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Domestic or U.S. news : what drives Canadian financial markets?

Hayo, Bernd; Neuenkirch, Matthias - 2009

volatility. -- Bank of Canada ;Central Bank Communication ; Federal Reserve Bank ; Financial Markets ; Macroeconomic News …

Persistent link: https://www.econbiz.de/10003849833

Regulatory networks, legal federalism, and multi-level regulatory systems

Kerber, Wolfgang; Wendel, Julia - 2016

. In this paper we analyze the role of regulatory networks from the perspective of the economic theory of legal federalism …

Persistent link: https://www.econbiz.de/10011436724

Federalism and decentralization : a critical survey of frequently used indicators

Blume, Lorenz; Voigt, Stefan - 2008

The economic effects of federalism are unclear: some papers find that federalism has strong positive effects on a … for federalism used. In this paper, we critically survey the existing indicators for both federalism and fiscal … decentralization. We argue that federalism is a constitutional institution whereas decentralization is (the outcome of) a policy choice …

Persistent link: https://www.econbiz.de/10003865927

The economic effects of federalism and decentralization : a cross-country assessment

Voigt, Stefan; Blume, Lorenz - 2009

effects of federalism by drawing on a simple dummy variable neglect potentially important institutional details. Based on a … pricipal component analysis, seven aspects of both federalism and decentralization are used as variables for explaining … that institutional details do, indeed, matter. Different aspects of federalism im pact on the outcome variables in …

Persistent link: https://www.econbiz.de/10003849436

Do Federal Reserve Bank presidents pursue regional or national interests? : new evidence based on speeches

Hayo, Bernd; Neuenkirch, Matthias - 2011 - This version: 11 February 2011

In this paper, we analyze the determinants of speeches by Federal Reserve (Fed) officials over the period January 1998 to September 2009. Econometrically, we use a probit model with regional and national macroeconomic variables to explain the subjectively coded content of these speeches. Our...

Persistent link: https://www.econbiz.de/10008840992

Unconventional Monetary Policy in a Financially Heterogeneous Monetary union

Schwanebeck, Benjamin - 2017

The cross-country interbank market in the euro area was a crucial transmission channel of financial stress. By using a two-country DSGE model of a financially heterogeneous monetary union where banks in one country lend funds to their foreign counterparts, I examine its role as shock ampli.er...

Persistent link: https://www.econbiz.de/10011773490

Optimal monetary policy in a currency union : implications of a country-specific cost channel

Michaelis, Jochen; Palek, Jakob - 2014

There is growing empirical evidence that the strength of the cost channel of monetary policy differs across countries. Using a New Keynesian model of a two-country monetary union, we show how the introduction of a cost channel (differential) alters the optimal monetary responses to union-wide...

Persistent link: https://www.econbiz.de/10010393570

The optimal monetary and fiscal policy mix in a financially heterogeneous monetary union

Palek, Jakob - 2015

Recent work on financial frictions in New Keynesian models suggest that there is a sizable spread between the risk-less interest rate and the borrowing rate. We analyze the optimal policy mix of monetary and fiscal authorities in a currency union with a country-specific credit spread by...

Persistent link: https://www.econbiz.de/10010474215

Optimal monetary and macroprudential policy in a currency union

Palek, Jakob; Schwanebeck, Benjamin - 2015

The financial crisis proved strikingly that stabilizing the price level is a necessary but not a sufficient condition to ensure macroeconomic stability. The obvious candidate for addressing systemic risk is macroprudential policy. In this paper we study the optimal monetary and macroprudential...

Persistent link: https://www.econbiz.de/10011302459

Shadow banking and the design of macroprudential policy in a monetary union

Kirchner, Philipp; Schwanebeck, Benjamin - 2020

This paper studies the interaction of international shadow banking with monetary and macroprudential policy in a two-country currency union DSGE model. We find evidence that cross-country financial integration through the shadow banking system is a source of financial contagion in response to...

Persistent link: https://www.econbiz.de/10012224888