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Asymmetrische Effekte der Geldpolitik auf die Industrie in der Bundesrepublik Deutschland - eine Untersuchung auf Branchenebene

Hock, Thorsten - 2003

Bundesrepublik Deutschland auseinander. Dazu wird der Sektor nach der Systematik der BACH-Datenbank der europäischen Kommission in 10 … einer Dominanz der Geldpolitik als Angebotsschock erklärt werden. Zu einem großen Teil bleibt die identifizierte …

Persistent link: https://www.econbiz.de/10009433722

Transmissionsmechanismen der Geldpolitik

Baltensperger, Ernst (contributor) - 1999

Die Autoren der Beiträge des Bandes befassen sich mit dem Transmissionsmechanismus in der Geldpolitik. Im Zentrum steht … inländischen Geldmenge orientierten Geldpolitik der Schweizerischen Nationalbank beeinflußt werden. -- Der Aufsatz von P. Bofinger … die These einer nichtlinearen Phillipskurve, was der Geldpolitik die Möglichkeit eröffnet, realwirtschaftliche Einflüsse …

Persistent link: https://www.econbiz.de/10014492661

Sources of Euro Real Exchange Rate Fluctuations: What Is Behind the Euro Weakness in 1999-2000?

Gottschalk, Jan; Döpke, Jörg; Kamps, Christophe - 2001

This paper analyzes the factors underlying the weakness of the euro. For this purpose, the framework advocated by Clarida and Gali (1994) is used. Within this model, three structural shocks drive the dynamics of the endogenous variables: aggregate supply shocks, aggregate spending shocks, and...

Persistent link: https://www.econbiz.de/10010260459

Geldpolitik und vorausschauende Taylor-Regeln: Theorie und Empirie am Beispiel der Deutschen Bundesbank

Pierdzioch, Christian; Kamps, Christophe - 2002

In diesem Beitrag wird aufgezeigt, dass sich die Geldpolitik der Deutschen Bundesbank im Zeitraum 1991 bis 1998 gut mit …

Persistent link: https://www.econbiz.de/10010260483

The role of the IFO business climate indicator and asset prices in German monetary policy

Sterken, Elmer - 2004

We analyze the role of forward-looking indicators, like the IFO business climate indicator and asset prices, in German monetary transmission. We show that the use of both the IFO indicator and asset prices improves the performance and interpretation of a Vector AutoRegression (VAR) model of...

Persistent link: https://www.econbiz.de/10010261203

Following Germany's Lead : Using International Monetary Linkages to Identify the Effect of Monetary Policy on the Economy

di Giovanni, Julian; McCrary, Justin; von Wachter, Till - 2005

Forward-looking behavior on the part of the monetary authority leads least squares estimates to understate the true growth consequences of monetary policy interventions. We present instrumental variables estimates of the impact of interest rates on real output growth for several European...

Persistent link: https://www.econbiz.de/10010262211

Monetary Policy in Europe: Evidence from Time-Varying Taylor Rules

Wesche, Katrin - 2003

We estimate monetary policy reaction functions for France, Germany, Italy, the United Kingdom, and the United States using a Markov-switching model that incorporates switching in the monetary policy regime as well as an independent switching process for shifts in the state of the economy....

Persistent link: https://www.econbiz.de/10010263091

US–Euro Area Monetary Policy Interdependence – New Evidence from Taylor Rule Based VECMs

Belke, Ansgar; Cui, Yuhua - 2009

This paper analyses the monetary policy interdependence between the European Central Bank (ECB) and the Federal Reserve (Fed) for the period 1999-2006. Two models are specified: a partial Vector Error Correction Model (VECM) and a general VECM. In the partial VECM, we look for a long-run...

Persistent link: https://www.econbiz.de/10010264752

Did the Bundesbank follow a Taylor rule? An analysis based on real-time data

Clausen, Jens R.; Meier, Carsten-Patrick - 2003

Using a real-time data set for German GDP over the period from 1973 to 1998 we calculate various measures of real-time output gaps and use these to calibrate and estimate Taylor-type reaction functions for the Bundesbank. Most of the reaction functions we find fit the Bundesbank's actual policy,...

Persistent link: https://www.econbiz.de/10010265390

Comparing monetary policy reaction functions: ECB versus Bundesbank

Hayo, Bernd; Hofmann, Boris - 2005

This paper compares the ECB's conduct of monetary policy with that of the Bundesbank. Estimated monetary policy reaction functions for the Bundesbank (1979:4-1998:12) and the European Central Bank (1999:1-2004:5) show that, while the ECB and the Bundesbank react similarly to expected inflation,...

Persistent link: https://www.econbiz.de/10010265742