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Persistent link: https://www.econbiz.de/10010497708
This paper estimates exchange rate pass-through to consumer prices in emerging markets focusing on non-linearities and asymmetries. We document non-linearities and asymmetries in the transmission of exchange rate fluctuations to prices using local projection techniques to obtain state dependent...
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This paper presents a novel method to estimate the depreciation rate of durable goods using a combination of identified marginal and average spending shares. We apply our method to Chinese spending responses to disposable income changes induced by monetary policy in 2008-2009. The marginal...
Persistent link: https://www.econbiz.de/10012818789
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We analyze Ramsey optimal monetary policy in a New-Keynesian model withsearch and matching frictions featuring (i) training costs due to skill loss fromlong-term unemployment and (ii) endogenous growth through learning-by-doingexternalities. In a simplified two-period version of the model, the...
Persistent link: https://www.econbiz.de/10013312591
When workers are exposed to human capital depreciation during periods of unemployment, hiring affects the unemployment pool's composition in terms of skills, and hence the economy's production potential. Introducing human capital depreciation during unemployment into an otherwise standard New...
Persistent link: https://www.econbiz.de/10013045106
This paper analyzes the international transmission effects of euro area monetary policy shocks in to other western European countries, namely the United Kingdom, Sweden, Switzerland, Denmark, and Norway. For this purpose, we use a structural VAR model of the euro area and augment it...
Persistent link: https://www.econbiz.de/10010285721
This paper contributes to the recent debate about the estimated high partial adjustment coefficient in dynamic Taylor rules, commonly interpreted as deliberate interest rate smoothing on the part of the monetary authority. We argue that a high coefficient on the lagged interest rate term may be...
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