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US–Euro Area Monetary Policy Interdependence – New Evidence from Taylor Rule Based VECMs

Belke, Ansgar; Cui, Yuhua - 2009

This paper analyses the monetary policy interdependence between the European Central Bank (ECB) and the Federal Reserve (Fed) for the period 1999-2006. Two models are specified: a partial Vector Error Correction Model (VECM) and a general VECM. In the partial VECM, we look for a long-run...

Persistent link: https://www.econbiz.de/10010264752

Money-Based Interest Rate Rules : Lessons from German Data

Gerberding, Christina - 2016

The paper derives the monetary policy reaction function implied by money growth targeting. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. In the second part, it is...

Persistent link: https://www.econbiz.de/10012991152

How the Bundesbank Really Conducted Monetary Policy : An Analysis Based on Real-Time Data

Gerberding, Christina - 2016

Persistent link: https://www.econbiz.de/10012991301

Towards a Joint Characterization of Monetary Policy and the Dynamics of the Term Structure of Interest Rates

Fendel, Ralf - 2016

Persistent link: https://www.econbiz.de/10012991346

The great moderation and the decoupling of monetary policy from long-term rates in the US and Germany

Greenwood-Nimmo, Matthew; Shin, Yongcheol; Treeck, Till van - 2010

zwischen geldpolitisch bestimmten Zinsen und längerfristigen Zinsen in den USA und in Deutschland an. Unsere Ergebnisse deuten … USA als auch in Deutschland, allerdings in nicht-linearer und komplexer Form. Drittens schlussfolgern wir, indem wir eine … pass-through from policy-controlled interest rates to a variety of longer-term rates in the U.S. and Germany. Our results …

Persistent link: https://www.econbiz.de/10009306630

How the Bundesbank really conducted monetary policy: An analysis based on real-time data

Gerberding, Christina; Worms, Andreas; Seitz, Franz - 2004

explanatory variables. Accordingly, we compile a real-time data set for Germany including the Bundesbank?s own estimates of …

Persistent link: https://www.econbiz.de/10010295652

Do central banks have precautionary demands for expansions and for price stability? : theory and evidence

Cukierman, Alex; Muscatelli, V. Anton - 2002

for low inflation. Using data for four G7 economies, the paper shows that, except for Germany, nonlinear and asymmetric …

Persistent link: https://www.econbiz.de/10011410664

Taylor Rule and Subprime Crisis - An Empirical Analysis of the US Monetary Policy (Taylor-Regel und Subprime-Krise - Eine Empirische Analyse der US-Amerikanischen Geldpolitik) (Ger...

Erler, Alexander - 2010

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/10013150270

Do Central Banks Have Precautionary Demands for Expansions and for Price Stability? - Theory and Evidence

Cukierman, Alex; Muscatelli, Anton - 2021

for low inflation. Using data for four G7 economies, the paper shows that, except for Germany, nonlinear and asymmetric …

Persistent link: https://www.econbiz.de/10013320379

Do Actions Speak Louder than Words? Evaluating Monetary Policy at the Bundesbank

Siklos, Pierre L.; Bohl, Martin T. - 2005

This paper proposes that an important instrument of monetary policy of the Bundesbank, is how it communicates with the public. We argue that communication by senior central bank officials represents an instrument of monetary policy that complements changes in interest rates. Moreover, the...

Persistent link: https://www.econbiz.de/10014061630

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