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Inflation targeting as a shock absorber
Fratzscher, Marcel; Große Steffen, Christoph; Rieth, Malte - 2018
We study the characteristics of inflation targeting as a shock absorber, using quarterly data for a large panel of … natural disasters. We find that inflation targeting improves macroeconomic performance following such exogenous shocks. It … lowers inflation, raises output growth, and reduces inflation and growth variability compared to alternative monetary regimes …
Persistent link: https://www.econbiz.de/10011790769
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Buried in the vaults of central banks : monetary gold hoarding and the slide into the Great Depression
Karau, Sören - 2020 - This draft: October 2020
I study whether monetary gold hoarding was the main cause of the Great Depression in a structural VAR analysis. The notion that monetary forces played an important role in bringing about the depression is well established in the narrative literature, but has more recently met some skepticism by...
Persistent link: https://www.econbiz.de/10012405992
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20 years of common European monetary policy : reasons to celebrate
Fritsche, Jan Philipp; Harms, Patrick Christian - In: DIW weekly report : economy, politics, science : a … 9 (2019) 20/21, pp. 179-187
Twenty years after the introduction of the euro, this Weekly Report uses an empirical analysis to assess the performance of monetary policy in the EMU founding states. It is often claimed that the monetary policy of the European Central Bank (ECB) cannot outperform its national predecessors, as...
Persistent link: https://www.econbiz.de/10012007718
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Better off without the euro? : structural VAR assessment of European monetary policy
Fritsche, Jan Philipp; Harms, Patrick Christian - 2020
Modern OCA theory has developed different conclusions on when forming a currency union is beneficial. An important pragmatic question in this context is: Did delegating monetary policy to the ECB increase stress in the individual euro area countries? An SVAR analysis reveals that monetary stress...
Persistent link: https://www.econbiz.de/10012301359
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Time variation in U.S. wage dynamics
Hofmann, Boris; Straub, Roland; Peersman, Gert - 2010
linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …
Persistent link: https://www.econbiz.de/10011605276
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Time variation in U.S. wage dynamics
Hofmann, Boris; Peersman, Gert; Straub, Roland - 2010
linked to the monetary policy regime. Before and after the 'Great Inflation', nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the 'Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …
Persistent link: https://www.econbiz.de/10010274983
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Time variation in U.S. wage dynamics
Hofmann, Boris; Peersman, Gert; Straub, Roland - 2010
linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …
Persistent link: https://www.econbiz.de/10003993976
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Time variation in U.S. wage dynamics
Hofmann, Boris; Peersman, Gert; Straub, Roland - 2010
linked to the monetary policy regime. Before and after the "Great Inflation", nominal wages moved in the same direction as … the (required) adjustment of real wages, and in the opposite direction of the price response. During the "Great Inflation … increasing inflation volatility. Using a standard DSGE model, we show that these stylized facts, in particular the estimated …
Persistent link: https://www.econbiz.de/10008806609
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Monetary policy responses to exogenous perturbations : the case of a small open economy (2007-2018)
Warburton, Christopher E. S.; Jackson, E. A. - In: PSL quarterly review 73 (2020) 293, pp. 181-201
inflation, output, and long-term interest rates, central banks in small open economies face peculiar challenges in their …
Persistent link: https://www.econbiz.de/10012288324
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Chapter 3 Monetary policy regimes and economic performance: The historical record
Bordo, Michael D.; Schwartz, Anna J. - In: Handbook of macroeconomics : volume 1, part A, (pp. 149-234). 1999
inadequate policy tools and theory from the interwar period, set the stage for the Great Inflation of the 1970s. The lessons from … that experience have convinced monetary authorities to reemphasize the goal of low inflation, as it were, committing …
Persistent link: https://www.econbiz.de/10014024247