This paper addresses the question of whether and how easy monetary policy may lead to excesses in financial and real asset markets and ultimately result in financial dislocation. It presents evidence suggesting that periods when short-term interest rates were persistently and significantly below...

This paper investigates the relationship among dollarization, inflation and interest rate in Nigeria for the period 1986-2015Q1. It adopts inter-temporal model of money-in-utility (MIU) with an estimation technique of structural vector autoregression (SVAR). Empirical evidence shows that...

As the coronavirus pandemic spread across the globe in early 2020, the European Central Bank as well as national governments in the euro area enacted or announced numerous economic policy measures to counteract the severe economic consequences of the resulting lockdowns. In this paper, the...

Im Zuge der Corona-Ausbreitung haben sowohl die Europäische Zentralbank als auch die nationalen Regierungen im Euroraum zahlreiche wirtschaftspolitische Maßnahmen ergriffen oder angekündigt, um die drastischen wirtschaftlichen Folgen des Lockdowns abzufedern. In einer Panelstudie werden deren...

Die gemeinsame Grundidee von Chicago Plan Revisited, Positive Money und Vollgeld ist es, zu verhindern, dass Geschäftsbanken im Zuge der Kreditvergabe oder des Ankaufs von Vermögenswerten Geld schaffen. Der Autor untersucht mögliche Konsequenzen einer Geldreform: Wird Geld einfach...

A fall in house prices due to a change in fundamental value redistributes wealth from those long housing (for whom the fundamental value of the house they own exceeds the present discounted value of their planned future consumption of housing services) to those short housing. In a closed economy...

This article discusses the importance of ideology, institutions, politics, and economic knowledge for forecasting economic policies and their impact on macroeconomic developments. Following a general discussion of those factors, the article illustrates their forecasting usefulness by drawing on...

In this paper the authors present a New Keynesian quantitative model with endogenous investment and stock-market sector that may shed further light on two unsettled issues: whether central banks should include some financial indicator in their policy rules, and which indicator may be expected to...