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Accounting for the great recession in the UK : real business cycles and financial frictions

Chadha, Jagjit; Warren, James - 2012

Using the business cycle accounting (BCA) framework pioneered by Chari, Kehoe and McGratten (2006) we examine the 2008-09 recession in the UK. There has been much commentary on the financial causes of this recession, which we might have expected to shock the equation governing the intertemporal...

Persistent link: https://www.econbiz.de/10009533614

Credit risk, excess reserves and monetary policy : the deposits channel

Bratsiotis, George - 2017 - This Version: 25 January 2018

This paper examines the role of the precautionary demand for liquidity and the interest on reserves as two potential … high levels of precautionary liquidity hoarding the optimal policy response of a Taylor rule is shown to indicate a zero … weight on inflation. This result is explained by the effect that the demand for liquidity has on the deposit rate which …

Persistent link: https://www.econbiz.de/10011810801

Financial Aggregates as Conditioning Information for Australian Output and Inflation

Tallman, Ellis W.; Chandra, Naveen - 2014

This paper examines whether financial aggregates provide information useful for predicting real output growth and inflation, extending the inquiry conducted in Tallman and Chandra (1996). First, we investigate whether perfect knowledge of the future values of financial aggregates helps improve...

Persistent link: https://www.econbiz.de/10014048578

Do monetary indicators (still) predict euro area inflation?

Hofmann, Boris - 2006

This paper assesses the performance of monetary indicators in predicting euro area HICP inflation out-of-sample over the period since the start of EMU considering a wide range of forecasting models, including standard bivariate forecasting models, factor models, simple combination forecasts as...

Persistent link: https://www.econbiz.de/10010295806

Output Growth, Inflation and Interest Rate on Stock Return and Volatility : The Predictive Power

Poon, Wai-Ching - 2010

Using monthly data from seven mature and emerging markets and GARCH and EGARCH models, the study of Davis and Kutan (Applied Financial Economics, 13, 693-700, 2003) on inflation and output on stock returns and volatility is extended by including interest rate to compare the effect between three...

Persistent link: https://www.econbiz.de/10013143522

Examining impact of inflation and inflation volatility on economic growth : evidence from European Union economies

Pappas, Anastasios; Boukas, Nikolaos - In: Economies : open access journal 13 (2025) 2, pp. 1-18

Examining the economies of the European Union from 2000 to 2023, we have found no strong evidence that the inflation rate has a negative impact on economic growth. In contrast, in line with conventional economic theory, higher interest rates are associated with lower economic growth. The results...

Persistent link: https://www.econbiz.de/10015210370

Anomalous empirical evidence on money long-run super-neutrality and the vertical long-run Phillips curve

Vaona, Andrea - 2016

Money long-run super-neutrality and the vertical long-run Phillips curve are two widely shared beliefs in the economics profession and among economic policy-makers. The present survey is devoted to anomalous empirical evidence which challenges this view. We consider a variety of studies,...

Persistent link: https://www.econbiz.de/10011456445

Do Monetary Indicators (Still) Predict Euro Area Inflation?

Hofmann, Boris - 2016

Persistent link: https://www.econbiz.de/10012991202

Traditional Versus New-Keynesian Phillips Curves : Evidence from Output Effects

Herz, Bernhard - 2007

The issue of the backward-looking versus the forward-looking Phillips curve is still an open question in the macroeconomics profession. We identify a crucial difference between the two hypotheses concerning the real output effects of monetary policy shocks. The backward-looking Phillips curve...

Persistent link: https://www.econbiz.de/10012729604

The evolution of inflation and unemployment: Explaining the roaring nineties

Karanassou, Marika; Sala, Héctor; Snower, Dennis J. - 2007

This paper analyses the relation between US inflation and unemployment from the perspective of "frictional growth," a phenomenon arising from the interplay between growth and frictions. In particular, we examine the interaction between money growth (on the one hand) and various real and nominal...

Persistent link: https://www.econbiz.de/10010276420