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Commitment policy and optimal positive long-run inflation

Pontiggia, Dario - Volkswirtschaftliche Fakultät, … - 2008

This paper studies different types of commitment policy in an economy where the deterministic steady state is inefficient. We show how a policy suggested by the approach of policy design entails positive long-run inflation, even in the purely forward-looking canonical New Keynesian model. The...

Persistent link: https://www.econbiz.de/10005837150

Assessing uncertainty in Europe and the US: is there a common uncertainty factor?

Sauter, Oliver - Volkswirtschaftliche Fakultät, … - 2012

This paper is an empirical investigation of uncertainty in the Euro Zone as well as the US. It conducts a factor … analysis of uncertainty measures starting in 2001 until the end of 2011. For this purpose I use survey-based data provided by … implied volatility of stock market movements. Each measure shows an increase in uncertainty during the last years marked by …

Persistent link: https://www.econbiz.de/10011259226

A Panel Data Approach to the Demand for Money and the Effects of Financial Reforms in the Asian Countries

Rao, B. Bhaskara; Kumar, Saten - Volkswirtschaftliche Fakultät, … - 2008

Three panel data estimation methods are used to estimate the cointegrating equations for the demand for money (M1) in 14 developing Asian countries. Tests for the effects of financial reforms are made with estimates for two sub-samples of 1970-1985 and 1986-2005. Our results show that money...

Persistent link: https://www.econbiz.de/10005835500

Financial Liberalization: The African Experience

Reinhart, Carmen; Tokatlidis, Ioannis - Volkswirtschaftliche Fakultät, … - 2000

Almost a decade after their initiation, financial reforms appear to have had little effect on the economies of Sub-Sahara Africa. Whether the blame is to fall on their initial design itself, or on the partial nature of their implementation, liberalization policies have not mobilized savings,...

Persistent link: https://www.econbiz.de/10005835554

Fluctuaciones del producto y choques monetarios: evidencia colombiana

Reinhart, Carmen; Reinhart, Vincent - Volkswirtschaftliche Fakultät, … - 1991

Usando los datos anuales para Colombia durante los 30 años pasados, probamos las teorías de oposición que explican fluctuaciones macroeconómicas: la síntesis neoclásica, que postula eso en presencia de rigidez temporal del precio una extensión monetaria inesperada produce los aumentos de...

Persistent link: https://www.econbiz.de/10005835558

Bank Incentives, Contract Design, and Bank Runs

Andolfatto, David - Volkswirtschaftliche Fakultät, … - 2007

We study a version of the Diamond-Dybvig Green-Lin model with a strategic banker.

Persistent link: https://www.econbiz.de/10005835605

Models of Including Financially Inactive Population into the Financial System

Matić, Branko; Serdarušić, Hrvoje - Volkswirtschaftliche Fakultät, … - 2008

Raising money and directing it into savings is the most important passive task in banking. Restrictive monetary policy makes it increasingly difficult for banking institutions to take loans, thus they turn to the general population as a money source. Their interest is partly served through...

Persistent link: https://www.econbiz.de/10005835971

The first global financial crisis of the 21st century: Part II, June-December, 2008

Reinhart, Carmen; Felton, Andrew - Volkswirtschaftliche Fakultät, … - 2009

This book is a selection of VoxEU.org columns that deal with the ongoing global financial crisis. VoxEU.org is a portal for research-based policy analysis and commentary written by leading economists. It was launched in June 2007 with the aim of enriching the economic policy debate by making it...

Persistent link: https://www.econbiz.de/10005835985

Forecasting turning points in Canada

Reinhart, Carmen; Reinhart, Vincent - Volkswirtschaftliche Fakultät, … - 1996

Economists have long been involved in the search for a few key indicators that predict the behavior of market economies. For Canada, it has been shown that the yield curve reliably tilts down and that real M1 growth declines before economic contraction, but this has been demonstrated almost...

Persistent link: https://www.econbiz.de/10005835991

Monetary policy and economic performance of West African Monetary Zone Countries

Balogun, Emmanuel Dele - Volkswirtschaftliche Fakultät, … - 2007

This study examined the monetary and macroeconomic stability perspective for entering into monetary union, using data available on WAMZ countries. It tests the hypothesis that independent monetary and exchange rate policies have been relatively ineffective in influencing domestic activities...

Persistent link: https://www.econbiz.de/10005836097

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