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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

On the optimality of activist policies with a less informed government

Bénassy, Jean-Pascal - 1999 - Revised June 1998

We investigate whether a government should lead an activist policy in a rigorous utility maximizing framework under rational expectations. The economy is a monetary one with preset wages, and is subject to both demand and supply shocks. It is assumed that the government can never act on the...

Persistent link: https://www.econbiz.de/10011432514

Monetary policy rules in emerging countries : is there an augmented nonlinear Taylor rule?

Caporale, Guglielmo Maria; Catik, A. Nazif; Helmi, … - 2016

This paper examines the Taylor rule in five emerging economies, namely Indonesia, Israel, South Korea, Thailand, and Turkey. In particular, it investigates whether monetary policy in these countries can be more accurately described by (i) an augmented rule including the exchange rate, as well as...

Persistent link: https://www.econbiz.de/10011486466

Inflation targeting as a shock absorber

Fratzscher, Marcel; Große Steffen, Christoph; Rieth, Malte - 2018

We study the characteristics of inflation targeting as a shock absorber, using quarterly data for a large panel of countries. To overcome an endogeneity problem between monetary regimes and the likelihood of crises, we propose to study large natural disasters. We find that inflation targeting...

Persistent link: https://www.econbiz.de/10011790769

The energy-price channel of (European) monetary policy

Ider, Gökhan; Kriwoluzky, Alexander; Kurcz, Frederik; … - 2023

This study examines whether central banks can combat inflation that is caused by rising energy prices. By using a high-frequency event study and a Structural Vector Autoregression, we find evidence that the European Central Bank (ECB) and the Federal Reserve (Fed) are capable of doing so by...

Persistent link: https://www.econbiz.de/10014230113

Liquidity and asset prices : how strong are the linkages?

Dreger, Christian; Wolters, Jürgen - 2009

central banks. One hot topic is whether the rise in liquidity in recent years has contributed to the formation of price … limit speculative runs and negative effects on the real economy in the future. We explore the impacts of liquidity shocks on … real share and house prices and the influence of wealth prices on liquidity. VAR models are specified for the US and the …

Persistent link: https://www.econbiz.de/10003807460

Monetary policy, global liquidity and commodity price dynamics

Belke, Ansgar; Bordon, Ingo G.; Hendricks, Torben - 2010

, money (defined as a global liquidity aggregate) is still a key factor to determine the long-run homogeneity of commodity … considerations. The inclusion of commodity prices helps to identify a significant monetary transmission process from global liquidity … clear empirical pattern it appears justified to argue that global liquidity merits attention in the same way as the …

Persistent link: https://www.econbiz.de/10003934679

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

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

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

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