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Secular stagnation : evidence and implications for economic policy
Rawdanowicz, Łukasz; Bouis, Romain; Inaba, Kei-Ichiro; … - 2014
interest rates and low inflation, and when ensuing prolonged and subdued growth undermines potential growth via labour … of economic slack and its impact on inflation, crisis-related hit to potential output and neutral interest rates. However …
Persistent link: https://www.econbiz.de/10010464897
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Do house prices impact consumption and interest rate? : evidence from OECD countries using an agnostic identification procedure
André, Christophe; Gupta, Rangan; Kanda, Patrick T. - 2012
This paper investigates the existence of significant spillovers from the housing sector onto the wider economy for the seven major OECD countries using Uhlig's (2005) agnostic identification procedure. This method allows a housing demand shock to be identified in a six-variable VAR model by...
Persistent link: https://www.econbiz.de/10009690177
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The effectiveness of monetary policy since the onset of the financial crisis
Bouis, Romain; Rawdanowicz, Łukasz; Renne, Jean-Paul; … - 2013
In the wake of the Great Recession, a massive monetary policy stimulus was provided in the main OECD economies. It helped to stabilise financial markets and avoid deflation. Nonetheless, GDP growth has been sluggish and in some countries lower than expected given the measures taken, and...
Persistent link: https://www.econbiz.de/10010231109
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Factors behind the decline in real long-term government bond yields
Bouis, Romain; Inaba, Kei-Ichiro; Rawdanowicz, Łukasz; … - 2014
factors whose importance has varied over time. In the 1990s, the decline in inflation levels and in volatility was key. In the …
Persistent link: https://www.econbiz.de/10010464903
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What drives inflation in the major OECD economies?
Moccero, Diego; Watanabe, Shingo; Cournède, Boris - 2011
Persistent link: https://www.econbiz.de/10009689741
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Insights from OECD Phillips curve equations on recent inflation outcomes
Turner, David; Chalaux, Thomas; Guillemette, Yvan; … - 2019
A statistically significant relationship between the unemployment gap and inflation can be found for a clear majority … slack on inflation can often be dominated by other shocks, including imported inflation. The current Secretariat Phillips … curve specification assumes inflation expectations are anchored at the central bank’s target, although some experimentation …
Persistent link: https://www.econbiz.de/10012202854
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The effect of government debt, external debt and their interaction on OECD interest rates
Turner, David; Spinelli, Francesca - 2013
In the wake of the financial crisis there has been renewed focus on the importance of a country’s net external debt position in determining domestic interest rates and, relatedly, its vulnerability to a crisis. This paper extends the panel estimation of OECD countries described in Turner and...
Persistent link: https://www.econbiz.de/10010231409
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US long term interest rates and capital flows to emerging economies
Olaberria, Eduardo - 2014
Following Chairman Ben Bernanke’s comments before Congress that the FOMC may ‘take a step down in the pace of asset purchases if economic improvement appears to be sustained’, US 10-year interest rates picked up sharply and gross capital flows to emerging market economies (EMEs) reversed....
Persistent link: https://www.econbiz.de/10010464962
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Negative interest rates in the euro area : does it hurt banks?
Strasky, Jan; Hwang, Hyunjeong - 2019
inflation expectations. Therefore, in line with other existing studies, we find weak evidence of possible negative effects on …
Persistent link: https://www.econbiz.de/10012111120
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Fiscal convergence, business cycle volatility and growth
Furceri, Davide - 2009
Persistent link: https://www.econbiz.de/10009569028