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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 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 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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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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Currency substitution and the stability of the Italian demand for money before the entry into the monetary union, 1972 - 1998
Nielsen, Hannah; Tullio, Giuseppe; Wolters, Jürgen - 2000
A money demand function for M2 is estimated for Italy for the period 1972-1998 within an error correction framework … Germany is incorporated into the model. By accounting for structural breaks and currency substitution a stable money demand … function can be found. -- Money demand ; error correction model ; structural changes …
Persistent link: https://www.econbiz.de/10009611545
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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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Who truly bears (bank) taxes? : evidence from only shifting statutory incidence
Jiménez, Gabriel; Martinez-Miera, David; Peydró, … - 2020
We show strong overall and heterogeneous economic incidence effects, as well as distortionary effects, of only shifting statutory incidence (i.e., the agent on which taxes are levied), without any tax rate change. For identification, we exploit a tax change and administrative data from the...
Persistent link: https://www.econbiz.de/10012668346
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Cross-border liquidity, relationships and monetary policy : evidence from the Euro area interbank crisis
Abbassi, Puriya; Bräuning, Falk; Fecht, Falko; … - 2014 - This version: November 2014
We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on the compositional supply effects through cross-border and relationship lending. For empirical identification, we draw on the proprietary bank-to-bank European interbank dataset...
Persistent link: https://www.econbiz.de/10010471858
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The transmission of German monetary policy in the pre-Euro period
Lütkepohl, Helmut; Wolters, Jürgen - 2001
Persistent link: https://www.econbiz.de/10001637572
Cover Image
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/10001626656