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Lubik, Thomas A.; Matthes, Christian; Mertens, Elmar - 2020

We study equilibrium determination in an environment where two kinds of agents have different information sets: The fully informed agents know the structure of the model and observe histories of all exogenous and endogenous variables. The less informed agents observe only a strict subset of the...

Persistent link: https://www.econbiz.de/10012160543

Fire buys of central bank collateral assets

Roure, Calebe de - 2017

In times of financial distress, central banks provide unlimited liquidity to avoid fire sales. In response, banks raise their demand for collateral assets, and the short-term scarcity of collateral securities leads to higher prices, the Fire Buy premium. To avoid collateral scarcity, central...

Persistent link: https://www.econbiz.de/10011587096

Does monetarism fit the U. K. facts?

Budd, Alan (contributor) - 1981

Persistent link: https://www.econbiz.de/10003504594

The new structuralist critique of the monetarist theory of inflation : The case of the Philippines

Lim, Joseph Y. - 1985

Persistent link: https://www.econbiz.de/10003529786

The (in)stability of money demand in the Euro area

Nautz, Dieter; Rondorf, Ulrike - 2010

The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy … instability of euro area money demand. Our results obtained from panel estimation indicate that the observed instability of … standard money demand functions could be explained by omitted variables like e.g. technological progress that are important for …

Persistent link: https://www.econbiz.de/10008664568

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

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

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

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

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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