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Interbank lending and monetary policy transmission : evidence for Germany

Ehrmann, Michael; Worms, Andreas - 2001

This paper presents empirical evidence on the behaviour of interbank lending in Germany after a monetary policy impulse. Our VAR analysis shows that following a monetary contraction, the banking system as a whole attracts additional funds from foreign banks. Whereas small cooperative and savings...

Persistent link: https://www.econbiz.de/10011419387

Precommitment, transparency and monetary policy

Geraats, Petra M. - 2001

Conventional wisdom says that commitment eliminates the inflationary bias of monetary policy. However, this paper shows that the inflation bias can persist even when the central bank commits. A simple model is presented in which the central bank precommits by setting the policy instrument, and...

Persistent link: https://www.econbiz.de/10011419400

Monetary policy effects on bank loans in Germany : a panel-econometric analysis

Worms, Andreas - 2001

A crucial condition for the existence of a credit channel through bank loans is that monetary policy should be able to change bank loan supply. This paper contributes to the discussion on this issue by presenting empirical evidence from dynamic panel estimations based on a dataset that comprises...

Persistent link: https://www.econbiz.de/10011419446

Financial systems and the role of banks in monetary policy transmission in the euro area

Ehrmann, Michael; Gambacorta, Leonardo; Martínez … - 2001

ergibt, dass die Geldpolitik das Bankkreditangebot beeinflußt, wobei die Stärke dieses Effekts über Banken in Abhängigkeit …

Persistent link: https://www.econbiz.de/10011419463

Fiscal foundation of convergence to European Union in Pre-Accession Transition Countries

Halpern, László; Neményi, Judit - 2002

Pre-Accession Transition Countries (PATCs) aim at early admittance to the monetary club. Their fiscal indicators - deficit and debt - do not show any serious symptoms. Closer scrutiny reveals, however, that the interest burden of their public debt might be underestimated, and that restructuring...

Persistent link: https://www.econbiz.de/10011431300

Imperfect competition, monetary policy and welfare in a currency area

Lombardo, Giovanni - 2002

auf die Wohlfahrt und die optimale Geldpolitik. Betrachtet werden zwei Möglichkeiten, wie die Wettbewerbsintensität am … die Geldpolitik effektiver sein, wenn die Länder größere Asymmetrien aufweisen. Diese Ergebnisse legen es nahe, dass die … intensiver ist. Die optimale Geldpolitik der Zentralbank der Währungsunion wird ermittelt und mit einer einfachen Taylor …

Persistent link: https://www.econbiz.de/10011431763

Monetary and fiscal policy rules in a model with capital accumulation and potentially non-superneutral money

Thadden, Leopold von - 2002

We consider the properties of two monetary policy rules (monetary targeting, Taylor-type interest rate rule) in an intertemporal equilibrium model with capital accumulation and two outside assets (government bonds, fiat money). The paper shows that the long-run behaviour of the economy depends...

Persistent link: https://www.econbiz.de/10011431769

Cost-push shocks and monetary policy in open economies

Sutherland, Alan - 2002

Geldpolitik in einem 2-Länder-Modell mit träger Preisanpassung. Neben einem Cost-Push-Schock erlebt jedes Land auch …

Persistent link: https://www.econbiz.de/10011431833

A Vectorautoregressive Investment Model (VIM) and monetary policy transmission : panel evidence from German firms

Breitung, Jörg; Chirinko, Robert S.; Kalckreuth, Ulf von - 2003

In diesem Papier wird ein neuer Rahmen für die Untersuchung der Wirkungen von Geldpolitik auf privatwirtschaftliche …, Geldpolitik ist wirksam, und privatwirtschaftliche Investitionen reagieren auf Änderungen der in den Kapitalnutzungskosten … erhöht die geschätzte Wirkung von Geldpolitik um ein Drittel im Vergleich zur Simulation einer isolierten …

Persistent link: https://www.econbiz.de/10011432001

Active monetary policy, passive fiscal policy and the value of public debt : some further monetarist arithmetic

Thadden, Leopold von - 2003

"aktiven" Geldpolitik und einer "passiven" Fiskalpolitik. Insbesondere wird davon ausgegangen, dass der Fiskalagent die …

Persistent link: https://www.econbiz.de/10011432135