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Money-based interest rate rules : lessons from German data

Gerberding, Christina (contributor); … - 2007

The paper derives the monetary policy reaction function implied by money growth targeting. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. In the second part, it is...

Persistent link: https://www.econbiz.de/10003453449

Towards a joint characterization of monetary policy and the dynamics of the term structure of interest rates

Fendel, Ralf (contributor) - 2004 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10002235381

Monetary policy transparency, public commentary, and market perceptions about monetary policy in Canada

Siklos, Pierre L. - 2000

Die Einführung von Inflationszielen in Kanada im Jahr 1991 verdeutlichte angeblich das Ziel der Geldpolitik, nämlich … Preisstabilität. Mit der neuen Politik sollte unter anderem die Öffentlichkeit fortan den Erfolg der Geldpolitik leichter daran messen … in der öffentlichen Kommentierung der Geldpolitik seit 1991 fairer beurteilt werden." Anhand von Kommentaren in den …

Persistent link: https://www.econbiz.de/10011418878

Macroeconomic factors and micro-level bank risk

Buch, Claudia M.; Eickmeier, Sandra; Prieto, Esteban - 2010

The interplay between banks and the macroeconomy is of key importance for financial and economic stability. We analyze this link using a factor-augmented vector autoregressive model (FAVAR) which extends a standard VAR for the U.S. macroeconomy. The model includes GDP growth, inflation, the...

Persistent link: https://www.econbiz.de/10008697445

Fiscal institutions, fiscal policy and sovereign risk premia

Hallerberg, Mark (contributor); … - 2006

We investigate the effect of fiscal institutions such as the strength of the finance minister in the budget process and deficits on interest spreads contained in bond yields of the countries now belonging to the Eurozone. Deficits significantly increase risk premia measured by relative swap...

Persistent link: https://www.econbiz.de/10003383604

Testing for contemporary fiscal policy discretion with real time data

Kalckreuth, Ulf von (contributor); … - 2007

We propose a method for indentifying discretionary fiscal policy with real time data. The starting point is the observation that automatic stabilizers should depend on true GDP, while discretionary fiscal policy depends on the information that policy makers have in real time. We approximate the...

Persistent link: https://www.econbiz.de/10003529557

Heterogeneous expectations, learning and European inflation dynamics

Weber, Anke (contributor) - 2007

This paper is the first attempt to investigate the performance of different learning rules in fitting survey data of household and expert inflation expectations in five core European economies (France, Germany, Italy, Netherlands and Spain). Overall it is found that constant gain learning...

Persistent link: https://www.econbiz.de/10003529508

Liquidity and the dynamic pattern of price adjustment : a global view

Belke, Ansgar (contributor); Orth, Walter (contributor); … - 2008

Global liquidity expansion has been very dynamic since 2001. Contrary to conventional wisdom, high money growth rates … classes and consumer goods. -- global liquidity ; inflation control ; monetary policy transmission ; asset prices …

Persistent link: https://www.econbiz.de/10003794104

Central bank accountability and transparency : theory and some evidence

Eijffinger, Sylvester C. W.; Hoeberichts, Marco - 2000

Geldpolitik und die Frage, wer die endgültige Verantwortung für die Geldpolitik trägt. Das Papier zeigt auf, dass die …

Persistent link: https://www.econbiz.de/10011418852

Forecasting stock market volatility with macroeconomic variables in real time

Döpke, Jörg (contributor); Hartmann, Daniel (contributor); … - 2006

We compared forecasts of stock market volatility based on real-time and revised macroeconomic data. To this end, we used a new dataset on monthly real-time macroeconomic variables for Germany. The dataset covers the period 1994-2005. We used a statistical, a utility-based, and an options-based...

Persistent link: https://www.econbiz.de/10003315444