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Geldpolitik und Vermögensmärkte
Dreger, Christian; Wolters, Jürgen - In: Vierteljahrshefte zur Wirtschaftsforschung 78 (2009) 1, pp. 56-65
die USA, den Euroraum, Japan und Großbritannien spezifiziert. Während die Geldpolitik keinen Einfluss auf die Entwicklung …. Andererseits wäre im Fall steigender Vermögenspreise eine restriktivere Geldpolitik erforderlich, die die Dynamik von Produktion … eine restriktivere Geldpolitik bei nicht fundamental begründeten Preissteigerungen tatsächlich dämpfend auf die Entwicklung …
Persistent link: https://www.econbiz.de/10010377866
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Identification through heteroscedasticity in a multicountry and multimarket framework : the effects of European Central Banks on European financial markets
Hayo, Bernd; Niehof, Britta - 2011
This paper formally proves that Rigobon and Sack (2004)'s approach of identifying monetary policy shocks through heteroscedasticity can be extended to a multimarket and multicountry framework. Applying our multivariate framework allows deriving consistent estimators of monetary policy effects....
Persistent link: https://www.econbiz.de/10009125166
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Risk premium shocks, monetary policy and exchange rate pass-through in the Czech Republic, Hungary and Poland
Vonnák, Balázs - 2010
This paper investigates the role of monetary policy in a small open economy, where exchange rate shocks are important. VAR models are estimated for the Czech Republic, Hungary and Poland. Contemporaneous and sign restrictions are imposed in order to identify the effect of monetary policy and...
Persistent link: https://www.econbiz.de/10010322471
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Financial Market Illiquidity Shocks and Macroeconomic Dynamics : Evidence from the UK
Ellington, Michael - 2018
We examine the link between financial market illiquidity and macroeconomic dynamics by fitting a Bayesian time-varying parameter VAR with stochastic volatility to UK data from 1988Q1 to 2016Q4. We capture liquidity conditions in the stock market using a battery of illiquidity proxies. This paper...
Persistent link: https://www.econbiz.de/10012926466
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Identification through heteroscedasticity in a multicountry and multimarket framework: The effects of European Central Banks on European financial markets
Hayo, Bernd; Niehof, Britta - 2011
This paper formally proves that Rigobon and Sack (2004)'s approach of identifying monetary policy shocks through heteroscedasticity can be extended to a multimarket and multicountry framework. Applying our multivariate framework allows deriving consistent estimators of monetary policy effects....
Persistent link: https://www.econbiz.de/10010286345
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Do central banks react to house prices?
Finocchiaro, Daria; Queijo von Heideken, Virginia - 2007
vivid debate on the possible implications for monetary policy. In this paper, we ask whether the U.S. Fed, the Bank of Japan …
Persistent link: https://www.econbiz.de/10010320802
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Do central banks react to house prices?
Finocchiaro, Daria (contributor);  … - 2007
vivid debate on the possible implications for monetary policy. In this paper, we ask whether the U.S. Fed, the Bank of Japan …
Persistent link: https://www.econbiz.de/10003591098
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From Taylor Rule to Money - Traditional and Unconventional Monetary Policies in the First Years of the Financial Crisis : Evidence from the United Kingdom, the USA and Europe
Carboni, Andrea - 2012
This work examines the role of the Federal Reserve, the Bank of England and the European Central Bank in managing traditional and unconventional tools of monetary policy especially during the first years of the financial crisis. For the traditional approach we estimate a Taylor-type reaction...
Persistent link: https://www.econbiz.de/10013112238
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The Fiscal Consequences of Missing an Inflation Target
Andreolli, Michele; Rey, Hélène - National Bureau of Economic Research - 2023
The European Central Bank is unique in setting monetary policy for several sovereign states with heterogeneous debt levels and different maturity structures. The monetary-fiscal nexus is central to the functioning of the euro area. We focus on one particular aspect of that nexus, the effect the...
Persistent link: https://www.econbiz.de/10013537713
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The Transmission Mechanism of Quantitative Easing : A Markov-Switching FAVAR Approach
Corrado, Luisa; Grassi, Stefano; Minnella, Enrico - 2021
This article assesses the impact of unconventional monetary policies and sheds light on their transmission mechanism in the United States. Using a three-variable Markov switching factor-augmented vector autoregression (MS-FAVAR) with time-varying transition probabilities and a shadow short-term...
Persistent link: https://www.econbiz.de/10013322495