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Explaining ECB and Fed interest rate correlation: Economic interdependence and optimal monetary policy

Mandler, Martin - 2010

This paper studies whether the observed high correlation between monetary policy in the U.S. and the Euro area can be explained by economic fundamentals, i.e. by macroeconomic interdependence between the two regions. We show that an optimal monetary policy reaction function for the ECB that...

Persistent link: https://www.econbiz.de/10010286383

Identification through heteroscedasticity in a multicountry and multimarket framework: The effects of European Central Banks on European financial markets

Hayo, Bernd; Niehof, Britta - 2011

This paper formally proves that Rigobon and Sack (2004)'s approach of identifying monetary policy shocks through heteroscedasticity can be extended to a multimarket and multicountry framework. Applying our multivariate framework allows deriving consistent estimators of monetary policy effects....

Persistent link: https://www.econbiz.de/10010286345

Regional effects of federal tax shocks

Hayo, Bernd; Uhl, Matthias - 2012

This paper studies regional output asymmetries following U.S. federal tax shocks. We estimate a vector autoregressive model for each U.S. state, utilizing the exogenous tax shock series recently proposed by Romer and Romer (2010) and find considerable variations: estimated output multipliers lie...

Persistent link: https://www.econbiz.de/10010294366

Offsetting versus mitigation activities to reduce CO2 emissions: A theoretical and empirical analysis for the US and Germany

Lange, Andreas; Ziegler, Andreas - 2012

This paper studies the voluntary provision of public goods that is partially driven by a desire to offset for individual polluting activities. We first extend existing theory and show that offsets allow a reduction in effective environmental pollution levels while not necessarily extending the...

Persistent link: https://www.econbiz.de/10010294375

Regionaler Treibhausgas-Emissionshandel in den USA: Eine umweltökonomische Analyse der Erfahrungen und der Neuerungen in Kalifornien und Neuengland

Rudolph, Sven - 2013

In den USA, weltweit zweitgrößte Wirtschaftsmacht und gleichzeitig zweitgrößter Emittent von Treibhausgasen, war die … der USA vollzog eine tiefgreifende Revision der Regional Greenhouse Gas Initiative (RGGI). Vor diesem Hintergrund stellt … der vorliegende Beitrag unter Einbeziehung aktuellster Entwicklungen in den USA das Design regionaler Treibhausgas …

Persistent link: https://www.econbiz.de/10010294376

Is socially responsible investing really beneficial? New empirical evidence for the US and European stock markets

Mollet, Janick Christian; Ziegler, Andreas - 2012

This paper empirically examines the theoretically ambivalent relationship between socially responsible investing (SRI) and stock performance. It extends the existing literature by considering both the US and the entire European stock markets as well as by using consistent world-wide corporate...

Persistent link: https://www.econbiz.de/10010294388

Evaluating FOMC forecast ranges: an interval data approach

Fischer, Henning; García-Bárzana, Marta; Tillmann, Peter - 2012

The Federal Open Market Committee (FOMC) of the U.S. Federal Reserve publishes the range of members' forecasts for key macroeconomic variables, but not the distribution of forecasts within this range. To evaluate these projections, previous papers compare the midpoint of the ranges with the...

Persistent link: https://www.econbiz.de/10010294451

Regional market-based climate policy in North America: Efficient, effective, fair?

Rudolph, Sven; Kawakatsu, Takeshi; Lerch, Achim - 2013

Despite President Obama's current interest in climate policy, market-based climate policy on the US federal level still appears to be deadlocked. The same is true for Canada, which has aligned its climate policy to the US. However, regional activities are more promising as British Columbia and...

Persistent link: https://www.econbiz.de/10010333483

Weighing up the Credit-to-GDP gap: A cautionary note

Karagedikli, Özer; Rummel, Ole J. - 2020

It has been argued that credit-to-GDP gaps (credit gap) are useful early warning indicators for banking crises. In addition, the Basel Committee on Banking Supervision has also advocated using these gaps - estimated using a one-sided Hodrick-Prescott filter with a smoothing parameter of 400,000...

Persistent link: https://www.econbiz.de/10012208408

Marktbasierte Klimapolitik in den USA: "Wind of Change" oder "Blown by the Wind"?

Rudolph, Sven - 2012

Trotz der klimapolitischen Zurückhaltung der USA auf der internationalen Ebene existieren innerhalb der USA Initiativen …

Persistent link: https://www.econbiz.de/10010281469