Showing 1 - 10 of 44
This paper develops a parsimonious model of individual exposure and of public health policy that can be used to study the evolution of an epidemic and the optimal use of lockdown policies and other non-pharmaceutical interventions. At the heart of individual exposure choices are the trade-offs...
Persistent link: https://www.econbiz.de/10013341752
We revisit the question whether U.S. fiscal policy in the pre-Volcker period was active or passive. To determine the policy stance, we estimate a DSGE model with monetary and fiscal policy interactions employing a sequential Monte Carlo algorithm (SMC) for posterior evaluation. In contrast to...
Persistent link: https://www.econbiz.de/10012309706
On November 08, 2016, India took a decisive step towards going "cashless" by suddenly announcing withdrawal of its existing currency notes of two highest denominations, namely, the Rs. 500/= and the Rs. 1000/=. The move, announced with a suddenness that took the entire nation by surprise, had at...
Persistent link: https://www.econbiz.de/10011731447
This paper investigates the empirical significance of push- and pull factors of different types of capital flows - FDI, portfolio and "others" (including loans) - to emerging market and developing economies. Based on an extensive quarterly mixed time-series panel dataset for 32 emerging market...
Persistent link: https://www.econbiz.de/10012314337
Using novel data on speeches held by members of the European Central Bank's Executive Board, we investigate whether monetary policy transparency has increased over time. With respect to the general public as the target audience, our findings suggest that the European Central Bank successfully...
Persistent link: https://www.econbiz.de/10013326553
We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states (e.g.,...
Persistent link: https://www.econbiz.de/10013328355
We study the demand for Swiss banknotes over the period from 1956 to 2015 and present stylized facts on different banknote denominations since the inception of the Swiss National Bank (SNB) in 1907. Employing the so-called seasonal method, we focus on the demand for banknotes used as a store of...
Persistent link: https://www.econbiz.de/10011731402
This paper documents that ECB announcements increase the stock market volatility in the euro area (EA) on the same day. I consider two volatility measures from January 1998 to May 2019. First, a realized volatility measure uses intraday data for 8 different stock market indices. Second, a range...
Persistent link: https://www.econbiz.de/10012286218
We propose a novel framework where forward guidance (FG) is endogenously determined. Our model assumes that a monetary authority solves an optimal policy problem under commitment at the zero-lower bound. FG derives from two sources: 1. from commiting to keep interest rates low at the exit of the...
Persistent link: https://www.econbiz.de/10012304687
This work investigates effects of conventional monetary policy and central bank information shocks from monetary policy announcements on the U.S. economy. We identify the surprises caused by changes in target rate and central bank’s private information embedded in high frequency exchange rate...
Persistent link: https://www.econbiz.de/10012304714