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An Empirical Analysis of the Austrian Business Cycle Theory
Luther, William; Cohen, Mark - In: Atlantic Economic Journal 42 (2014) 2, pp. 153-169
The Austrian economists Ludwig von Mises and Friedrich A. Hayek developed a unique theory of the business cycle. In their view, an unsustainable boom ensues when the rate of interest prevailing in the market falls below the natural rate. The boom is characterized not only by an increase in...
Persistent link: https://www.econbiz.de/10010989100
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Monetary Policy, Market Excesses and Financial Turmoil
Ahrend, Rudiger; Cournède, Boris; Price, Robert W.R. - Economics Department, Organisation de Coopération et … - 2008
This paper addresses the question of whether and how monetary policy ease may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates have been persistently and significantly...
Persistent link: https://www.econbiz.de/10005045779
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Brazil's Inflation Targeting Regime: Brief Description and Evaluation of its Performance
Victor, Olivo - Volkswirtschaftliche Fakultät, … - 2007
This paper presents a brief description of the operation of Brazil's Inflation Targeting regime, and an evaluation of …
Persistent link: https://www.econbiz.de/10011110558
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Imperfect Competition, Monetary Policy and Welfare in a Currency Area
Lombardo, Giovanni - Deutsche Bundesbank - 2002
auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die … intensiver ist. Die optimale Geldpolitik der Zentralbank der Währungsunion wird ermittelt und mit einer einfachen Taylor …
Persistent link: https://www.econbiz.de/10005083139
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Simple monetary policy rules and data mining methods
Kozłowski, Wojciech; Piękoś, Piotr - In: Collegium of Economic Analysis Annals (2010) 22, pp. 75-94
The paper deals with the problem of modelling simple monetary policy rules, example of which is the Taylor rule, which is widely present in the literature of macroeconomics. More precisely, the aim of this paper is realized through verification whether the monetary policy that is carried out by...
Persistent link: https://www.econbiz.de/10011010351
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Estimation of the Taylor Rule for Canada Under Multiple Structural Changes
Rodriguez, Gabriel - Département d'Économie / Department of Economics, … - 2001
The Taylor rule is estimated under the period 1963Q2 to 1999Q4 using Canadian data and the methodology proposed by Bai and Perron (1998) to estimate regression models with multiple endogenous breaks. Although monetary rules are notorious for suffering from structural instability, recent attempts...
Persistent link: https://www.econbiz.de/10008491460
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Taylor-Regel und Subprime-Krise - Eine empirische Analyse der US-amerikanischen Geldpolitik
Erler, Alexander; Krizanac, Damir - Volkswirtschaftliche Fakultät, … - 2009
This paper examines the impact of the U.S. monetary policy on the Subprime mortgage crisis using a modified taylor rule. The main finding is that during the pre-crisis period the short term rate deviated significantly from the estimated taylor rate. This deviation may have been a cause of the...
Persistent link: https://www.econbiz.de/10008458491
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Geldpolitik und vorausschauende Taylor-Regeln ; Theorie und Empirie am Beispiel der Deutschen Bundesbank
Kamps, Christophe; Pierdzioch, Christian - Institut für Weltwirtschaft (IfW) - 2002
In diesem Beitrag wird aufgezeigt, dass sich die Geldpolitik der Deutschen Bundesbank im Zeitraum 1991 bis 1998 gut mit …
Persistent link: https://www.econbiz.de/10005818912
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El nivel de precios, la política monetaria y la regla de Taylor en una economía IS/LM de precios flexibles
Lizarazu Alanez, Eddy - In: Revista Nicolaita de Estudios Económicos VIII (2013) 2, pp. 7-34
We study a flexible price IS/LM economy in which the money supply and interest rate play the role of monetary policy instruments. If the central bank sets the nominal interest rate, the ambiguity in the price level is manifested. However, the equilibrium price level is permissible, if the...
Persistent link: https://www.econbiz.de/10010991609
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The Fed’s TRAP
Erler, Alexander; Drescher, Christian; Križanac, Damir - In: Journal of Economics and Finance 37 (2013) 1, pp. 136-149
The article examines if US monetary policy implicitly responds to asset price booms. Using real-time data and a GMM framework we estimate a Taylor-type rule with an asset variable that captures phases of booms and busts in the real estate market. We identify quasi real-time booms and busts using...
Persistent link: https://www.econbiz.de/10010998980