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Monetary policy in the liquidity trap and after : a reassessment of quantitative easing and critique of the Federal Reserve's proposed exit strategy

Palley, Thomas I. - 2013

This paper provides a novel analysis of quantitative easing (QE) that focuses on its implicit fiscal dimension. The first segment examines the theory of the liquidity trap and introduces a distinction between a "weak" and "strong" liquidity trap. The second segment analyzes the impact of QE...

Persistent link: https://www.econbiz.de/10009756555

And Indeed It Was a (Failed) Nullification Crisis : The OMT Judgment of the German Federal Constitutional Court and the Winners and Losers of the Final Showdown in the OMT Case

Pace, Lorenzo Federico - 2016

The aim of the present article is twofold. Firstly, to put the German Federal Constitutional Court (i.e., the BverfG) judgment into the context of a drawn-out conflict between the German Republic and the European Union regarding the setting up of a crisis management tool in the area of monetary...

Persistent link: https://www.econbiz.de/10012984451

Exchange rates and prices : evidence from the 2015 Swiss Franc appreciation

Auer, Raphael A.; Burstein, Ariel T.; Lein-Rupprecht, … - 2018

The removal of the lower bound on the EUR/CHF exchange rate in January 2015 provides a unique setting to study the implications of a large and sudden appreciation in an otherwise stable macroeconomic environment. Using transaction-level data on non-durable goods purchases by Swiss consumers, we...

Persistent link: https://www.econbiz.de/10011900831

Interest Rate Pass-Through in Central and Eastern Europe : Reborn from Ashes Merely to Pass Away?

Égert, Balázs - 2007

In this study, we seek to better understand the interest rate pass-through in five Central and Eastern European countries - the Czech Republic, Hungary, Poland, Slovakia and Slovenia, the CEE-5. Our pass-through estimates for several retail rates are generally lower than those reported in the...

Persistent link: https://www.econbiz.de/10012731340

Interest Rate Pass-Through in Central and Eastern Europe: Reborn from Ashes Merely to Pass Away?

Égert, Balázs; Crespo-Cuaresma, Jesus; Reininger, Thomas - William Davidson Institute, University of Michigan - 2006

In this study, we seek to better understand the interest rate pass-through in five Central and Eastern European countries – the Czech Republic, Hungary, Poland, Slovakia and Slovenia, the CEE-5. Our pass-through estimates for several retail rates are generally lower than those reported in the...

Persistent link: https://www.econbiz.de/10005677543

Industry Effects of Monetary Policy in Germany

Hayo, Bernd - EconWPA - 1999

by monetary policy shocks. Here both output and price effects are compared. Second, some industry characteristics are …, possible regional effects are being discussed as well. The analysis takes place within a VAR framework, and monthly data on … effects of monetary policy shocks will occur. …

Persistent link: https://www.econbiz.de/10005561233

Exchange Rates and Prices : Evidence from the 2015 Swiss Franc Appreciation

Auer, Raphael - 2019

Persistent link: https://www.econbiz.de/10012896768

Time-varying business volatility, price setting, and the real effects of monetary policy

Bachmann, Ruediger; Born, Benjamin; Elstner, Steffen; … - 2013

Does time-varying business volatility affect the price setting of firms and thus the transmission of monetary policy into the real economy? To address this question, we estimate from the firm-level micro data of the German IFO Business Climate Survey the impact of idiosyncratic volatility on the...

Persistent link: https://www.econbiz.de/10009767295

Explosive target balances of the German Bundesbank

Potrafke, Niklas; Reischmann, Markus - 2014

Using the recursive unit root test by Phillips et al. (2011) we show that the Target balances of the German Bundesbank have been explosive from the beginning of 2009 to the beginning of 2013. By implementing a full-allotment policy and reducing the required minimum quality of collaterals in...

Persistent link: https://www.econbiz.de/10010380612

Inflation and Activity : Two Explorations and Their Monetary Policy Implications

Blanchard, Olivier J. - 2018

We explore two issues triggered by the global financial crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis. Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation...

Persistent link: https://www.econbiz.de/10012936771

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