Showing 1 - 10 of 234
Persistent link: https://www.econbiz.de/10002137086
We study how credit supply shocks in the US, the euro area and Japan are transmitted to other economies. We use the … effects on domestic and foreign GDP, compared to credit supply shocks from the euro area and Japan. Domestic and foreign …
Persistent link: https://www.econbiz.de/10009389753
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
accountability of the ECB with some other central banks (Bank of Canada, Bank of Japan, Bank of England and the Federal Reserve … Japan, Bank of England und Federal Reserve System). Im zweiten Teil stellen wir eine Theorie über die Rechenschaftspflicht …
Persistent link: https://www.econbiz.de/10011418852
The paper provides evidence concerning incidence and sources of nominal wage rigidity in servicesand manufacturing, using a new and large employer survey on wage and price setting behaviour forGermany. We observe that wage freezes are more frequent in services than in manufacturing, whereaswage...
Persistent link: https://www.econbiz.de/10003770971
Labor market studies on the effects of minimum wages are typically confined to the sector or worker group directly affected. We present a two-sector search model in which one sector is more productive than the other one and thus, pays higher wages. In such a framework, setting a minimum wage in...
Persistent link: https://www.econbiz.de/10003811115
This paper analyses information from survey data collected in the framework of the Eurosystem’s Wage Dynamics Network (WDN) on patterns of firm-level adjustment to shocks. We document that the relative intensity and the character of price vs. cost and wage vs. employment adjustments in...
Persistent link: https://www.econbiz.de/10003941209
In this paper an index of financial competitiveness is calculated that corresponds to the market-to-book ratio of inward FDI stocks. For a panel of five advanced economies from 1980 to 2006 it is shown that price competitiveness, stable inflation rates and registered patents have a positive...
Persistent link: https://www.econbiz.de/10003794120
The canonical New Keynesian model specifies inflation as the present-value of future real marginal cost. This paper tests this New Keynesian Phillips Curve and exploits projections of future real marginal cost generated by VAR models to assess the model’s ability to match the behavior of...
Persistent link: https://www.econbiz.de/10002682265
In this paper we rely on techniques recently developed by Bai and Ng (2004a) to estimate common euro-area stationary and non-stationary factors using a large-scale dynamic factor model. We find that euro-area economies share four non-stationary factors or trends and one stationary factor. By...
Persistent link: https://www.econbiz.de/10002619211