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A Quantitative Perspective on Optimal Monetary Policy Cooperation between the US and the Euro Area
Adjemian, Stephane - 2008
The objective of this paper is to examine the main features of optimal monetary policy cooperation within a micro-founded macroeconometric frame-work. First, using Bayesian techniques, we estimate a two-country dynamic stochastic general equilibrium (DSGE) model for the United States (US) and...
Persistent link: https://www.econbiz.de/10012772411
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Feedback to the ECB's Monetary Analysis : The Bank of Russia's Experience with Some Key Tools
Ponomarenko, Alexey A. - 2012
banks given their specific institutional, economic and financial environment. We take the case of the Bank of Russia in …
Persistent link: https://www.econbiz.de/10013100833
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Optimal Reserve Composition in the Presence of Sudden Stops : The Euro and the Dollar as Safe Haven Currencies
Beck, Roland - 2008
We analytically derive optimal central bank portfolios in a minimum variance framework with two assets and quot;transaction demandsquot; caused by sudden stops in capital inflows. In this model, the transaction demands become less important relative to traditional portfolio objectives as debt to...
Persistent link: https://www.econbiz.de/10012771394
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No Country is an Island : International Cooperation and Climate Change
Ferrari, Massimo Minesso; Pagliari, Maria Sole - 2021
In this paper we explore the cross-country implications of climate-related mitigation policies. Specifically, we set up a two-country, two-sector (brown vs green) DSGE model with negative production externalities stemming from carbon-dioxide emissions. We estimate the model using US and euro...
Persistent link: https://www.econbiz.de/10013222709
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Does Private Equity Investment Spur Innovation? Evidence from Europe
Popov, Alexander A. - 2012
We provide the first cross-country evidence of the effect of investment by private equity firms on innovation, focusing … funds and insurance companies across countries and over time. We also control for the standard determinants of innovation … aggregate (private equity plus R&D) industrial spending, PE accounts for as much as 12% of industrial innovation. We also …
Persistent link: https://www.econbiz.de/10013117009
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On the Real Effects of Private Equity Investment : Evidence from New Business Creation
Popov, Alexander A. - 2010
Using a comprehensive database of European firms, we study how private equity affects the rate of firm entry. We find that private equity investment benefits new business incorporation, especially in industries with naturally higher entry rates and R&D intensity. A two standard deviation...
Persistent link: https://www.econbiz.de/10013152176
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Determinants of Firms’ Efficiency : Do Innovations and Finance Constraints Matter? The Case of European Smes
Bonanno, Graziella - 2020
This paper aims at investigating the relationship between firms' profit efficiency, access to finance and innovation … efficiency in order to increase profitability. Among firms that have embarked in product innovation, those in the industry and … help to better understand the link between innovation, financial constraints and efficiency, which goes beyond the idea …
Persistent link: https://www.econbiz.de/10012831402
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Financial Reforms and Innovation : A Micro-Macro Perspective
Boikos, Spyridon; Bournakis, Ioannis; Christopoulos, … - 2021
suggests that whilst micro reforms boost innovation, macro reforms may appear negative. We test and find empirical support for …
Persistent link: https://www.econbiz.de/10013229692
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How should central banks communicate?
Ehrmann, Michael; Fratzscher, Marcel - 2005
The paper shows that central bank communication is a key determinant of the market’s ability to anticipate monetary policy decisions and the future path of interest rates. Comparing communication policies by the Federal Reserve, the Bank of England and the ECB since 1999, we find that...
Persistent link: https://www.econbiz.de/10011604603
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A quantitative perspective on optimal monetary policy cooperation between the US and the euro area
Adjemian, Stéphane; Darracq Pariès, Matthieu; Smets, Frank - 2008
The objective of this paper is to examine the main features of optimal monetary policy cooperation within a micro-founded macroeconometric framework. First, using Bayesian techniques, we estimate a two-country dynamic stochastic general equilibrium (DSGE) model for the United States (US) and the...
Persistent link: https://www.econbiz.de/10011604930