Narrow search
Showing 1 - 10 of 202
Cover Image
Integration, spurious convergence, and financial fragility: A post-Keynesian interpretation of the Spanish crisis
Pérez Caldentey, Esteban; Vernengo, Matías - 2015
originated from the financial convergence that followed adoption of the euro. …
Persistent link: https://www.econbiz.de/10011545307
Cover Image
Revisiting Public Support for the Euro, 1999-2017: Accounting for the Crisis and the Recovery
Roth, Felix; Baake, Edgar; Jonung, Lars; Nowak-Lehmann, … - 2018
This paper explores the evolution and determinants of public support for the euro since its creation in 1999 until the … end of 2017, thereby covering the pre-crisis experience of the euro, the crisis years and the recent recovery. Using … public support for the euro. First, we find that a majority of respondents support the euro in nearly all 19 euro area member …
Persistent link: https://www.econbiz.de/10013208809
Cover Image
New Keynesian dynamics in a low interest rate environment
Braun, R. Anton; Körber, Lena Mareen - 2011
Recent research has found that the dynamic properties of the New Keynesian model can be very different when the nominal interest rate is zero. Improvements in technology and reductions in the labor tax rate lower economic activity, and the size of the government purchase output multiplier can be...
Persistent link: https://www.econbiz.de/10010292223
Cover Image
Simple versus optimal rules as guides to policy
Brock, William A.; Durlauf, Steven N.; Nason, James M.; … - 2007
This paper contributes to the policy evaluation literature by developing new strategies to study alternative policy rules. We compare optimal rules to simple rules within canonical monetary policy models. In our context, an optimal rule represents the solution to an intertemporal optimization...
Persistent link: https://www.econbiz.de/10010292303
Cover Image
Liquidity, insolvency and the state
Ehnts, Dirk H. - 2016
The importance of liquidity and insolvency for nation states and banks has been highlighted by current economic woes in the eurozone and elsewhere. The concepts are grounded in monetary theory, which determine the way they are interpreted. Connected to the discussion of autometallism and...
Persistent link: https://www.econbiz.de/10011558422
Cover Image
Fiscal policy shocks and stock prices in the United States
Mumtaz, Haroon; Theodoridis, Konstantinos - 2017
This paper uses a range of structural VARs to show that the response of US stock prices to fiscal shocks changed in 1980. Over the period 1955-1980 an expansionary spending or revenue shock was associated with modestly higher stock prices. After 1980, along with a decline in the fiscal...
Persistent link: https://www.econbiz.de/10011927984
Cover Image
The Federal Reserve's implicit inflation target and macroeconomic dynamics: A SVAR analysis
Mumtaz, Haroon; Theodoridis, Konstantinos - 2017
This paper identifies shocks to the Federal Reserve's inflation target as VAR innovations that make the largest contribution to future movements in long-horizon inflation expectations. The effectiveness of this scheme is documented via Monte-Carlo experiments. The estimated impulse responses...
Persistent link: https://www.econbiz.de/10011927987
Cover Image
Asset prices, financial fragility, and central banking
Tymoigne, Éric - 2006
The paper reviews the current literature on the subject in both the New Consensus and Post Keynesian frameworks. It shows that both approaches give to central banks a wrong goal (inflation, distribution, curbing speculation, and so on) and a wrong instrument (interest rate rule). The paper...
Persistent link: https://www.econbiz.de/10010276902
Cover Image
Monetary policy uncertainty and firm dynamics
Fasani, Stefano; Mumtaz, Haroon; Rossi, Lorenza - 2020
This paper uses a FAVAR model with external instruments to show that the policy uncertainty shocks are recessionary and are associated with an increase in the exit of firms and a decrease in entry and in the stock price with total factor productivity rising in the medium run. To explain this...
Persistent link: https://www.econbiz.de/10012670866
Cover Image
Small and orthodox fiscal multipliers at the zero lower bound
Braun, R. Anton; Körber, Lena Mareen; Waki, Yuichiro - 2013
Does fiscal policy have large and qualitatively different effects on the economy when the nominal interest rate is zero? An emerging consensus in the New Keynesian literature is that the answer is yes. New evidence provided here suggests that the answer is often no. For a broad range of...
Persistent link: https://www.econbiz.de/10010397696