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Common monetary policy with asymmetric shocks
Gros, Daniel; Hefeker, Carsten - 2002
decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national welfare … losses based on national rates of inflation and growth? We find that a central bank that minimises the sum of national … common shocks is large relative to the inflation bias and if idiosyncratic demand shocks in the non-tradables sector are not …
Persistent link: https://www.econbiz.de/10011409772
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Macroeconomic dynamics in four selected New Member States of the EU
Foresi, Pasquale; Marani, Ugo; Piroli, Giuseppe - 2013
In this paper, we employ a block structured near-vector autoregression in order to compare the reactions to euro …
Persistent link: https://www.econbiz.de/10011527190
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Fiscal Transfers in a Monetary Union with Exit Option
Hefeker, Carsten - 2015
' inflation aversion and exit costs …
Persistent link: https://www.econbiz.de/10013025966
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Common Monetary Policy with Asymmetric Shocks
Gros, Daniel; Hefeker, Carsten - 2021
decisions on the EU-wide average of inflation and growth or should it instead focus on (appropriately weighted) national welfare … losses based on national rates of inflation and growth? We find that a central bank that minimises the sum of national … common shocks is large relative to the inflation bias and if idiosyncratic demand shocks in the non-tradables sector are not …
Persistent link: https://www.econbiz.de/10013320546
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Shocks versus structure : explaining differences in exchange rate pass-through across countries and time
Forbes, Kristin; Hjortsoe, Ida; Nenova, Tsvetelina - 2017
. Previous literature has highlighted the role of an economy's "structure" - such as its inflation volatility, inflation rate …, forecasts predicting how a given exchange rate movement will impact inflation at a specific point in time should take into …
Persistent link: https://www.econbiz.de/10011671018
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Fiscal transfers in a monetary union with exit option
Hefeker, Carsten; Neugart, Michael - 2015
' inflation aversion and exit costs. …
Persistent link: https://www.econbiz.de/10010492336
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On the Credibility of Currency Boards
Feuerstein, Switgard; Grimm, Oliver - 2004
The paper compares the credibility of currency boards and (standard) pegs. Abandoning a currency board requires a time-consuming legislative process and an abolition will thus be previously expected. Therefore, a currency board solves the time inconsistency problem of monetary policy. However,...
Persistent link: https://www.econbiz.de/10010296385
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Monetary Shocks and Stock Returns : Identification Through the Impossible Trinity
Ozdagli, Ali K. - 2013
We present evidence of significant bias in event studies that investigate the effect of U.S. monetary policy on U.S. stock prices. To overcome this bias, we propose a new identification method based on the "Impossible Trinity" theory which argues that an economy with a fixed exchange rate and...
Persistent link: https://www.econbiz.de/10013075805
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The Transmission of Foreign Monetary Policy Shocks into the United States through Foreign Banks
Temesvary, Judit - 2017
This paper studies how the lending of all foreign banks (branches and subsidiaries) in the US responds to foreign monetary policy actions in their parents' home countries. Using a bank-level dataset over the 1997-2014 period, results show strong evidence of inward monetary transmission. In...
Persistent link: https://www.econbiz.de/10012971159
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Monetary policy shocks and macroeconomic variables : evidence from fast growing emerging economies
Ivrendi, Mehmet; Yildirim, Zekeriya - 2013
domestic currency, increases interest rates, effectively controls inflation rates and reduces output. They do not find any …
Persistent link: https://www.econbiz.de/10010221723