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vector autoregression (VAR) type model specifications. Directed acyclic graph theory is proposed as an alternative modeling …
Persistent link: https://www.econbiz.de/10009445541
tests are conducted by means of the Johansen multivariate cointegration method and the error correction model. Among the ERM … the theory of German domination of the EMU. In the second set of tests, the United States money is found to affect all …
Persistent link: https://www.econbiz.de/10009445749
Arbeitsstunden und Löhnen in dieser Zeit erklären. Abschließend wird die Rolle der Geldpolitik während Aktienmarktbooms diskutiert …
Persistent link: https://www.econbiz.de/10009467149
realwirtschaftlich wirksamen, langfristig jedoch neutralen Geldpolitik inzwischen nahezu selbstverständlich akzeptiert zu sein …Macroeconomic theory often strictly separates cyclical analysis from trend analysis. Whereas the former is identified …
Persistent link: https://www.econbiz.de/10009451189
In recent years the New Keynesian Model with price stickiness of the Calvo type has become the most widely used theoretical framework for addressing various normative issues such as how optimal monetary and fiscal policy should be conducted. However, the New Keynesian Model has been criticized...
Persistent link: https://www.econbiz.de/10009482289
monetary theory of production that integrates the insights of Post-Keynesian monetary theory and the triangular contracts of …
Persistent link: https://www.econbiz.de/10009465939
There is a general recognition that there are deficiencies in the Mundell-Fleming model. Nonetheless, Rose [2000] has stated that Mundell was the first to exposit the Policy Trilemma, which identifies an intrinsic incompatibility among: high capital mobility, fixed exchange rates, and monetary...
Persistent link: https://www.econbiz.de/10009440668
these shocks also generate plausible impulse-responses for unemployment. Although our theory contains no money illusion, no …
Persistent link: https://www.econbiz.de/10009441372
This paper reviews the design and performance of monetary policy in South Africa (SA) during 1994-2004. Quantitative indexes of transparency reveal a strong rise in the transparency and accountability of monetary policy between 1994 and 2004. Inflation and interest rate expectations data and...
Persistent link: https://www.econbiz.de/10009441502
A recent paper by Kraay (2003) documents the lack of any systematic associationbetween monetary policy and the outcome of a speculative attack. This paper extendsKraay’s work by introducing an improved measure of monetary policy and an additionalcountry-specific fundamental, short-term...
Persistent link: https://www.econbiz.de/10009441503