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Financial factors in economic fluctuations
Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2010
We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro Area and US data. We find that agency problems in financial contracts, liquidity constraints facing banks and shocks that alter the perception of market risk and hit financial...
Persistent link: https://www.econbiz.de/10009640348
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Tax reforms and capital structure of banks
Hemmelgarn, Thomas - Europäische Gemeinschaften / Generaldirektion …; … - 2013
Persistent link: https://www.econbiz.de/10010343057
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Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous
Barnett, William A. - 2003
We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European Monetary Union (EMU). We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the...
Persistent link: https://www.econbiz.de/10009635917
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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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Swiss monetary policy targeting 1974 - 1996
Rich, Georg - 2003
After the switch to a floating exchange rate in 1973, the Swiss National Bank at first adopted annual monetary targets …
Persistent link: https://www.econbiz.de/10009635971
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The demand for euro area currencies
Fischer, Björn; Köhler, Petra; Seitz, Franz - 2004
The present paper analyses currency in circulation in the euro area since the beginning of the 1980s. After a comprehensive literature review on this topic we present some stylised facts on currency holdings in the euro area countries as well as at an aggregate euro area level. The next chapter...
Persistent link: https://www.econbiz.de/10009636553
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Money in monetary policy design
Beck, Guenter W.; Wieland, Volker - 2010
the possibility of persistent central bank misperceptions. Such misperceptions motivate the search for policies that … significant cross-check with monetary information, when the New-Keynesian model is the central bank’s preferred model. The cross …-check is shown to be effective in offsetting persistent deviations of inflation due to central bank misperceptions. …
Persistent link: https://www.econbiz.de/10009640349
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Choosing and using payment instruments
Kalckreuth, Ulf von; Schmidt, Tobias; Stix, Helmut - 2009
Germans are still very fond of using cash. Of all direct payment transactions, cash accounts for an astounding 82% in terms of number, and for 58% in terms of value. With a new and unique dataset that combines transaction information with survey data on payment behaviour of German consumers, we...
Persistent link: https://www.econbiz.de/10009640426
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The Great Depression and the Friedman-Schwartz hypothesis
Christiano, Lawrence; Motto, Roberto; Rostagno, Massimo - 2004
We evaluate the Friedman-Schwartz hypothesis that a more accommodative monetary policy could have greatly reduced the severity of the Great Depression. To do this, we first estimate a dynamic, general equilibrium model using data from the 1920s and 1930s. Although the model includes eight...
Persistent link: https://www.econbiz.de/10009636549
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A monetary policy strategy in good and bad times
Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - 2011
We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at...
Persistent link: https://www.econbiz.de/10009640775