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Towards a progressive EMU fiscal governance
Álvarez Peralta, Nacho; Feigl, Georg; Koratzanis, Nasos; … - 2019
reform the Eurozone. We propose a focus on general principles for fiscal governance reform aiming at a better economic …
Persistent link: https://www.econbiz.de/10014565890
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Alternative Indicator of Moneary Policy for a Small Open Economy
Cuche, Nicolas A. - 2000
We analyze several identification frameworks based on operating procedures to measure monetary policy in a small open economy. We use a two-stage non-recursive VAR model to identify monetary shocks. We construct then various overall monetary policy indicators based on different residuals...
Persistent link: https://www.econbiz.de/10011430022
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US Monetary Policy in a Globalized World
Cuaresma, Jesús Crespo; Doppelhofer, Gernot; … - 2016
find that a contractionary US monetary policy shock leads to a persistent fall in international output, a drop in global … negative shock to foreign real GDP growth. …
Persistent link: https://www.econbiz.de/10013370122
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Does Money Growth Granger-Cause Inflation in the Euro Area? Evidence from Out-of-Sample Forecasts Using Bayesian VARs
Berger, Helge; Österholm, Pär - 2007
We use a mean-adjusted Bayesian VAR model as an out-of-sample forecasting tool to test whether money growth Granger-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly strong evidence that including money...
Persistent link: https://www.econbiz.de/10010321554
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Markov-switching structural vector autoregressions: theory and application
Rubio-Ramírez, Juan Francisco; Waggoner, Daniel; Zha, Tao - 2005
restricted to only time-varying shock variances dominate the other models. We find a persistent post-1993 regime that is …
Persistent link: https://www.econbiz.de/10010397645
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Spillovers from Euro Area and U.S. Credit and Demand Shocks: Comparing Emerging Europe on the Basis of a GVAR Model
Fadejeva, Ludmila; Feldkircher, Martin; Reininger, Thomas - 2015
: Domestic and international responses of total credit and output to an adverse loan supply shock are substantial. They are more … pronounced than the responses to an aggregate demand shock. Under both types of shocks, total credit decreases considerably more … credit and output responses are stronger than in the country of shock origin. This is true for both types of structural …
Persistent link: https://www.econbiz.de/10013370115
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An historical perspective on financial stability and monetary policy regimes: A case for caution in central banks current obsession with financial stability
Bordo, Michael D. - 2018
The global financial crisis (GFC) of 2007-2008 led to a call for central banks to elevate their financial stability mandate to the same level as their price stability mandate. It also led to a call for central banks to use their monetary policy tools as well as the tools of macro prudential...
Persistent link: https://www.econbiz.de/10012143929
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Monetary Policy in a Small Open Economy Model: A DSGE-VAR Approach for Switzerland
Bäurle, Gregor; Menz, Tobias - 2008
We study the transmission of monetary shocks and monetary policy with a behavioral model, corrected for potential misspecification using the DSGE-VAR framework elaborated by DelNegro and Schorfheide (2004). In particular, we investigate if the central bank should react to movements in the...
Persistent link: https://www.econbiz.de/10011430077
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The tragedy of the commons and inflation bias in the euro area
Dinger, Valeriya; Steinkamp, Sven; Westermann, Frank - 2012
Central bank credit has expanded dramatically since the beginning of 2007 in some of the euro area member countries. This paper makes two contributions to understand this stylized fact. First, we discuss a simple model of monetary policy that includes (i) a credit channel and (ii) a common pool...
Persistent link: https://www.econbiz.de/10010343285
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The impact of currency carry trade activity on the transmission of monetary policy
Boeck, Maximilian; Steshkova, Alina; Zörner, Thomas - 2024
a conventional monetary policy shock but depreciates to a central bank information shock. A threshold vector …
Persistent link: https://www.econbiz.de/10015063442