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The role of emission disclosure for the low-carbon transition
Frankovic, Ivan; Kolb, Benedikt - 2023
We show the importance of emission disclosure for climate policies in a DSGE model for the euro area. A low-carbon energy and a fossil energy sector contribute to production and are financed by balance-sheet constrained intermediaries. The underestimation of emissions from fossil energy firms...
Persistent link: https://www.econbiz.de/10014467912
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The augmented bank balance-sheet channel of monetary policy
Bittner, Christian; Bonfim, Diana; Heider, Florian; … - 2022
This paper studies how banks’ balance sheets and funding costs interact in the transmission of monetary-policy rates to banks’ credit supply to firms. To do so, we use credit-registry data from Germany and Portugal together with the European Central Bank’s policy-rate cuts in mid-2014. The...
Persistent link: https://www.econbiz.de/10013259629
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The hockey stick Phillips curve and the effective lower bound
Böhl, Gregor; Lieberknecht, Philipp - 2021
We show that if business cycles are driven by financial shocks, the interplay between the effective lower bound (ELB) and the costs of external financing can generate an additional supply-side channel, which causes a disconnect between inflation and output. In normal times, factor costs dominate...
Persistent link: https://www.econbiz.de/10012792813
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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
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Towards an explanation of cross-country asymmetries in monetary transmission
Georgiadis, Georgios - 2012
I quantify the importance of financial structure, labor market rigidities and industry mix for cross-country asymmetries in monetary transmission. To do so, I determine how closely the impulse responses to a monetary policy shock obtained from country-specific vectorautoregressive (VAR) models...
Persistent link: https://www.econbiz.de/10009509088
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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 regimes in Brazil
Lima, Elcyon Caiado Rocha; Maka, Alexis; Mendonça, … - 2015
This article estimates the monetary policy rule followed by the Brazilian Central Bank for setting its main policy instrument, the SELIC rate, for the period after the Real Plan. In order to overcome the uncertainty over the dates at which changes in parameters occurred, this paper uses...
Persistent link: https://www.econbiz.de/10012053320
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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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Addressing COVID-19 outliers in BVARs with stochastic volatility
Carriero, Andrea; Clark, Todd E.; Marcellino, Massimiliano - 2022
The COVID-19 pandemic has led to enormous data movements that strongly affect parameters and forecasts from standard VARs. To address these issues, we propose VAR models with outlier-augmented stochastic volatility (SV) that combine transitory and persistent changes in volatility. The resulting...
Persistent link: https://www.econbiz.de/10013184356
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Digital transformation and its impact on labour productivity : a multi-sector perspective
Falck, Elisabeth; Röhe, Oke; Strobel, Johannes - 2024
In recent years, there has been a controversial debate on how the rapid diffusion of digital technologies affects labour productivity in advanced economies. Using a multi-sector dynamic general equilibrium model, we show that cumulative labour productivity growth in the United States, Germany...
Persistent link: https://www.econbiz.de/10014632342