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is constructed for the German monetary sector based on M3, GNP, an inflation rate, a long-term interest rate and a short …-term rate which represents the policy variable of the DBB. Moreover, import price inflation is included as an exogenous variable …
Persistent link: https://www.econbiz.de/10011400913
Geldnachfrage von deutschen Unternehmen (1960-1998) - vor dem Hintergrund eines hoch regulierten Arbeitsmarktes. Das theoretische …
Persistent link: https://www.econbiz.de/10010509337
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This paper sheds light on the effect of quantitative easing (QE) on bank lending. Using data on German banks for 2014-2016, I show that QE encourages banks to rebalance from securities to loans. For identification, I use bond redemptions as exogenous variation in banks' need to rebalance their...
Persistent link: https://www.econbiz.de/10011874231
policy was satisfied. -- cointegration analysis ; monetary policy ; Markov regime switching analysis ; money demand ; vector …
Persistent link: https://www.econbiz.de/10009583433
This paper explains and forecasts the demand for banknotes issued in Germany. For small and large denomination notes we estimate vector error correction models (VECM). The results suggest that the long-run demand for German small denomination notes is mainly driven by domestic transactions and...
Persistent link: https://www.econbiz.de/10011334993
If an economic relationship is superimposed by a linear time trend, the regression without detrending is misspecified. The estimators of such a regression do not converge to the true parameter values. First, the asymptotic limit arising from such misspecified regressions is characterized....
Persistent link: https://www.econbiz.de/10014200423
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Die Autoren der Beiträge des Bandes befassen sich mit dem Transmissionsmechanismus in der Geldpolitik. Im Zentrum steht … inländischen Geldmenge orientierten Geldpolitik der Schweizerischen Nationalbank beeinflußt werden. -- Der Aufsatz von P. Bofinger … von V. Clausen die Eigenschaften diskutiert, die eine Geldnachfrage in einem Regime der Geldmengensteuerung aufweisen …
Persistent link: https://www.econbiz.de/10013542959
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