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MODELING INTEREST RATE TRANSMISSION DYNAMICS IN GREECE. IS THERE ANY STRUCTURAL BREAK AFTER EMU?
CHIONIS, DIONYSIOS; LEON, COSTAS - EconWPA - 2005
-2004 within bivariate cointegration and error correction framework. A significant structural break takes place with the accession … of Greece into EMU in 2001. The bank rates become much more responsive to the policy rate in terms of impact multipliers … not complete even after the accession into the EMU. …
Persistent link: https://www.econbiz.de/10005125020
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The monetary approach to exchange rates in the CEECs
Crespo-Cuaresma, Jesús; Fidrmuc, Jarko; McDonald, Ronald - EconWPA - 2004
and Slovenia) is used to estimate the monetary exchange rate model with panel cointegration methods, including the Pooled …
Persistent link: https://www.econbiz.de/10005561077
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Macroeconomic Policies of the Economic and Monetary Union: Theorectical Underpinnings and Challenges
Arestis, Philip; Sawyer, Malcolm - EconWPA - 2003
decipher the type of economic analysis and macroeconomic policies of the Economic and Monetary Union (EMU) theoretical and … the EMU macroeconomic policies lie in their potential to achieve full employment and low inflation in the euro area. We … conclude that the institutional and policy arrangements surrounding the EMU and the euro are neither adequate for dealing with …
Persistent link: https://www.econbiz.de/10005076715
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Assessing the ECB's Performance since the Global Slowdown A Structural Policy Bias Coming Home to Roost?
Bibow, Jorg - EconWPA - 2004
This paper assesses the ECB’s performance, which the author finds to be seriously lacking but which is of paramount importance to understanding euroland’s ongoing stagnation and fragility. A main finding is that the series of policy blunders which characterized the bank’s conduct features...
Persistent link: https://www.econbiz.de/10005412750
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The Information Content of the Natural Rate of Interest: The Case of Poland
Brzoza-Brzezina, Michal - EconWPA - 2004
In this paper, I use a structural VAR model and the Kalman filter to estimate the natural rate of interest (NRI) in Poland. I show how the NRI can yield important information for a central banker. First, estimation of the NRI can be helpful for monetary authorities, seeking to stabilize...
Persistent link: https://www.econbiz.de/10005561162
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Nonlinear dynamics of interest rate and inflation
Lanne, Markku - EconWPA - 2004
According to several empirical studies, US inflation and nominal interest rates, as well as the real interest rate, can be described as unit root processes. These results imply that nominal interest rates and expected inflation do not move one-for-one in the long run, which is not consistent...
Persistent link: https://www.econbiz.de/10005561249
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New Hope for the Fisher Effect? A Re-Examination Using Threshold Cointegration
Weidmann, Jens - EconWPA - 1997
-old cointegration (TC) model. Contrary to the unit root hypothesis this model can be given an economic interpretation in terms of the … cointegration model is estimated. The TC model not only explains the downward bias of the coefficient estimates, but also the sample …
Persistent link: https://www.econbiz.de/10005126206
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Money Rules For The Eurozone Candidate Countries
Orlowski, Lucjan T - EconWPA - 2005
these variables are examined for Poland, Hungary and the Czech Republic by employing a Johansen cointegration test, along …
Persistent link: https://www.econbiz.de/10005076831
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Intra & Inter-Regional Industry Shocks: A New Metric with an Application to Australasian Currency Union
Grimes, Arthur - EconWPA - 2005
We place regional industry structures at centre stage in currency union analysis, decomposing differences between regional and aggregate cycles into 'industry structure' and 'industry cycle' effects. The industry structure effect indicates whether a region's industry structure causes its cycle...
Persistent link: https://www.econbiz.de/10005126191
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Regional and Industry Cycles in Australasia: Implications for a Common Currency
Grimes, Arthur - EconWPA - 2005
If two countries experience similar cycles, loss in monetary sovereignty following currency union may not be severe. Analysis of cyclical similarity is frequently carried out at the overall industry level, then interpreted with reference to regional industrial structures. By contrast, this paper...
Persistent link: https://www.econbiz.de/10005126410