Narrow search
Showing 1 - 10 of 154
Cover Image
The Svensson versus McCallum and Nelson controversy revisited in the BMW framework
Bofinger, Peter (contributor); Mayer, Eric (contributor) - 2006
This note shows that the Svensson versus McCallum and Nelson controversy battled in the Federal Reserve Bank of St. Loius Review (September/ October 2005) can be mapped into a static version of a New Keynesian macro model that consists of an IS-equation, a Phillips curve and an inflation...
Persistent link: https://www.econbiz.de/10003327219
Cover Image
Financial crisis, global liquidity and monetary exit strategies
Belke, Ansgar - 2010
vagabonding global liquidity, there is a strong case for globally coordinating monetary exit strategies. Given unsurmountable …
Persistent link: https://www.econbiz.de/10003958646
Cover Image
Global liquidity, world savings glut and global policy coordination
Belke, Ansgar; Gros, Daniel - 2010
drivers of asset prices are global liquidity conditions. Central banks flooded the markets with ample liquidity. Mopping up … this excess liquidity will be one major task for central banks worldwide, which needs to be done in a coordinated fashion …. Moreover, our analysis has shown that liquidity will first show up in asset price inflation and only later in consumer goods …
Persistent link: https://www.econbiz.de/10003934687
Cover Image
Proxy VAR models in a data-rich environment
Bruns, Martin - 2019
Structural VAR models require two ingredients: (i) Informational sufficiency, and (ii) a valid identification strategy. These conditions are unlikely to be met by small-scale recursively identified VAR models. I propose a Bayesian Proxy Factor-Augmented VAR (BP-FAVAR) to combine a large...
Persistent link: https://www.econbiz.de/10012125244
Cover Image
The macroeconomic effects of progressive taxes and welfare
Engler, Philipp; Strehl, Wolfgang - 2016
We analyze the positive and normative effects of a progressive tax on wages in a nonlinear New Keynesian DSGE model in the presence of demand and technology shocks. The non-linearity allows us to disentangle the effects of the progressive tax on the volatility and the level of macroeconomic...
Persistent link: https://www.econbiz.de/10011568091
Cover Image
The short-run effect of monetary policy shocks on credit risk : an analysis of the euro area
Kim, Chi Hyun; Other, Lars - 2019
We examine the credit channel of monetary policy from 2000 to 2015 in the Euro Area using daily monetary policy shock and credit risk measures in an autoregressive distributed lag model. We find that an expansionary monetary policy shock leads to a short-run increase in the credit risk of...
Persistent link: https://www.econbiz.de/10011963607
Cover Image
Does macroeconomic policy affect private savings in Europe? : Evidence from a dynamic panel data model
Schrooten, Mechtild (contributor);  … - 2004 - [Elektronische Ressource]
Persistent link: https://www.econbiz.de/10002128045
Cover Image
The importance of global shocks for national policymakers : rising challenges for central banks
Belke, Ansgar; Rees, Andreas - 2009
area. According to our results, global liquidity shocks are a driving force of the global economy and various national … indicate that global liquidity shocks have recently become more important as a determinant for house prices. In general, global …
Persistent link: https://www.econbiz.de/10003879570
Cover Image
Exchange rates and the information channel of monetary policy
Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - 2020
We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock component and a central bank information shock component. We identify both components using changes in interest rate futures and in exchange rates around monetary policy...
Persistent link: https://www.econbiz.de/10012301353
Cover Image
Is there an information channel of monetary policy?
Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - 2024
Exploiting the heteroscedasticity of the changes in short-term and long-term interest rates and exchange rates around the FOMC announcement, we identify three structural monetary policy shocks. We eliminate the predictable part of the shocks and study their effects on financial variables and...
Persistent link: https://www.econbiz.de/10014560738