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Policy Shocks in a Monetary Asset-Pricing Model with Endogenous Production / Politikeffekte in einem monetären Asset-Pricing-Modell mit Produktion

Schittko, Ulrich K.; Müller, Markus - In: Jahrbücher für Nationalökonomie und Statistik 218 (1999) 1-2, pp. 147-167

Summary In a framework of a monetary asset pricing model with production the effects of monetary and fiscal policy shocks are investigated. The model is kept simple enough to generate explicit formulae for the equilibrium price functions. With money yielding liquidity services in the exchange...

Persistent link: https://www.econbiz.de/10014608656

Output Gap Uncertainty and Monetary Policy During the 1970s

Spencer, David E. - In: Contributions in Macroeconomics 4 (2004) 1

Abstract The conduct of monetary policy during the 1970s was greatly complicated by systematic real-time misperceptions of the state of economic activity as measured by the output gap. Employing real-time data and using the Taylor rule as an analytical framework, I explore the implications of...

Persistent link: https://www.econbiz.de/10014588368

Interpreting the Significance of the Lagged Interest Rate in Estimated Monetary Policy Rules

English, William B.; Nelson, William R.; Sack, Brian P. - In: Contributions in Macroeconomics 3 (2003) 1

Many researchers have found that the lagged interest rate enters estimated monetary policy rules with overwhelming significance, suggesting that policy adjusts gradually to changes in economic conditions. However, Rudebusch (2002) argues that the lagged interest rate is not a fundamental...

Persistent link: https://www.econbiz.de/10014588428

Federal Reserve forecasts of nonfarm payroll employment across different political regimes

Baghestani, Hamid; Poulson, Barry - In: Journal of Economic Studies 39 (2012) 3, pp. 280-289

Purpose – This study is motivated by the view that Democrats are concerned with reducing unemployment in the short‐run, while Republicans are concerned with keeping inflation low to promote economic stability and growth. The purpose of this paper is to ask whether the Federal Reserve...

Persistent link: https://www.econbiz.de/10014863323

Human capital depreciation and education level

Weber, Sylvain - In: International Journal of Manpower 35 (2014) 5, pp. 613-642

Purpose – The purpose of this paper is to investigate the link between human capital depreciation and education level, with an emphasis on potential differences between general and specific education. Design/methodology/approach – A nonlinear wage equation, based on Arrazola and de Hevia's...

Persistent link: https://www.econbiz.de/10014784446

Parameter Instability, Model Uncertainty and the Choice of Monetary Policy

Favero, Carlo A.; Milani, Fabio - In: Topics in Macroeconomics 5 (2005) 1

Abstract This paper starts from the observation that parameter instability and model uncertainty are relevant problems for the analysis of monetary policy in small macroeconomic models. We propose to deal with these two problems by implementing a novel "thick recursive modelling" approach. At...

Persistent link: https://www.econbiz.de/10014588382

The Fed's Preference for Policy Rate Smoothing: Overestimation Due to Misspecification?

Castelnuovo, Efrem - In: Topics in Macroeconomics 6 (2006) 2

The federal funds rate is featured by frequent, small changes in the same direction and infrequent reversals. How to replicate the observed smooth behavior of the federal funds rate with a small scale macroeconomic model? This paper compares the descriptive performance of an empirical fully...

Persistent link: https://www.econbiz.de/10014588411

Zur Rolle der Geldpolitik im Konjunkturzyklus / On the Role of Monetary Policy in the Business Cycle

Holstein, Michael - In: Jahrbücher für Nationalökonomie und Statistik 218 (1999) 3-4, pp. 346-360

Souveränität in geldpolitischen Fragen an die Europäische Zentralbank ab. Die Geldpolitik scheidet somit als Instrument der … Rezession) zukommt, so kann die Vereinheitlichung der Geldpolitik zu negativen Auswirkungen auf die konjunkturelle Entwicklung … Geldpolitik auf die Entwicklung der kurzfristigen Zinssätze analysiert, um schließlich mittels einer VAR-Analyse Aufschluß über …

Persistent link: https://www.econbiz.de/10014608685

Estimating the Borrowing Behavior of French and German Firms. An Econometric Analysis / Verschuldungsverhalten französischer und deutscher Unternehmen. Eine ökonometrische Analyse...

Kremp, Elizabeth; Stöß, Elmar - In: Jahrbücher für Nationalökonomie und Statistik 221 (2001) 5-6, pp. 620-647

Summary This paper investigates the borrowing behavior of 2,900 French and 1,300 German firms over the 1987-95 period. Both samples based on data sets of the Banque de France and the Deutsche Bundesbank not only include large but also small and medium-sized enterprises. Applying GMM techniques,...

Persistent link: https://www.econbiz.de/10014608858

Unterschiedliche makroökonomische Strukturen, wirtschaftliche Integration und einheitliche Geldpolitik in Europa / Asymmetrie Macroeconomic Structures, Economic Integration and the...

In: Jahrbücher für Nationalökonomie und Statistik 222 (2002) 1, pp. 1-21

in den EWU Mitgliedsländern für die einheitliche Geldpolitik. Zunächst wird im Rahmen eines Modells illustriert, welche … grundsätzliche Bedeutung asymmetrischen makroökonomischen Strukturen bei der Durchführung der gemeinsamen Geldpolitik zukommt. Im …

Persistent link: https://www.econbiz.de/10014608865

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