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The importance of global shocks for national policymakers : rising challenges for central banks

Belke, Ansgar; Rees, Andreas - 2009

We analyze the importance of global shocks for the global economy and national policy makers. More specifically, we investigate whether monetary policy has become less effective in the wake of financial globalization. We also examine whether there is increasing uncertainty for central banks due...

Persistent link: https://www.econbiz.de/10010207060

Uncertainty-dependent effects of monetary policy shocks : a new Keynesian interpretation

Castelnuovo, Efrem; Pellegrino, Giovanni - 2017

milder macroeconomic responses to a monetary policy shock estimated with our VAR in presence of high uncertainty. A version …

Persistent link: https://www.econbiz.de/10011781355

The effects of US monetary policy shocks : applying external instrument identification to a dynamic factor model

Kerssenfischer, Mark - 2017

Dynamic factor models and external instrument identification are two recent advances in the empirical macroeconomic literature. This paper combines the two approaches in order to study the effects of monetary policy shocks. I use this novel framework to re-examine the effects found by Forni and...

Persistent link: https://www.econbiz.de/10011636064

Monetary policy transmission over the leverage cycle : evidence for the euro area

Bräuer, Leonie; Rünstler, Gerhard - 2020

We study state dependence in the impact of monetary policy shocks over the leverage cycle for a panel of 10 euro area countries. We use a Bayesian Threshold Panel SVAR with regime classifications based on credit and house prices cycles. We find that monetary policy shocks trigger a smaller...

Persistent link: https://www.econbiz.de/10012241107

Pushing on a string : state-owned enterprises and monetary policy transmission in China

Chen, Hongyi; Li, Ran; Tillmann, Peter - 2018 - This version: February 06, 2018

This paper studies whether monetary transmission in China is asymmetric. While researchers found an asymmetric transmission in the U.S. and other economies, China offers a specific rationale for asymmetries: the presence of state-owned enterprises (SOEs) enjoying preferential access to...

Persistent link: https://www.econbiz.de/10011803747

Measuring price selection in microdata : it's not there

Karadi, Peter; Schoenle, Raphael; Wursten, Jesse - 2021

We use microdata to estimate the strength of price selection - a key metric for the effect of monetary policy on the real economy. We propose a product-level proxy for mispricing and assess whether products with larger mispricing respond with a higher probability to identified monetary and...

Persistent link: https://www.econbiz.de/10012547543

The Effects of US Monetary Policy Shocks : Applying External Instrument Identification to a Dynamic Factor Model

Kerssenfischer, Mark - 2021

Persistent link: https://www.econbiz.de/10013315462

Nonlinear transmission of financial shocks : some new evidence

Forni, Mario; Gambetti, Luca; Maffei-Faccioli, Nicolò; … - 2022

that includes a nonlinear function of the financial shock. …

Persistent link: https://www.econbiz.de/10013207315

The impact of monetary policy and exchange rate shocks in Poland : evidence from a time-varying VAR

Arratibel, Olga; Michaelis, Henrike - 2013

effect. (2) Consumer prices appear more responsive to an interest rate shock during the first half of our sample, when Poland …-2012) in the Polish economy. The empirical findings show that: (1) output appears more responsive to an interest rate shock at … the beginning of our sample. Since 2000, absorbing this shock has become less costly in terms of output, notwithstanding …

Persistent link: https://www.econbiz.de/10010439334

Monetary policy transmission to the labour market : evidence from the Polish economy

Włodarczyk, Przemysław - In: Olsztyn economic journal 12 (2017) 3, pp. 321-335

Persistent link: https://www.econbiz.de/10011874429