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Higher economic growth through macroeconomic policy coordination? The combination of wage policy and monetary policy
Gern, Klaus-Jürgen; Meier, Carsten-Patrick; Scheide, … - 2003
Strengthening potential output is high on the agenda for economic policy in the European Union. While there is widespread agreement that structural policies have a positive impact on long-term growth, there is a controversial discussion whether coordination of macroeconomic policies can...
Persistent link: https://www.econbiz.de/10010295183
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Geldpolitik am Scheideweg
Schnabl, Gunther - In: Wirtschaftsdienst 87 (2007) 9, pp. 558-559
Persistent link: https://www.econbiz.de/10010303595
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Crises, rescues, and policy transmission through international banks
Buch, Claudia M.; Koch, Cathérine Tahmee; Koetter, Michael - 2011
The World Financial Crisis has shaken the fundamentals of international banking and triggered a downward spiral of asset prices. To prevent a further meltdown of markets, governments have intervened massively through rescues measures aimed at recapitalizing banks and through liquidity support....
Persistent link: https://www.econbiz.de/10010306000
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Determinants of Global and Intra-European Imbalances
Schnabl, Gunther; Freitag, Stephan - 2012
The paper discusses global current account imbalances in the context of an asymmetric world monetary system and asymmetric current account developments. It identifies the US and Germany as center countries with rising / high current account deficits (US) and surpluses (Germany). These are...
Persistent link: https://www.econbiz.de/10010334477
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Unions, wage setting and monetary policy uncertainty
Grüner, Hans Peter; Hayo, Bernd; Hefeker, Carsten - 2005
Recent theoretical research has studied extensively the link between wage setting and monetary policymaking in unionized economies. This paper addresses the question of the role of monetary uncertainty from both an empirical and theoretical point of view. Our analysis is based on a simple model...
Persistent link: https://www.econbiz.de/10011604536
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Reverse causality in global current accounts
Schnabl, Gunther; Freitag, Stephan - 2010
The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and Germany as center countries with rising / high current account deficits (US) and surpluses (Germany). These are matched by current account surpluses of countries stabilizing...
Persistent link: https://www.econbiz.de/10011605254
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Global policy at the zero lower bound in a large-scale DSGE model
Gomes, Sandra; Jacquinot, Pascal; Mestre, Ricardo; … - 2010
The purpose of this paper is to analyse whether fiscal policies can alleviate the effects of the zero lower bound (ZLB) on interest rates and if they should be coordinated internationally. The analysis is carried out using EAGLE, a DSGE model of the global economy. We consider that the fiscal...
Persistent link: https://www.econbiz.de/10011605300
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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
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What do reaction functions tell us about central bank preferences?
Elstner, Steffen; Tabaković, Tamer - 2008
Since Taylor's 1993 paper researchers have devoted a lot effort to estimation of monetary policy rules. Taylor showed that a simple central bank reaction function, with the interest rate as monetary policy instrument and inflation and output gap as explanatory variables, mimics the Fed funds...
Persistent link: https://www.econbiz.de/10010276831
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Deutsche Wirtschaft noch in der Defensive: Aber erste Anzeichen für ein Ende des Abschwungs
Drygalla, Andrej; Exß, Franziska; Heinisch, Katja; … - In: Konjunktur aktuell 12 (2024) 2, pp. 34-90
Seit Beginn des vergangenen Jahres expandiert die Weltwirtschaft in moderatem Tempo. Allerdings gerät in den USA das … nur für die USA hat zu einem Wiederanstieg der Kapitalmarktzinsen geführt. Dagegen hat die chinesische Wirtschaftspolitik … rechnen. Für Deutschland vermehren sich in der ersten Jahreshälfte 2024 die Anzeichen für eine konjunkturelle Besserung. Dank …
Persistent link: https://www.econbiz.de/10014583755