-Board-Systeme das Zeitinkonsistenzproblem der Geldpolitik lösen, da aufgrund ihrer gesetzlichen Verankerung eine überraschende … Zeitinkonsistenz­problem der Geldpolitik dominant ist, und dies obwohl asymmetrische Schocks nicht stabilisiert werden können. Eine …

particular, standard local projections identify responses that include an effect due to the persistence of the shock, while … projections and moving average representations. In particular, the inclusion of leads of the shock in local projections allows to … proyecciones locales estándar identifi can respuestas que incluyen un efecto debido a la persistencia del shock, mientras que las …

Using a sample of 1154 European firms from 11 countries, we show that firm-levelexchange exposure for Eurozone and non-Eurozone … European firms has increased sincethe introduction of the euro, but this rise was smaller for Eurozone than non … Eurozone countries, so the advent of the euroappears to have been associated with a shift in exchange risk from systematic to …

fixed majority rule in a simple shock structure. This insight is robust, if we apply more complex shock structures or if we …In der Geldpolitik besteht das grundsätzliche Problem die widerstreitenden Ziele "Preisstabilität" und …

the country receiving the shock if it can conduct monetary policy independently. I also find that after country …-specific housing price shocks consumption does not only increase in the country where the shock takes place, there is an international …

transmission mechanism in Slovakia. Subject to various sensitivity checks, we find that contractionary monetary policy shock has a … policy shock on Slovak prices is more powerful than that of the National Bank of Slovakia. Slovak central bank interest rate …