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Cash and the Economy : Evidence from India's Demonetization
Chodorow-Reich, Gabriel - 2018
% of cash in circulation illegal tender overnight, with new notes gradually introduced over the next several months. We … present a model of demonetization where agents hold cash both to satisfy a cash-in-advance constraint and for tax evasion …
Persistent link: https://www.econbiz.de/10012481018
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Keynesian Macroeconomics without the LM Curve
Romer, David - 2000
Changes in both the macroeconomy and in macroeconomics suggest that the IS-LM-AS model is no longer the best baseline model of short-run fluctuations for teaching and policy analysis. This paper presents an alternative model that replaces the assumption that the central bank targets the money...
Persistent link: https://www.econbiz.de/10012471315
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How Structural Are Structural Parameters?
Fernández-Villaverde, Jesús - 2007
This paper studies how stable over time are the so-called "structural parameters" of dynamic stochastic general equilibrium (DSGE) models. To answer this question, we estimate a medium-scale DSGE model with real and nominal rigidities using U.S. data. In our model, we allow for parameter...
Persistent link: https://www.econbiz.de/10012465487
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The Greenspan Era : Discretion, Rather Than Rules
Friedman, Benjamin M. - 2006
What stands out in retrospect about U.S. monetary policy during the Greenspan Era is the ongoing movement away from mechanistic restrictions on the conduct of policy, together with a willingness on occasion to depart even from what more flexible guidelines dictated by contemporary conventional...
Persistent link: https://www.econbiz.de/10012466551
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The Transmission Mechanism of Monetary Policy in Europe : Evidence from Banks' Balance Sheets
Favero, Carlo A. - 1999
implement a case-study on the response of banks in France, Germany, Italy and Spain to a monetary tightening. The episode we …
Persistent link: https://www.econbiz.de/10012471558
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Exchange Rate Dynamics with Sticky Prices : The Deutsch Mark, 1974-1982
Giovannini, Alberto - 1984
like those which appear to be typical in Germany …
Persistent link: https://www.econbiz.de/10012477815
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Activist Monetary Policy and Exchange Rate Overshooting : The Deutsche Mark/Dollar Rate
Papell, David H. - 1983
exchange rate overshooting to undershooting. Using constrained maximum likelihood methods, the model is estimated for Germany …
Persistent link: https://www.econbiz.de/10012477904
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Exchange Rates, Inflation and the Sterilization Problem : Germany, 1975-1981
Obstfeld, Maurice - 1982
When the goals of internal and external macroeconomic equilibrium are in conflict, sterilized intervention in the foreign exchange market may provide an independent policy instrument through which the central bank can resolve its dilemma in the short run. This paper is concerned with the West...
Persistent link: https://www.econbiz.de/10012478142
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Effects of U.S. Monetary Restraint on the DM-$ Exchange Rate and the German Economy
Artus, Jacques R. - 1982
rate and the German economy. The results indicate that such effects are large. If Germany keeps its money growth unchanged …
Persistent link: https://www.econbiz.de/10012478181
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Understanding the German Criticism of the Target System and the Role of Central Bank capital
Perotti, Roberto - 2020
Criticism of the Target system by a group of central European scholars has become a widespread argument against the … the political debate in Germany. Most academics and practitioners that have participated in the debate have been … argue that the German criticism of the Target system is not so unfounded after all, and should be taken seriously, both on …
Persistent link: https://www.econbiz.de/10012481480