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On the periodicity of inventories
Shibayama, Katsuyuki (contributor) - 2008
This article studies inventories and monetary policy by estimating VAR models. The complex roots detected in our … production and inventories follow damped oscillations (stable sine curves), implying that a boom is the seed of the following … inventories, while booms after positive supply shocks are short-lived as the initial accumulation of inventories suppresses …
Persistent link: https://www.econbiz.de/10003746671
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Macroeconomic dynamics and inflation regimes in the US : results from threshold vector autoregressions
Mandler, Martin - 2010
This paper studies regime dependence in macroeconomic dynamics in the U.S. using a threshold vector autoregressive model in which endogenous regime switches are triggered by the inflation rate. The model separates a high from a low inflation regime with both regimes being strongly persistent....
Persistent link: https://www.econbiz.de/10003950614
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Monetary policy, external instruments, and heteroskedasticity
Schlaak, Thore; Rieth, Malte; Podstawski, Maximilian - In: Quantitative Economics 14 (2023) 1, pp. 161-200
We develop a structural vector autoregressive framework that combines external instruments and heteroskedasticity for identification of monetary policy shocks. We show that exploiting both types of information sharpens structural inference, allows testing the relevance and exogeneity condition...
Persistent link: https://www.econbiz.de/10014536939
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Monetary policy shocks for Sweden
Kilman, Josefin - 2022
This paper estimates monetary policy shocks for Sweden between 1996-2019. I employ the Romer and Romer (2004) (R&R) approach and use annual forecasts of output growth and inflation to estimate monetary policy shocks. I complement the analysis with shocks from a recursive VAR including output,...
Persistent link: https://www.econbiz.de/10014318981
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Monetary Policy, External Instruments and Heteroskedasticity
Podstawski, Maximilian; Schlaak, Thore; Rieth, Malte - 2021
We develop a structural vector autoregressive framework that combines external instruments and heteroskedasticity for identification of monetary policy shocks. We show that exploiting both types of information sharpens structural inference, allows testing the relevance and exogeneity condition...
Persistent link: https://www.econbiz.de/10012544631
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The Pros and Cons of a Discretionary Moetary Policy Strategy : An Empirical Assessment
Hayat, Zafar - 2013
This paper empirically assesses the pros and cons that emanates when the discretionary monetary policy maker aims to achieve the dual objectives of inflation and output. In order to facilitate theoretically plausible empirical analysis a typical case of a discretionary monetary policy s of a...
Persistent link: https://www.econbiz.de/10013081394
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One Nation Under the Fed? The Asymmetric Effects of U.S. Monetary Policy and Its Implications for the United States as an Optimal Currency Area
Beckworth, David - 2009
Is the United States best served by a single currency? This question is explored in this paper by looking at the regional effects of U.S. monetary policy shocks through the perspective of the Optimal Currency Area framework. Using monthly state-level data for the period 1983:1 to 2008:3, this...
Persistent link: https://www.econbiz.de/10013157740
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Do the ECB’s Monetary Policies Benefit Emerging Market Economies? A GVAR Analysis on the Crisis and Post-Crisis Period
Colabella, Andrea - 2019
This paper studies the spillover effects of the ECB's monetary policies on non-euro area countries over the period 2004-2016, using a GVAR methodology, applied to a large sample of countries and an ample set of variables. Monetary policies are proxied by short-term interest rates and the Wu and...
Persistent link: https://www.econbiz.de/10012865371
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Looking into the rear-view mirror : lessons from Japan for the Eurozone and the U.S?
Siklos, Pierre L. - In: Asia and the global economy : AGE 1 (2021) 1, pp. 1-20
This paper reconsiders the narratives surrounding Japan's economic performance since the 1980s in relation to the experiences of the U.S. and the Eurozone. There are important differences between these three economies and some striking parallels. It is found that the poor reputation of the Bank...
Persistent link: https://www.econbiz.de/10012816140
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Does Conservatism Matter? A Time Series Approach to Central Banking
Berger, Helge; Woitek, Ulrich - 2021
The empirical literature on central banking has found measures of central bank independence/conservatism to be negatively correlated with inflation and inflation variance across countries. But the cross-country approach has been criticised for its focus on policy outcomes instead of policies,...
Persistent link: https://www.econbiz.de/10013320935