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Monetary and Fiscal Policy Interaction in the Euro Area with different assumptions on the Phillips curve

Bofinger, Peter; Mayer, Eric - 2004

In this paper we carry over a static version of a New Keynesian Macro Model to a monetary union. For a similar approach see Uhlig (2002). We will show in particular that a harmonious functioning of a monetary union critically depends on the correlation structure of shocks that hit the currency...

Persistent link: https://www.econbiz.de/10010296376

International Monetary Policy Coordination

Carlberg, Michael - 2005

This paper studies the international coordination of monetary policies in the world economy. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on monetary competition between Europe and America. Similarly, as...

Persistent link: https://www.econbiz.de/10010296390

Stock Performance around Share Repurchase Announcements in Germany

Stehle, Richard; Seifert, Udo - 2003

Empirical studies of open-market share repurchases in the U.S. typically find a mean abnormal return around the announcement day of about 3%. In Germany share repurchases were highly restricted before May 1998. Since then firms have repurchased shares in the open market more than 250 times....

Persistent link: https://www.econbiz.de/10010296483

Taylor Rules and Macroeconomic Instability or How the Central Bank Can Pre-empt Sunspot Expectations

Weder, Mark - 2003

This paper derives new results on the effects of employing Taylor rules in economies that are subject to real market imperfections such as production externalities. Taylor rules that aggressively respond to output can eliminate sunspot equilibria that arise from the increasing returns. The paper...

Persistent link: https://www.econbiz.de/10010296484

Bank Loan Supply and Monetary Policy Transmission in Germany: An Assessment based on Matching Impulse Responses

Hülsewig, Oliver; Mayer, Eric; Wollmershäuser, Timo - 2004

This paper addresses the credit channel in Germany by using aggregate data. We present a stylized model of the banking firm, in which banks decide on their loan supply in the light of uncertainty about the future course of monetary policy. Applying a vector error correction model (VECM), we...

Persistent link: https://www.econbiz.de/10010296531

Forecasting monetary policy in Switzerland: Some empirical assistance

Hock, Thorsten; Zimmermann, Patrick - 2005

This paper provides empirical assistance in forecasting monetary policy in Switzerland. After the introduction, we provide a descriptive analysis of the four cycles of rising interest rates from 1979 to 2003. It is apparent that the individual cycles diverge to greater or lesser degrees from the...

Persistent link: https://www.econbiz.de/10010296538

The Price Puzzle Revisited: Can the Cost Channel explain a Rise in Inflation after a Monetary Shock?

Mayer, Eric; Hülsewig, Oliver; Henzel, Steffen; … - 2006

This paper explores whether the cost channel solves the price puzzle. We set-up a New Keynesian DSGE model and estimate it for the euro area by adopting a minimum distance approach. Our findings suggest that - under certain parameter restrictions which are not rejected by the data - the cost...

Persistent link: https://www.econbiz.de/10010296551

Unterschiede zwischen Fiskal- und Geldpolitik und die Konsequenzen für eine Delegation

Ullrich, Katrin - 2005

Geldpolitik politisch unabhängig auf der supranationalen Ebene für die Länder der Europäischen Währungsunion gemeinsam … der unabhängigen Geldpolitik bei nationaler, abhängiger Fiskalpolitik durch die Veränderung der strategischen … Einsatzmöglichkeiten. Die Delegation der Geldpolitik auf die supranationale Ebene lockert eher die Beschränkungen für die Fiskalpolitik, da …

Persistent link: https://www.econbiz.de/10010297481

The impact of monetary instruments on shock absorption in EU-Countries

Müller, Claudia; Buscher, Herbert S. - 1999

The main characteristic of the implementation of the European Monetary Union (EMU) is the transition from various national currencies to the Euro, the common European currency. A final fixing of the individual bilateral exchange rates of all European countries involved in the Monetary Union...

Persistent link: https://www.econbiz.de/10010297617

Is the View from the Eurotower Purely European? National Divergence and ECB Interest Rate Policy

Heinemann, Friedrich; Huefner, Felix P. - 2002

The official view on ECB monetary policy claims that monetary decisions are based solely on average data for the euro zone and that diverging regional developments are disregarded. However, experience from other two tier central banks and theoretical considerations suggest that this official...

Persistent link: https://www.econbiz.de/10010297739