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We augment a linearized dynamic stochastic general equilibrium (DSGE) model with a tractable endogenous risk mechanism, to support the joint analysis of monetary and macroprudential policy. This state dependent conditional heteroskedasticity mechanism specifies the conditional variances of...
Persistent link: https://www.econbiz.de/10012300643
Deutschlands im Euroraum findet die deutsche Konjunktur implizit starke Berücksichtigung in der Geldpolitik der EZB. Die Schocks in … Deutschland. Bei Zugrundelegung von Daten für das gesamte Eurowährungsgebiet wird zunächst gezeigt, dass sich das Verhalten der … die Übertragung der Geldpolitik auf die EZB Anpassungslasten auf die nationale Fiskal- und Tarifpolitik. Insgesamt sind …
Persistent link: https://www.econbiz.de/10010377582
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We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and...
Persistent link: https://www.econbiz.de/10012418077
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This paper examines credit origins of the business cycle in the former Czechoslovakia. Industrial production is found to be cointegrated with various measures of bank credit during 1976-90 and it is shown that noninvestment credits are Granger-causing industrial production and that a feedback...
Persistent link: https://www.econbiz.de/10014395925
This paper surveys some of the principal monetary policy issues facing countries of the former U.S.S.R. The emphasis is on the immediate problem of imposing financial discipline in these economies, to bring down inflation quickly and decisively. Possible options for the essential nominal anchor...
Persistent link: https://www.econbiz.de/10014396162
This paper develops a small model of the output-inflation process in the United States in order to examine the implications of alternative monetary policy rules. In particular, two types of policy rules are considered; a myopic rule where interest rates respond contemporaneously to output and...
Persistent link: https://www.econbiz.de/10014398146
Persistent link: https://www.econbiz.de/10009747253
Modern Monetary Theory (MMT) ist ein keynesianischer Ansatz, der Geld in den Mittelpunkt der Analyse stellt und die Rolle des Staates in einer geldvermittelten Marktwirtschaft herausarbeitet, in der Vollbeschäftigung weder den Normalfall noch ein Gravitationszentrum darstellt. In der...
Persistent link: https://www.econbiz.de/10012155287