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Money creation in a neoclassical economy : equilibrium multiplicity and the liquidity trap

Altermatt, Lukas; Buggenum, Hugo van; Voellmy, Lukas - 2024

-in-advance economy. Liquidity transformation by banks increases aggregate consumption and investment relative to a cash-only economy but … can also lead to inefficient overinvestment. Furthermore, liquidity transformation can lead to multiple steady … 'liquidity trap', in which nominal bond rates equal zero and banks are indifferent between holding bonds and reserves. Whether …

Persistent link: https://www.econbiz.de/10014545315

Fiscal responses to monetary policy : insights from a survey among government officials

Dibiasi, Andreas; Mikosch, Heiner; Sarferaz, Samad; … - 2024

This paper leverages a novel survey among German senior government officials to investigate fiscal responses to monetary policy shocks. Using randomized vignette treatments, we present officials with scenarios of increased government interest costs and analyze their expected fiscal adjustments....

Persistent link: https://www.econbiz.de/10015053809

Monetary-fiscal policy interaction and fiscal inflation : a tale of three countries

Kliem, Martin; Kriwoluzky, Alexander; Sarferaz, Samad - 2015

We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using cross-country data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence...

Persistent link: https://www.econbiz.de/10011379217

Testing temporal disaggregation

Müller-Kademann, Christian (contributor) - 2006

Economists and econometricians very often work with data which has been temporally disaggregated prior to use. Hence, the quality of the disaggregation clearly affects the quality of the analyses. Building on Chow and Lin's (1971) disaggregation model this paper proposes a new estimation...

Persistent link: https://www.econbiz.de/10003348699

Liquid equity and boom-bust dynamics

Buggenum, Hugo van - 2024

to relax a liquidity constraint. The dual nature of equity in the search-and-matching market entails a strategic … complementary in search operating through buyers' liquidity constraint, and it gives rise to endogenous booms and busts. The economy …

Persistent link: https://www.econbiz.de/10014633356

Determinants of equity-based and co-operative foreign R&D and impact on the parent firm's performance

Berger, Martin; Hollenstein, Heinz - 2012

The paper complements entry mode research by dealing with the choice of alternative modes of governance in the specific case of foreign R&D and its impact on a parent firm's performance. Firstly, we identify the factors that determine whether a firm locates abroad any R&D activities, and, if it...

Persistent link: https://www.econbiz.de/10009557745

Firm bankruptcies and start-up activity in Switzerland during the Corona crisis

Eckert, Florian; Mikosch, Heiner - 2021

This paper examines the incidence of firm bankruptcies and start-ups in Switzerland based on unique register data. We propose to assess the frequency of bankruptcies over time using the concept of excess mortality. During the Corona crisis in 2020 and the first half of 2021, bankruptcy rates...

Persistent link: https://www.econbiz.de/10012800604

Using real-time data to test for political budget cycles

Jong-A-Pin, Richard; Sturm, Jan-Egbert; Haan, Jakob de - 2012

We use real-time annual data on the fiscal balance, government current spending, current revenues and net capital outlays as published at a half yearly frequency in the OECD Economic Outlook for 25 OECD countries. For each fiscal year t we have a number of forecasts, a first release, and...

Persistent link: https://www.econbiz.de/10009629745

Despite or because? - Some lessons of German unification for EU enlargement

Busch, Ulrich (contributor); … - 2004 - [Elektronische Ressource]

The former German chancellor Helmut Schmidt holds that despite the huge transfers from West to East Germany the East German economy does not take off as it was widely expected. We argue it is not despite these transfers but because of them. Building on the common features of the extension of the...

Persistent link: https://www.econbiz.de/10002202979

Die konjunkturelle Ausrichtung der Schweizer Finanzpolitik im internationalen Vergleich : Ex-Ante- vs. Ex-Post-Betrachtung

Lampart, Daniel (contributor) - 2005

- und Ausgabenpolitik zu machen, hat die Schweizer Finanzpolitik in der Vergangenheit die Konjunkturentwicklung immer wieder … verstärkt. In der vorliegenden Studie wird die konjunkturelle Ausrichtung der Schweizer Finanzpolitik im internationalen … Finanzpolitik ex post oder ex ante betrachtet wird, fällt die Schweiz durch eine prozyklische Ausrichtung auf. Politökonomische …

Persistent link: https://www.econbiz.de/10003289365