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On the mechanics of New-Keynesian models

Rupert, Peter; Šustek, Roman - 2016

We scrutinize the monetary transmission mechanism in New-Keynesian models, focusing on the role of capital, the key ingredient in the transition from the basic framework to DSGE models. The widely held view that monetary policy affects output and inflation in these models through a real interest...

Persistent link: https://www.econbiz.de/10011433135

Dynamic effects of monetary policy shocks on macroeconomic volatility

Mumtaz, Haroon; Theodoridis, Konstantinos - 2015

We use a simple New Keynesian model, with firm specific capital, non-zero steady-state inflation, long-run risks and Epstein-Zin preferences to study the volatility implications of a monetary policy shock. An unexpected increases in the policy rate by 150 basis points causes output and inflation...

Persistent link: https://www.econbiz.de/10011389786

Macroeconomic and financial effects of oil price shocks : evidence for the Euro area

Morana, Claudio - 2016

The paper investigates the macroeconomic and financial effects of oil prices shocks in the euro area since its creation in 1999, with a special focus on the recent slump. The analysis is carried out episode by episode, within a time-varying parameter framework, consistent with the view that "not...

Persistent link: https://www.econbiz.de/10011451685

Negative externalities and real asset prices : closing of Stapleton airport and effect on nearby housing markets

Cohen, Jeffrey P.; Coughlin, Cletus Charles; Crews, Jonas; … - 2019

The closing of a busy airport has large effects on noise and economic activity. We examine the effects of Stapleton …

Persistent link: https://www.econbiz.de/10012137097

The closing of a major airport : immediate and longer-term housing market effects

Cohen, Jeffrey P.; Coughlin, Cletus Charles; Crews, Jonas; … - 2020

Persistent link: https://www.econbiz.de/10012216580

New flight regimes and exposure to aircraft noise : identifying housing price effects using a ratio-of-ratios approach

Boes, Stefan; Nüesch, Stephan - 2009

In October 2003, a new flight regime was introduced at Zurich airport that significantly changed the levels of noise … characteristics. The noise discount is still significant, although smaller, even after the inclusion of object-speciffc fixed effects … noise ; hedonic approach ; non-linear difference-in-differences ; policy evaluation …

Persistent link: https://www.econbiz.de/10003900914

On the Relationship between the Danish Stock and Bond Market in the Medium and Long Term

Olesen, Jan Overgaard; Risager, Ole - 2000

This short paper studies the empirical relationship between realized stock returns and bond yields at the 5- and 10-year investment horizons, respectively. Using annual Danish data since 1927, we find that stock returns and bond yields are closely linked in the medium and long term, as we...

Persistent link: https://www.econbiz.de/10012142227

Monetary policy and liquid government debt

Andolfatto, David; Martin, Fernando M. - 2018

We examine the conduct of monetary policy in a world where the supply of outside money is controlled by the fiscal authority-a scenario increasingly relevant for many developed economies today. Central bank control over the long-run inflation rate depends on whether fiscal policy is Ricardian or...

Persistent link: https://www.econbiz.de/10011782908

Trust as a key variable of sustainable development and public happiness : a historical and theoretical example regarding the creation of money

Genovese, Nicola; La Spada, Maria Grazia - 2014

This article purports to trace the origin of money on the basis of factors in interpersonal relationships, affecting a sustainable development and public happiness, namely trust, reciprocity and the concept of we-rationality. Both the historical approach and the one based on traditional economic...

Persistent link: https://www.econbiz.de/10010238314

Global economic divergence and portfolio capital flows to emerging markets

Mandalinci, Zeyyad; Mumtaz, Haroon - 2015

This paper studies the role of global and regional variations in economic activity and policy in developed world in driving portfolio capital flows (PCF) to emerging markets (EMs) in a Factor Augmented Vector Autoregressive (FAVAR) framework. Results suggest that PCFs to EMs depend mainly on...

Persistent link: https://www.econbiz.de/10011372822