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Why So Low for So Long? A Long-Term View of Real Interest Rates
Borio, Claudio E. V. - 2017
Prevailing explanations of the decline in real interest rates since the early 1980s are premised on the notion that real interest rates are driven by variations in desired saving and investment. But based on data stretching back to 1870 for 19 countries, our systematic analysis casts doubt on...
Persistent link: https://www.econbiz.de/10012941033
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Why so Low for so Long? A Long-Term View of Real Interest Rates
Borio, Claudia - 2018
Prevailing explanations of the decline in real interest rates since the early 1980s are premised on the notion that real interest rates are driven by variations in desired saving and investment. But based on data stretching back to 1870 for 19 countries, our systematic analysis casts doubt on...
Persistent link: https://www.econbiz.de/10012931472
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Monetary policy and hysteresis in potential output
Kienzler, Daniel; Schmid, Kai D. - 2013
hinsichtlich der Persistenz von Output und Inflation realitätsnäher abgebildet werden können. Insbesondere jedoch erweist sich im …
Persistent link: https://www.econbiz.de/10009772964
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Catching-up and Inflation in Europe : Balassa-Samuelson, Engel's Law and Other Culprits
Égert, Balázs - 2010
This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special … Balassa-Samuelson effect is not an important driver of inflation rates. By contrast, we find that the initial price level and … regulated prices strongly affect inflation outcomes in a nonlinear manner and that the extension of Engel’s Law may hold during …
Persistent link: https://www.econbiz.de/10012444720
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Catching-up and Inflation in Europe: Balassa-Samuelson, Engel's Law and Other Culprits
Égert, Balázs - Economics Department, Organisation de Coopération et … - 2010
This study analyses the impact of economic catching-up on annual inflation rates in the European Union with a special … Balassa-Samuelson effect is not an important driver of inflation rates. By contrast, we find that the initial price level and … regulated prices strongly affect inflation outcomes in a nonlinear manner and that the extension of Engel’s Law may hold during …
Persistent link: https://www.econbiz.de/10008461038
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Quantifying the effects of the CNB's exchange rate commitment : a synthetic control method approach
Opatrny, Matej - 2016
appreciating that were put in place in 2013. I focus its on the impact on output, unemployment, and inflation. I use the synthetic … connected to disturbances created by changes in excise taxes. The effect of the commitment on inflation is positive but not …
Persistent link: https://www.econbiz.de/10011515767
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Monetary Policy and Hysteresis in Potential Output
Kienzler, Daniel; Schmid, Kai Daniel - 2013
We show that actively stabilizing economic activity plays a more prominent role in the conduct of monetary policy when potential output is subject to hysteresis. We augment a basic NewKeynesian model by hysteresis in potential output and contrast simulation outcomes of this extended model to the...
Persistent link: https://www.econbiz.de/10010460545
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Monetary policy and hysteresis in potential output
Kienzler, Daniel; Schmid, Kai Daniel - 2013
We show that actively stabilizing economic activity plays a more prominent role in the conduct of monetary policy when potential output is subject to hysteresis. We augment a basic New Keynesian model by hysteresis in potential output and contrast simulation outcomes of this extended model to...
Persistent link: https://www.econbiz.de/10010312035
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Interest rate policy and supply-side adjustment dynamics
Kienzler, Daniel; Schmid, Kai - 2010
In contrast to the present consensus view of stabilization policy, theoretical and empirical research strongly support the consideration of supply-side adjustment to pronounced variations of factor-utilization in order to trace a more realistic pattern of macroeconomic adjustment dynamics within...
Persistent link: https://www.econbiz.de/10010281608
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DSGE models and central banks
Tovar, Camilo Ernesto - 2009
Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...
Persistent link: https://www.econbiz.de/10003832138