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How changes in oil prices affect the macroeconomy

DePratto, Brian; De Resende, Carlos; Maier, Philipp - 2009

We estimate a New Keynesian general-equilibrium open economy model to examine how changes in oil prices affect the macroeconomy. Our model allows oil price changes to be transmitted through temporary demand and supply channels (affecting the output gap), as well as through persistent supply side...

Persistent link: https://www.econbiz.de/10010279904

Evidence of the new economy at the macroeconomic level and implications for monetary policy

Gern, Klaus-Jürgen; Meier, Carsten-Patrick; Scheide, … - 2003

s differed from its predecessors in three important respects: productivity, inflation, and cyclical variability. In the … United States, labor productivity increased much faster in the 1990s than in the previous decades and, contrary to the usual … pattern, accelerated with the duration of the expansion. The view that most of the productivity acceleration was only cyclical …

Persistent link: https://www.econbiz.de/10010295120

Business cycle dynamics of a new Keynesian overlapping generations model with progressive income taxation

Heer, Burkhard; Maußner, Alfred - 2006

In our dynamic optimizing sticky price model, agents are heterogeneous with regard to their age and their productivity … dominates the substitution effect. This is in line with the adverse effect of productivity shocks on employment found in …

Persistent link: https://www.econbiz.de/10010261430

Equal size, equal role? Interest rate interdependence between the Euro area and the United States

Ehrmann, Michael; Fratzscher, Marcel - 2003

This paper investigates whether the degree and the nature of economic and monetary policy interdependence between the United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the perspective of financial markets by analysing the...

Persistent link: https://www.econbiz.de/10010298252

Global financial transmission of monetary policy shocks

Ehrmann, Michael; Fratzscher, Marcel - 2006

The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...

Persistent link: https://www.econbiz.de/10011604662

Geography or skills: What explains Fed watchers’ forecast accuracy of US monetary policy?

Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2006

The paper shows that there is a substantial degree of heterogeneity in forecast accuracy among Fed watchers. Based on a novel database for 268 professional forecasters since 1999, the average forecast error of FOMC decisions varies 5 to 10 basis points between the best and worst-performers...

Persistent link: https://www.econbiz.de/10011604741

Monetary Policy Shocks and Portfolio Choice

Fratzscher, Marcel; Saborowski, Christian; Straub, Roland - 2009

The paper shows that monetary policy shocks exert a substantial effect on the size and composition of capital flows and the trade balance for the United States, with a 100 basis point easing raising net capital inflows and lowering the trade balance by 1% of GDP, and explaining about 20-25% of...

Persistent link: https://www.econbiz.de/10011605168

Central banking for financial stability: Some lessons from the recent instability in the United States and euro area

Wall, Larry D. - 2012

Central banks have had an important role in maintaining financial stability through their lender of last resort role. As lender of last resort, the central bank is given enormous power which is normally tempered by a variety of limits. In the most recent crises in both the United States and euro...

Persistent link: https://www.econbiz.de/10010397238

Managed Floats to Damp Shocks like 1982-5 and 2006-9: Field and Laboratory Evidence for Chinese Interest in a Single World Currency

Pope, Robin; Selten, Reinhard; Kube, Sebastian; von … - 2009

-conflict model of exchange rate determination , and is within an umbrella theory of Pope, namely SKAT, the Stages of Knowledge Ahead …

Persistent link: https://www.econbiz.de/10010274185

How much does the public know about the ECB's monetary policy? Evidence from a survey of Dutch households

van der Cruijsen, Carin; Jansen, David-Jan; de Haan, Jakob - 2010

Does the general public know what central banks do? Is this kind of knowledge relevant? Using a survey of Dutch … households, we investigate these questions for the case of the European Central Bank (ECB). Our findings suggest that knowledge … on the ECB’s objectives is far from perfect. Both a weak desire to be informed and unawareness of insufficient knowledge …

Persistent link: https://www.econbiz.de/10011605311

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