We study the role of monetary policy for the dynamics of U.S. mortgage debt, which is the largest component of household indebtedness. A timevarying parameter VAR model allows us to study the variation in the mortgage debt sensitivity to monetary policy. We find that an identically-sized policy...

Die durchschnittliche Bildungsrendite betrug im Jahr 2007 in Westdeutschland 9,9 Prozent und in Ostdeutschland 9,6 Prozent. In den vergangenen Jahren sind trotz der zu beobachtenden Bildungsexpansion die Erträge, die der Einzelne durch Investitionen in seine Bildung erzielen kann, gestiegen....

Downward nominal wage rigidity (DNWR) could prevent real wage adjustments in times of low inflation rates. Nominal wage rigidity based on annual wages can at least be reduced, if the number of working hours is considered. This leads to a lower degree of DNWR in hourly wage changes. In this...