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Sovereign default and the stability of inflation targeting regimes

Schabert, Andreas; Wijnbergen, Sweder van - 2011 - This version: January 2011

We analyse the impact of interactions between monetary and fiscal policy on macroeconomic stability. We find that in the presence of sovereign default beliefs a monetary policy, which aims to stabilize inflation through an active interest rate policy, will destabilize the economy if the feedback...

Persistent link: https://www.econbiz.de/10011386429

Identification of New Keynesian Phillips Curves from a global perspective

Dées, Stephane; Pesaran, M. Hashem; Smith, L. Vanessa; … - 2008

number of issues of concern about how they are estimated and then related to the underlying macroeconomic theory. The first …

Persistent link: https://www.econbiz.de/10003652695

The monetary exchange rate model as a long-run phenomenon

Groen, Jan J. J. - 1998

residuals of our pooled estimated modelare stationary. This indicates that on a pooled time series levelthere is cointegration …

Persistent link: https://www.econbiz.de/10011299983

Infinite dimensional VARs and factor models

Chudik, Alexander (contributor); … - 2007

This paper introduces a novel approach for dealing with the 'curse of dimensionality' in the case of large linear dynamic systems. Restrictions on the coefficients of an unrestricted VAR are proposed that are binding only in a limit as the number of endogenous variables tends to infinity. It is...

Persistent link: https://www.econbiz.de/10003646695

Phillips curves and unemployment dynamics : a critique and a holistic perspective

Karanassou, Marika (contributor); Sala, Hector (contributor) - 2006

"The conventional wisdom that inflation and unemployment are unrelated in the long-run implies that these phenomena can be analysed by separate branches of economics. The macro literature tries to explain inflation dynamics and estimates the NAIRU. The labour macro literature tries to explain...

Persistent link: https://www.econbiz.de/10003359297

New economy, old central banks?

Berk, Jan Marc - 2002

Proponents of the so-called New Economy claim that it entails a structural change of the economy. Such a change, in turn, would require the central bank to rethink its monetary policy to the extent that traditional relationships between inf1ation and economic growth are no longer valid. But such...

Persistent link: https://www.econbiz.de/10011327535

The monetary exchange rate model as a long-run phenomenon

Groen, Jan J. J. - 1998

Persistent link: https://www.econbiz.de/10000675027

International migration with heterogeneous agents : theory and evidence

Brücker, Herbert (contributor); … - 2006

investigation of the cointegration relationships of German migration stocks and flows since 1967. We find that (i) panel-unit root … migration stocks and the explanatory variables are all I(1) variables, and (ii) the hypothesis of cointegration cannot be … rejected for the stock model. -- international migration ; temporary migration ; panel cointegration …

Persistent link: https://www.econbiz.de/10003376850

Dynamic determinants of optimal global climate policy

Grubb, Michael; Lange, Rutger-Jan; Cerkez, Nicolas; … - 2023 - Revision: September 2023

We explore how optimal emission abatement trajectories are affected by dynamic characteristics of greenhouse-gas emitting systems, such as inertia, induced innovation, and pathdependency, by formulating a compact and analytically tractable model with stylized damage assumptions to derive the...

Persistent link: https://www.econbiz.de/10014369562

Cross-country connectedness in inflation and unemployment: measurement and macroeconomic consequences

Binh Thai Pham; Sala, Hector - 2021

We bring the notion of connectedness (Diebold and Yilmaz, 2012) to a set of two critical macroeconomic variables as inflation and unemployment. We focus on the G7 economies plus Spain, and use monthly data –high-frequency data in a macro setting – to explore the extent and consequences of...

Persistent link: https://www.econbiz.de/10012491801

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