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A macroeconometric assessment of Minsky's Financial Instability Hpothesis
Greenwood-Nimmo, Matthew; Tarassow, Artur - 2013
fragility of leveraged firms in its pursuit of inflation-targeting interest rate policies. This paper develops a small …
Persistent link: https://www.econbiz.de/10010425830
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The interest rate pass-through in the Euro area during the global financial crisis : conference paper
Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2013
This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro area banks to the global financial crisis. We focus on their interest rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding is...
Persistent link: https://www.econbiz.de/10010338974
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Inflation expectations spillovers between the United States and euro area
Netšunajev, Aleksei; Winkelmann, Lars - 2014
We quantify spillovers of inflation expectations between the United States (US) and Euro Area (EA) based on break …-even inflation (BEI) rates. In contrast to previous studies, we model US and EA BEI rates jointly in a structural vector … autoregressive (SVAR) model. The SVAR approach allows to identify US and EA specific inflation expectations shocks. By modeling the …
Persistent link: https://www.econbiz.de/10010255370
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Quantifying financial stability trade-offs for monetary policy : a quantile VAR approach
Chavleishvili, Sulkhan; Kremer, Manfred; Lund-Thomsen, … - 2023
functions of the projected paths of the potentially asymmetric distributions of inflation and economic growth, allowing us to …
Persistent link: https://www.econbiz.de/10014343148
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Monetary Policy and Fears of Financial Instability
Brousseau, Vincent; Detken, Carsten - 2021
consists of a self-fulfilling belief linking the stability of inflation to the smoothness of the interest rate path. A policy … focusing only on a fixed-horizon inflation forecast neglects the potential effects of this belief on the variance of inflation …
Persistent link: https://www.econbiz.de/10013320710
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The Monetary Phoenix : Central Bank Independence from the Great Inflation to the Great Recession
Masciandaro, Donato - 2014
interpret the evolution of the central bank independence from the Great Inflation and during the Great Moderation – i.e. from …
Persistent link: https://www.econbiz.de/10013061682
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What's on the ECB's mind? : monetary policy before and after the global financial crisis
Zahner, Johannes; Groß, Jonas - 2020
the inflation rate. Second, economic activity measures have been in the focus of the ECB before the financial crisis broke … out. Third, over the last decade, the role of economic activity for ECB monetary policy has decreased so that inflation …
Persistent link: https://www.econbiz.de/10012162640
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Monetary policy and mispricing in stock markets
Beckers, Benjamin; Bernoth, Kerstin - 2016
This paper investigates whether central banks can attenuate excessive mispricing in stocks as suggested by the proponents of a \leaning against the wind" (LATW) monetary policy. For this, we decompose stock prices into a fundamental component, a risk premium, and a mispricing component. We argue...
Persistent link: https://www.econbiz.de/10011526074
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Do SVARs with sign restrictions not identify unconventional monetary policy shocks?
Boeckx, Jef; Dossche, Maarten; Galesi, Alessandro; … - 2019
A growing empirical literature has shown, based on structural vector autoregressions (SVARs) identified through sign restrictions, that unconventional monetary policies implemented after the outbreak of the Great Financial Crisis (GFC) had expansionary macroeconomic effects. In a recent paper,...
Persistent link: https://www.econbiz.de/10012023612
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Global growth on life support? : the contributions of fiscal and monetary policy since the global financial crisis
Baumann, Ursel; Lodge, David; Miescu, Mirela S. - 2019
This paper compares the role of monetary and fiscal policy shocks in advanced and emerging economies. Using a model with a hierarchical structure we capture the variability of GDP response to policy shocks both between and within the groups of advanced and emerging countries. Our results provide...
Persistent link: https://www.econbiz.de/10011987115