Showing 1 - 10 of 148
Persistent link: https://www.econbiz.de/10003404852
Persistent link: https://www.econbiz.de/10013258946
Persistent link: https://www.econbiz.de/10012502662
We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. We develop a methodology to assess the degree of heterogeneity, which we find to be low in financial variables and output, but significant in consumption,...
Persistent link: https://www.econbiz.de/10012252067
This paper estimates the importance of the cost channel of monetary policy in a New Keynesian model of the business cycle. A model with nominal rigidities is extended by assuming that a fraction of firms need to borrow money to pay their wage bill. Hence, monetary policy tightenings increase...
Persistent link: https://www.econbiz.de/10014401278
We analyze the European Central Bank''s (ECB''s) response to the global financial crisis. Our results suggest that even during the crisis, the core part of ECB''s monetary policy transmission-from policy rates to market rates-has continued to operate, but at a decreased efficiency. We also find...
Persistent link: https://www.econbiz.de/10014402463
The introduction of inflation targeting in 2006, together with important economic developments such as dedollarization, marked the beginning of a new macroeconomic framework in Armenia, which is likely to have changed the effectiveness of monetary policy. This paper is the first attempt to...
Persistent link: https://www.econbiz.de/10014403230
The main finding of this paper is that the European Union (EU) countries fall into two broad groups according to the effects of monetary policy adjustments on economic activity. Estimates based on a vector autoregression model indicate that the full effects of a contractionary monetary shock on...
Persistent link: https://www.econbiz.de/10014403245
Persistent link: https://www.econbiz.de/10010388731
Persistent link: https://www.econbiz.de/10012502659