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Economic and social effects of the COVID-19 pandemic and the future of global value chains
Dünhaupt, Petra; Herr, Hansjörg; Mehl, Fabian; … - 2021
The COVID-19 crisis is unique in many respects and, as the IMF (2021, p. 43) puts it: "a crisis like no other". A global economic contraction occurred that was unprecedented in its speed and depth. Support packages were put together in some parts of the world that also dwarfed anything seen up...
Persistent link: https://www.econbiz.de/10012595531
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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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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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Global earnings inequality, 1970-2015
Hammar, Olle; Waldenström, Daniel - 2017
We estimate trends in global earnings dispersion across occupational groups using a new database covering 66 developed and developing countries between 1970 and 2015. Our main finding is that global earnings inequality has declined, primarily during the 2000s, when the global Gini coefficient...
Persistent link: https://www.econbiz.de/10012013539
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Money and the transmission of monetary policy
Carpenter, Seth; Demiralp, Selva - 2009
The transmission mechanism of monetary policy has received extensive treatment in the macroeconomic literature. Most models currently used for macroeconomic analysis exclude money or else model money demand as entirely endogenous. Nevertheless, academic research and many textbooks continue to...
Persistent link: https://www.econbiz.de/10010273662
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Sources of macroeconomic fluctuations: A regime-switching DSGE approach
Liu, Zheng; Waggoner, Daniel F.; Zha, Tao - 2010
within a unified framework that incorporates regime switching both in shock variances and in the inflation target. Our … synchronized shifts in shock variances across two regimes and the fit does not rely on strong nominal rigidities. We find little …
Persistent link: https://www.econbiz.de/10010292241
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Market Segmentation and the Response of the Real Interest Rate to Monetary Policy Shocks
Occhino, Filippo - 2004
Following a contractionary monetary policy shock, the aggregate output decreases over time for six to eight quarters …
Persistent link: https://www.econbiz.de/10010263223
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Market Segmentation and the `Hump-Shaped' Response of Output to Monetary Policy Shocks
Occhino, Filippo - 2004
In the data, after a contractionary monetary policy shock aggregate output decreases over time, with a trough after … part of the households are excluded from financial markets. A contractionary monetary policy shock is modeled as an …, and decays over time. When markets are segmented, however, the shock has an additional liquidity effect, increasing the …
Persistent link: https://www.econbiz.de/10010263230
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Estimation and evaluation of a segmented markets monetary model
Landon-Lane, John S.; Occhino, Filippo - 2005
This paper develops a heterogeneous agents segmented markets model with endogenous production and a monetary authority that follows a Taylor-type interest rate rule. The model is estimated using Markov chain Monte Carlo techniques and is evaluated as a framework suitable for empirical monetary...
Persistent link: https://www.econbiz.de/10010274506
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Monetary policy shocks in an economy with segmented markets
Occhino, Filippo - 2001
After a contractionary monetary policy shock, aggregate output decreases over time with a trough after a year and a … interest rate, and I show that the real interest rate increases sizeably for up to one year. The shock has a liquidity effect …
Persistent link: https://www.econbiz.de/10010318351