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Firm-specific productivity risk over the business cycle : facts and aggregate implications

Bachmann, Ruediger; Bayer, Christian - 2009

question in the context of a heterogeneousfirm RBC model with persistent firm-level productivity shocks and lumpy capital …

Persistent link: https://www.econbiz.de/10003857672

The cross-section of firms over the business cycle : new facts and a DSGE exploration

Bachmann, Ruediger; Bayer, Christian - 2009

Using a unique German firm-level data set, this paper is the first to jointly study the cyclical properties of the cross-sections of firm-level real value added and Solow residual innovations, as well as capital and employment adjustment. We find two new business cycle facts: 1) The...

Persistent link: https://www.econbiz.de/10003857682

The debt brake : business cycle and welfare consequences of Germany's new fiscal policy rule

Mayer, Eric; Stähler, Nikolai - 2009

In a New Keynesian DSGE model with non-Ricardian consumers, we show that automatic stabilization according to a countercyclical spending rule following the idea of the debt brake is well suited both to steer the economy and in terms of welfare. In particular, the adjustment account set up to...

Persistent link: https://www.econbiz.de/10003873005

The impact of fiscal policy on economic activity over the business cycle : evidence from a threshold VAR analysis

Baum, Anja; Koester, Gerrit B. - 2011

Does the state of the business cycle matter for the effects of fiscal policy shocks on GDP? This study analyses quarterly German data from 1976 to 2009 in a threshold SVAR, expanding the SVAR approach by Blanchard and Perotti (2002). In a linear benchmark SVAR, the analysis finds that hiking...

Persistent link: https://www.econbiz.de/10008936115

Banks, markets, and efficiency

Fecht, Falko (contributor); Martin, Antoine (contributor) - 2005

Following Diamond (1997) and Fecht (2004) we use a model in which financial market access of households restrains the efficiency of the liquidity insurance that banks' deposit contracts provide to households that are subject to idiosyncratic liquidity shocks. But in contrast to these approaches...

Persistent link: https://www.econbiz.de/10003079140

International financial competitiveness and incentives to foreign direct investment

Jochem, Axel (contributor) - 2008

inflation rates and registered patents have a positive impact on the index. Institutional factors like EMU membership or Anglo …

Persistent link: https://www.econbiz.de/10003794120

Changes in import pricing behaviour : the case of Germany

Stahn, Kerstin - 2009

Since changes in import prices feed into consumer prices and thus might affect monetary policy decisions, policymakers need to establish whether or not German importers' long-run pricing behaviour has changed. Of particular interest are any shifts in the importance of cost passthrough and...

Persistent link: https://www.econbiz.de/10003846066

Exchange rate dynamics, expectations, and monetary policy

Chen, Qianying - 2011

This paper re-investigates the implications of monetary policy rules on changes in exchange rate, in a risk-adjusted, uncovered interest parity model with unrestricted parameters, emphasizing the importance of modeling market expectations of monetary policy. I use consensus forecasts as a proxy...

Persistent link: https://www.econbiz.de/10009244259

Central bank intervention and exchange rate expectations : evidence from the daily DM/US-Dollar exchange rate

Reitz, Stefan - 2002

In this paper we propose a generalisation of the noise trader transmission mechanism to examine the impact of central bank intervention on exchange rates. Within a heterogeneous expectations exchange rate model intervention operations are supposed to provide support to either chartist or...

Persistent link: https://www.econbiz.de/10011431685

Inflation and relative price variability in the euro area : evidence from a panel threshold model

Nautz, Dieter (contributor); Scharff, Juliane (contributor) - 2006

In recent macroeconomic theory, relative price variability (RPV) generates the central distortions of inflation. This … paper provides first evidence on the empirical relation between inflation and RPV in the euro area focusing on threshold … effects of inflation. We find that expected inflation significantly increases RPV if inflation is either very low (below -1 …

Persistent link: https://www.econbiz.de/10003304982