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Persistent link: https://www.econbiz.de/10010382003
During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central …
Persistent link: https://www.econbiz.de/10003831853
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United Kingdom and Sweden under the Gold Standard: under stable monetary regimes with clearly defined nominal anchors …
Persistent link: https://www.econbiz.de/10003636070
While consumption habits have been utilised as a means of generating a hump shaped output response to monetary policy shocks in sticky-price New Keynesian economies, there is relatively little analysis of the impact of habits (particularly, external habits) on optimal policy. In this paper we...
Persistent link: https://www.econbiz.de/10003867095
In a stochastic pure endowment economy with money but no financial markets, two types of agents trade one non-durable good using two alternative types of cash constraints. Simulations of the corresponding variants are compared to Arrow-Debreu and Autarky equilibriums. First, this illustrates how...
Persistent link: https://www.econbiz.de/10009160002
Persistent link: https://www.econbiz.de/10010210589
The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...
Persistent link: https://www.econbiz.de/10008688538
declines in output, in ation, and the interest rate. Moreover, we document strong global impacts, making the world move in a …
Persistent link: https://www.econbiz.de/10012418859
with those of the rest of the world. We analyse the relative importance of US, country-specific, and global variables as …. Global and national risk indicators perform better in explaining "rest of the world" flows. Moreover, we find that the … correlation between US and rest of the world flows peaks in periods of elevated uncertainty. We interpret our findings as evidence …
Persistent link: https://www.econbiz.de/10011975553