devoted to the GMM estimation of crucial parameters of the inflation-aversion model of the previous chapter. A model featuring …

concentrates on a restrictive monetary policy. Industrial output and producer prices are chosen as reference data. As expected …, output decreases in most subsectors after a restrictive monetary shock. The sectors of electrical and electronic equipment … einer Dominanz der Geldpolitik als Angebotsschock erklärt werden. Zu einem großen Teil bleibt die identifizierte …

profitability of downstream petroleum (refining, marketing and transport) operations. A 17-percent decline in crude oil prices led … natural gas wellhead prices only partially offset the negative effects of low crude oil prices. Electric utilities also … consumption rose 2 percent between the third quarter of 1992 and the third quarter of 1993. Although petroleum product prices …

affect consumer prices, and (iii) international trade is disregarded. Results in this paper indicate that these limitations …

convert estimates of capital stock into estimates of capital service flows by means of capital rental prices. Comparisons of … levels of capital input among countries require data on relative prices of capital input. We obtain relative price levels for … capital input via relative investment goods prices, taking into account the flow of capital input per unit of capital stock in …

reallocations and plant-level technical efficiency changes while allowing in the estimation for 459 different production …

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 …

Arbeitsstunden und Löhnen in dieser Zeit erklären. Abschließend wird die Rolle der Geldpolitik während Aktienmarktbooms diskutiert …This thesis consists of three self-contained essays that investigate the interaction of asset prices and financial … model. Especially, we explore a way to include conditional second moments of asset returns into the estimation. Moreover, we …

untersuchen wir die Rolle der Geldpolitik während der Weltwirtschaftskrise in den USA. Die besondere Rolle der Geldpolitik gilt … Effekte der systematischen Komponente der Geldpolitik an. Wir finden heraus, dass der Anteil der Geldpolitik insgesamt zwar … explicitly involves economic theory in the estimation procedure. To identify shocks I employ both sign restrictions derived from …