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Interest Rate Swaps and Corporate Default
Jermann, Urban J. - 2013
productivity shocks, inflation shocks, and counter-cyclical idiosyncratic productivity risk. Consistent with empirical evidence …
Persistent link: https://www.econbiz.de/10013076276
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Monetary Policy and the Financing of Firms
De Fiore, Fiorella - 2012
-term inflation volatility in response to exogenous shocks can be optimal; that the optimal response to adverse financial shocks is to … lower interest rates, if not at the zero bound, and to engineer a short period of inflation; that the Taylor rule may …
Persistent link: https://www.econbiz.de/10013116576
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When Did the Dollar Overtake Sterling as the Leading International Currency? Evidence From the Bond Markets
Chitu, Livia - 2012
This paper offers new evidence on the emergence of the dollar as the leading international currency, focusing on its role as currency of denomination in global bond markets. We show that the dollar overtook sterling much earlier than commonly supposed, as early as in 1929. Financial market...
Persistent link: https://www.econbiz.de/10013107004
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Mutual Assistance between Federal Reserve Banks, 1913-1960 as Prolegomena to the TARGET2 Debate
Eichengreen, Barry - 2014
This paper reconstructs the forgotten history of mutual assistance among Reserve Banks in the early years of the Federal Reserve System. We use data on accommodation operations by the 12 Reserve Banks between 1913 and 1960 which enabled them to mutualise their gold reserves in emergency...
Persistent link: https://www.econbiz.de/10013053813
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Opting out of the Great Inflation: German monetary policy after the break down of Bretton Woods
Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2009
interpreted, first and foremost, as a commitment device. In our setting, a monetary target helps anchoring inflation and inflation … well as a strong response to deviations of inflation from target and to the activity growth gap. In contrast, the response …
Persistent link: https://www.econbiz.de/10011605066
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Export Characteristics and Output Volatility : Comparative Firm-Level Evidence for CEE Countries
Čede, Urška - 2016
an effect on the output volatility of firms. We use large representative firm-level databases from Estonia, Hungary …
Persistent link: https://www.econbiz.de/10012992414
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Downward Wage Rigidity in Hungary
Kátay, Gábor - 2011
estimates of downward real and nominal wage rigidity for Hungary. Results suggest that nominal rigidity is more prominent in … Hungary than real rigidity. When compared to other countries participating in the IWFP, Hungary ranks among the countries with … the lowest degree of downward real rigidity. The estimated downward nominal rigidity for Hungary is higher, the measure is …
Persistent link: https://www.econbiz.de/10013121445
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Potential Output in DSGE Models
Vetlov, Igor - 2011
In view of the increasing use of Dynamic Stochastic General Equilibrium (DSGE) models in the macroeconomic projections and the policy process, this paper examines, both conceptually and empirically, alternative notions of potential output within DSGE models. Furthermore, it provides historical...
Persistent link: https://www.econbiz.de/10013124588
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Fiscal Variables and Bond Spreads : Evidence from Eastern European Countries and Turkey
Nickel, Christiane - 2009
, Hungary, Poland, Russia and Turkey from May 1998 to December 2007. To account for the importance of market expectations we use …
Persistent link: https://www.econbiz.de/10013155821
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Substitution Between Domestic and Foreign Currency Loans in Central Europe. Do Central Banks Matter?
Brzoza-Brzezina, Michal - 2010
, based on a panel of four biggest Central European countries (the Czech Republic, Hungary, Poland and Slovakia) confirm …
Persistent link: https://www.econbiz.de/10013144575