type reaction function of the ECB, we use qualitative survey data on expectations about the future interest rate, inflation, and output to discover...

Persistent link: https://www.econbiz.de/10008796249

Chinese monetary policy and the dollar peg

Reade, J. James; Volz, Ulrich - 2010

This paper investigates to what extent Chinese monetary policy is constrained by the dollar peg. To this end, we use a cointegration framework to examine whether Chinese interest rates are driven by the Fed's policy. In a second step, we estimate a monetary model for China, in which we include...

Persistent link: https://www.econbiz.de/10008796581

Scylla and Charybdis. : the European economy and Poland's adherence to gold, 1928 - 1936

Wolf, Nikolaus (contributor) - 2007

Persistent link: https://www.econbiz.de/10003576617

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