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Bond market inflation expectations and longer-term trends in broad monetary growth and inflation in industrial countries, 1880 - 2001

Dewald, William G. - 2003

u0093Bond Market Inflation Expectation and Longer-term Trends in Broad Monetary Growth and Inflation in Industrial … in inflation that were matched by growth rates in M2 and nominal GDP but not real GDP in each country and cross …-country averages. Inflationary expectations as estimated by bond rates less real growth trends indicated little inflation expectation …

Persistent link: https://www.econbiz.de/10009635923

The real effects of money growth in dynamic general equilibrium

Graham, Liam; Snower, Dennis J. - 2004

We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off,...

Persistent link: https://www.econbiz.de/10009639472

The quantity theory of money, 1870-2020

Jung, Alexander - 2024

cointegration tests show that the long-run relationship between excess money growth and inflation holds if longer runs of data are … predicted by Milton Friedman. For the full sample, the average speed of adjustment from excess money growth to inflation in …

Persistent link: https://www.econbiz.de/10014558771

Labor adjustment and productivity in the OECD

Dossche, Maarten; Gazzani, Andrea; Lewis, Vivien - 2021

Labor productivity is more procyclical in OECD countries with lower employment volatility. To capture this new stylized fact, we propose a business cycle model with employment adjustment costs, variable hours and labor effort. We show that, in our model with variable effort, greater labor market...

Persistent link: https://www.econbiz.de/10012547644

Macroprudential regulation in the European Union in 1995-2014 : introducing a new data set on policy actions of a macroprudential nature

Budnik, Katarzyna; Kleibl, Johannes - 2018

This paper introduces a new comprehensive data set on policies of a macroprudential nature in the banking sectors of the 28 member states of the European Union (EU) between 1995 and 2014. The Macroprudential Policies Evaluation Database (MaPPED) offers a detailed overview of the "life-cycle" of...

Persistent link: https://www.econbiz.de/10011779845

No country is an island : international cooperation and climate change

Ferrari, Massimo; Pagliari, Maria Sole - 2021

In this paper we explore the cross-country implications of climate-related mitigation policies. Specifically, we set up a two-country, two-sector (brown vs green) DSGE model with negative production externalities stemming from carbon-dioxide emissions. We estimate the model using US and euro...

Persistent link: https://www.econbiz.de/10012547574

The Great Depression and the Friedman-Schwartz hypothesis

Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2004

We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...

Persistent link: https://www.econbiz.de/10009636549

Modelling yields at the lower bound through regime shifts

Hördahl, Peter; Tristani, Oreste - 2019

We propose a regime-switching approach to deal with the lower bound on nominal interest rates in dynamic term structure modelling. In the "lower bound regime", the short term rate is expected to remain constant at levels close to the effective lower bound; in the "normal regime", the short rate...

Persistent link: https://www.econbiz.de/10012107934

Trust in the central bank and inflation expectation

Christelis, Dimitris; Georgarakos, Dimitris; Jappelli, … - 2020

find that higher trust in the ECB lowers inflation expectations on average, and significantly reduces uncertainty about …Using micro data from the 2015 Dutch CentERpanel, we examine whether trust in the European Central Bank (ECB …) influences individuals' expectations and uncertainty about future inflation, and whether it anchors inflation expectations. We …

Persistent link: https://www.econbiz.de/10012165306

Monetary policy transmission to mortgages in a negative interest rate environment

Amzallag, Adrien; Calza, Alessandro; Georgarakos, Dimitris - 2019

Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge...

Persistent link: https://www.econbiz.de/10011975610

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