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The P-Star Model and Austrian Prices
Tatom, John - 2006
In the P-star model the price level is determined by the money stock per unit of potential output and the long-run equilibrium level of the velocity of money. This article applies this model to Austria. Problems in identifying permanent shocks to potential output and/or velocity lead to the...
Persistent link: https://www.econbiz.de/10014056609
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Leader of the Pack? German Monetary Dominance in Europe Prior to EMU
Reade, James - 2011
In this paper, the monetary policy independence of European nations in the years before European Monetary Union (EMU) is investigated using cointegration techniques. Daily data is used to assess pairwise relationships between individual EMU nations and ‘lead' nation Germany, to assess the...
Persistent link: https://www.econbiz.de/10013118510
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Global Monetary and Financial Spillovers : Evidence from a New Measure of Bundesbank Policy Shocks
Cloyne, James S.; Hürtgen, Patrick; Taylor, Alan M. - 2022
Identifying exogenous variation in monetary policy is crucial for investigating central bank policy transmission. Using newly-collected archival real-time data utilized by the Central Bank Council of the German Bundesbank, we identify unexpected changes in German monetary policy from 580 policy...
Persistent link: https://www.econbiz.de/10014238817
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Global Monetary and Financial Spillovers : Evidence from a New Measure of Bundesbank Policy Shocks
Cloyne, James; Hürtgen, Patrick; Taylor, Alan M. - National Bureau of Economic Research - 2022
Identifying exogenous variation in monetary policy is crucial for investigating central bank policy transmission. Using newly-collected archival real-time data utilized by the Central Bank Council of the German Bundesbank, we identify unexpected changes in German monetary policy from 580 policy...
Persistent link: https://www.econbiz.de/10013388841
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Global monetary and financial spillovers : evidence from a new measure of Bundesbank policy shocks
Cloyne, James S.; Hürtgen, Patrick; Taylor, Alan M. - 2022
Identifying exogenous variation in monetary policy is crucial for investigating central bank policy transmission. Using newly-collected archival real-time data utilized by the Central Bank Council of the German Bundesbank, we identify unexpected changes in German monetary policy from 580 policy...
Persistent link: https://www.econbiz.de/10013361910
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Das Public Kapital : How Much Would Higher German Public Investment Help Germany and the Euro Area?
Elekdag, Selim Ali - 2015
Given the backdrop of pressing infrastructure needs, this paper argues that higher German public investment would not only stimulate domestic demand in the near term and reduce the current account surplus, but would also raise output over the longer-run as well as generate beneficial regional...
Persistent link: https://www.econbiz.de/10013028678
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Would the Bundesbank have prevented the Great Inflation in the United States?
Benati, Luca - 2009
Policy counterfactuals based on estimated structural VARs routinely suggest that bringing Alan Greenspan back in the 1970s' United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests that the Bundesbank - which is near-universally credited...
Persistent link: https://www.econbiz.de/10003969295
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Would the Bundesbank Have Prevented the Great Inflation in the United States?
Benati, Luca - 2009
Policy counterfactuals based on estimated structural VARs routinely suggest that bringing Alan Greenspan back in the 1970s' United States would not have prevented the Great Inflation. We show that a standard policy counterfactual suggests that the Bundesbank – which is near-universally...
Persistent link: https://www.econbiz.de/10013153230
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Foreign exchange interventions and their impact on expectations : evidence from the USD/ILS options market
Hertrich, Markus; Nathan, Daniel - 2022
Using confidential daily data, we analyse how the intervention episode of the Bank of Israel (BOI) from 2013 to 2019 has affected the foreign value of the Israeli new shekel (ILS) and the expectations about its future value. We find that interventions amounting to US dollar (USD) 1 billion are...
Persistent link: https://www.econbiz.de/10013259481
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Trade Linkages, Balance Sheets, and Spillovers : The Germany-Central European Supply Chain
Elekdag, Selim Ali - 2013
Germany and the Czech Republic, Hungary, Poland, and Slovakia (the CE4) have been in a process of deepening economic … (GCESC). Model-based simulations suggest two key policy implications: First, as a reflection of strengthening trade linkages … relatively small. This is explained by the supply chain nature of trade integration: final demand in Germany is not necessarily …
Persistent link: https://www.econbiz.de/10013073772