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Evidence of the new economy at the macroeconomic level and implications for monetary policy

Gern, Klaus-Jürgen; Meier, Carsten-Patrick; Scheide, … - 2003

Persistent link: https://www.econbiz.de/10001746994

World economy in spring 2021 : recovery stays on track

Gern, Klaus-Jürgen; Hauber, Philipp; Kooths, Stefan; … - 2021

coronavirus rising sharply and containment measures tightened again in many countries. Industrial production and world trade have … next, with a particularly strong improvement in the outlook for the United States. World trade in goods is expected to grow … horizon world trade will thus be even higher than expected before the crisis. …

Persistent link: https://www.econbiz.de/10012590089

World economy : continued expansion amid increased uncertainties

Gern, Klaus-Jürgen; Fiedler, Salomon; Hauber, Philipp; … - 2017

The world economy has gained traction in the course of 2016 despite elevated policy uncertainty and seems to have …

Persistent link: https://www.econbiz.de/10012060791

Shocks and frictions in US business cycles : a Bayesian DSGE approach

Smets, Frank; Wouters, Rafael - 2007

Using a Bayesian likelihood approach, we estimate a dynamic stochastic general equilibrium model for the US economy using seven macro-economic time series. The model incorporates many types of real and nominal frictions and seven types of structural shocks. We show that this model is able to...

Persistent link: https://www.econbiz.de/10011618212

World economy winter 2022 : strong headwinds for global economic activity

Gern, Klaus-Jürgen; Kooths, Stefan; Sonnenberg, Nils; … - 2022

Global growth has decelerated over the course of the year under the impact of high energy prices and great uncertainty. Monetary policy, which is being tightened very quickly in view of high inflationary pressure across the board, is now also putting a drag on economic activity. Overall,...

Persistent link: https://www.econbiz.de/10013539196

International transmission and monetary policy cooperation

Coenen, Günter; Lombardo, Giovanni; Smets, Frank; … - 2008

We use a version of the New Area-Wide Model (NAWM) developed at the ECB in order to quantify the gains from monetary policy cooperation. The model is calibrated in order to match a set of empirical moments. We then derive the cooperative and (open-loop) Nash monetary policies, assuming that the...

Persistent link: https://www.econbiz.de/10003636288

House prices and the stance of monetary policy

Jarociński, Marek; Smets, Frank - In: Review / Federal Reserve Bank of St. Louis 90 (2008) 4, pp. 339-365

Persistent link: https://www.econbiz.de/10003764399

House prices and the stance of monetary policy

Jarocinski, Marek (contributor); Smets, Frank (contributor) - 2008

This paper estimates a Bayesian VAR for the US economy which includes a housing sector and addresses the following questions. Can developments in the housing sector be explained on the basis of developments in real and nominal GDP and interest rates? What are the effects of housing demand shocks...

Persistent link: https://www.econbiz.de/10003778777

Monetary policy over time

Gaspar, Victor; Smets, Frank; Vestin, David - In: Macroeconomic dynamics 10 (2006) 2, pp. 207-229

Persistent link: https://www.econbiz.de/10003318611

US imbalances : the role of technology and policy

Bems, Rudolfs (contributor); Dedola, Luca (contributor); … - 2007

This paper investigates the role of three likely factors in driving the steady deterioration of the US external balance: US technology developments, changes in the US government fiscal position and the Fed’s monetary policy. Estimating several Vector Autoregressions on US data over the period...

Persistent link: https://www.econbiz.de/10003410610