In this paper, the structural vector autoregressive (SVAR) model is used to analyze short-run and contemporaneous relationships between monetary aggregates and other macroeconomic variables. This requires imposing restrictions on the correlation structure of the VAR residuals. Different...

Die Dissertation untersucht drei verschiedene geld- bzw. fiskalpolitische Fragestellungen im Rahmen von geschätzten dynamischen stochastischen allgemeinen Gleichgewichtsmodellen (DSGE-Modellen). Zum einen wird mittels eines Markov-Regimewechsel-Modells analysiert, inwiefern sich die Geldpolitik...

Geldpolitik; geldpolitischer Transmissionsmechanismus; Finanzmärkte und die Makroökonomie; Finanz-Akzelerator; Inflationsdynamiken; Phillips-Kurve; Inflationserwartungen; nonlinear unobserved component model; structural TVP-VAR; Große Rezession

We investigate drivers of Euro area inflation dynamics using a panel of regional Phillips curves and identify long-run inflation expectations by exploiting the crosssectional dimension of the data. Our approach simultaneously allows for the inclusion of country-specific inflation and...

In this paper, we investigate to what extent sovereign stress and banking stress have contributed to the increase in the level and in the heterogeneity of non-financial firms' financing costs in the Euro area during the European debt crisis and how both have affected the monetary transmission...