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The transmission of German monetary policy in the pre-Euro period
Lütkepohl, Helmut; Wolters, Jürgen - 2001
analysis ; monetary policy ; money demand ; structural vector error correction model …
Persistent link: https://www.econbiz.de/10009616780
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The transmission of German monetary policy in the pre-Euro period
Lütkepohl, Helmut; Wolters, Jürgen - 2001
A small macroeconomic model is constructed to study the transmission of the monetary policy conducted by the Deutsche Bundesbank (DBB) since the middle of the 1970s. For this purpose quarterly, seasonally unadjusted data for the period from 1975 to 1998 are used, that is, the period until the...
Persistent link: https://www.econbiz.de/10011400913
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The effectiveness of monetary policy in steering money market rates during the recent financial crisis
Abbassi, Puriya; Linzert, Tobias - 2011
The recent financial crisis deeply affected the money market yield curve and thus, potentially, the proper functioning … in steering euro area money market rates using two measures: first, the predictability of money market rates on the basis … of monetary policy expectations, and second the impact of extraordinary central bank measures on money market rates. We …
Persistent link: https://www.econbiz.de/10009006637
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The effectiveness of monetary policy in steering money market rates during the financial crisis
Abbassi, Puriya; Linzert, Tobias - 2012
The financial crisis has deeply affected money markets and thus, potentially, the proper functioning of the interest … area money market rates looking at, first, the predictability of money market rates on the basis of monetary policy … expectations, and second the impact of extraordinary central bank measures on money market rates. We find that during the crisis …
Persistent link: https://www.econbiz.de/10009564491
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The role of monetary aggregates in the policy analysis of the Swiss National Bank
Kirchgässner, Gebhard; Wolters, Jürgen - 2010
quantity of money and or excess money can be used to forecast inflation. After a preliminary data analysis, money demand … relations are specified, estimated and tested. Then, employing error correction models, measures of excess money are derived … money is generally a better predictor than the quantity of money. Taking into account also the most (available) recent …
Persistent link: https://www.econbiz.de/10003936693
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The role of labor markets for euro area monetary policy
Christoffel, Kai; Küster, Keith; Linzert, Tobias - 2009
In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in which labor markets are characterized by search and matching frictions. We first investigate to which extent a more flexible labor market would alter the business cycle behaviour...
Persistent link: https://www.econbiz.de/10003832582
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The role of labor markets for euro area monetary policy
Christoffel, Kai; Küster, Keith; Linzert, Tobias - 2009
In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in which labor markets are characterized by search and matching frictions. We first investigate to which extent a more flexible labor market would alter the business cycle behavior...
Persistent link: https://www.econbiz.de/10003827243
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Money and inflation in the euro area during the financial crisis
Dreger, Christian; Wolters, Jürgen - 2011
This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by … prices are allowed to enter the long run relationship. By restricting the cointegrating space, equations for money and … inflation are identified. The results indicate that the equilibrium evolution of M3 is still in line with money demand. In the …
Persistent link: https://www.econbiz.de/10009130684
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Money and Inflation in the euro area during the financial crisis
Dreger, Christian; Wolters, Jürgen - 2011
This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by … prices are allowed to enter the long run relationship. By restricting the cointegrating space, equations for money and … inflation are identified. The results indicate that the equilibrium evolution of M3 is still in line with money demand. In the …
Persistent link: https://www.econbiz.de/10009427840
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M3 money demand and excess liquidity in the euro area
Dreger, Christian; Wolters, Jürgen - 2010
Recent empirical studies have found evidence of unstable long run money demand functions if recent data are used. If … the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the ECB strategy … has to be doubted. In contrast we present a "stable'' long run money demand relationship for M3 for the period 1983 …
Persistent link: https://www.econbiz.de/10011518878