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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

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

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

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 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

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

Uncertainty and fiscal policy in an asymmetric monetary union

Hefeker, Carsten; Zimmer, Blandine - 2009

We examine monetary and fiscal interactions in a monetary union model with uncertainty due to imperfect central bank transparency. It is first shown that monetary uncertainty discourages excessive taxation and may thus reduce average inflation and output distortions. However, as countries enter...

Persistent link: https://www.econbiz.de/10003852211

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