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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

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

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

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

Strategic forecasting on the FOMC

Tillmann, Peter - 2010

The Federal Open Market Committee (FOMC) of the Federal Reserve consists of voting- and non-voting members. Apart from deciding about interest rate policy, members individually formulate regular inflation forecasts. This paper uncovers systematic differences in individual inflation forecasts...

Persistent link: https://www.econbiz.de/10010286349

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

Hayo, Bernd; Neuenkirch, Matthias - 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/10010286370

Macroeconomic dynamics and inflation regimes in the US: Results from threshold vector autoregressions

Mandler, Martin - 2010

This paper studies regime dependence in macroeconomic dynamics in the U.S. using a threshold vector autoregressive model in which endogenous regime switches are triggered by the inflation rate. The model separates a high from a low inflation regime with both regimes being strongly persistent....

Persistent link: https://www.econbiz.de/10010286376

Central bank communication and correlation between financial markets: Canada and the United States

Beck, Melanie-Kristin; Hayo, Bernd; Neuenkirch, Matthias - 2012

We study the correlation between pairs of bond and stock markets in Canada and the United States between January 1998 and December 2006 in the framework of Diagonal-BEKK models. Our research question is whether monetary policy action and communication by the Bank of Canada and the Federal...

Persistent link: https://www.econbiz.de/10010286380