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Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero
Coenen, Günter; Orphanides, Athanasios; Wieland, Volker - 2003
This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...
Persistent link: https://www.econbiz.de/10009635983
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Identifying fiscal shocks and policy regimes in OECD countries
Arcangelis, Giuseppe de; Lamartina, Serena - 2003
The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a …
Persistent link: https://www.econbiz.de/10009635887
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Forecasting real GDP
Brand, Claus; Reimers, Hans-Eggert; Seitz, Franz - 2003
This paper analyses the information content of M1 for euro area real GDP since the beginning of the 1980s and reviews theoretical arguments on why real narrow money should help predict real GDP. We find that, unlike in the U.S., in the euro area, M1 has better and more robust forecasting...
Persistent link: https://www.econbiz.de/10009635922
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Is inflation persistence intrinsic in industrial economies?
Levin, Andrew T.; Piger, Jeremy M. - 2004
We apply both classical and Bayesian econometric methods to characterize the dynamic behavior of inflation for twelve industrial countries over the period 1984-2003, using four different price indices for each country. In particular, we estimate a univariate autoregressive (AR) model for each...
Persistent link: https://www.econbiz.de/10009636705
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Optimal dynamic risk sharing when enforcement is a decision variable
Koeppl, Thorsten V. - 2003
decision problem of using self-governance for risk sharing or governance through enforcement provided by these institutions … prevent first-best risk sharing, but never optimal to provide incentives exclusively via this technology. Commitment problems …
Persistent link: https://www.econbiz.de/10009635888
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Growth expectations, capital flows and international risk sharing
Castrén, Olli; Miller, Marcus; Stiegert, Roger - 2003
international equity transactions that accentuate the role of international risk sharing as a factor for the macroeconomic response … shock affecting only one country. Efficient global risk-sharing imply that expected productivity gains in one country will … for the productivity gains can further increase the risk exposure of foreign shareholders. The model is calibrated to show …
Persistent link: https://www.econbiz.de/10009635970
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Late lessons from early warnings
Gee, David (contributor); Guedes Vaz, Sofia (contributor);  … - Europäische Umweltagentur; European Environment Agency - 2002
This report is about gathering information on the hazards raised by human economic activities and its use in taking action to protect better the environment and the health of the species and ecosystems that are dependent on it. The study aims to contribute to better and more accessible...
Persistent link: https://www.econbiz.de/10009635974
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Späte Lehren aus frühen Warnungen
Gee, David (contributor); Guedes Vaz, Sofia (contributor);  … - Europäische Umweltagentur; European Environment Agency - 2002
This report is about gathering information on the hazards raised by human economic activities and its use in taking action to protect better the environment and the health of the species and ecosystems that are dependent on it. The study aims to contribute to better and more accessible...
Persistent link: https://www.econbiz.de/10009636105
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Signaux précoces et leçons tardives
Gee, David (contributor); Guedes Vaz, Sofia (contributor);  … - Europäische Umweltagentur; European Environment Agency - 2002
This report is about gathering information on the hazards raised by human economic activities and its use in taking action to protect better the environment and the health of the species and ecosystems that are dependent on it. The study aims to contribute to better and more accessible...
Persistent link: https://www.econbiz.de/10009636106
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Risk sharing through financial markets with endogenous enforcement of trades
Köppl, Thorsten V. - 2004
When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are … an integral part of financial marketsu0092 organization. We assess the degree of risk sharing that can be achieved … allow for optimal risk sharing as long as markets are complete, default is prevented in equilibrium and intermediaries …
Persistent link: https://www.econbiz.de/10009636542