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Poland on the Road to the Euro : How Serious is the Risk of Boom-Bust Cycles after the Euro Adoption? An Empirical Analysis
Stazka-Gawrysiak, Agnieszka - 2011
) prone to macroeconomic booms and busts and, secondly, to empirically assess the risk of a boom-bust cycle in Poland after … then use the estimated equations to assess the probability of booms and busts in Poland over the period 2004 to 2009. Our … the reverse holds for busts. In turn, our results for Poland are inconclusive, which probably means that the models …
Persistent link: https://www.econbiz.de/10014174812
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The role of the exchange rate for adjustment in boom and bust episodes
Martin, Reiner; Schuknecht, Ludger; Vansteenkiste, Isabel - 2007
Numerous countries have experienced boom-bust episodes in asset prices in the past 20 years. This study looks at stylised facts and conducts statistical and econometric analysis for such episodes, distinguishing between industrialised countries that experienced external adjustment (via real...
Persistent link: https://www.econbiz.de/10011604859
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Inflation persistence and the Phillips curve revisited
Karanassou, Marika; Snower, Dennis J. - 2007
A major criticism against staggered nominal contracts is that they give rise to the so called persistency puzzle - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly asserted that, in the context of the new Phillips curve...
Persistent link: https://www.econbiz.de/10010273163
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Inflation persistence and the Philips curve revisited
Karanassou, Marika; Snower, Dennis J. - 2007
A major criticism against staggered nominal contracts is that they give rise to the so called "persistency puzzle" - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly asserted that, in the context of the new Phillips...
Persistent link: https://www.econbiz.de/10010273181
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Why are fiscal multipliers moderate even under monetary accommodation?
Bredemeier, Christian; Jüßen, Falko; Schabert, Andreas - 2021
The COVID-19 pandemic forced much of the world to adapt suddenly to severe restrictions. In this study, we attempt to quantify the impact of the pandemic on student performance in higher education. To collect data on important covariates, we conducted a survey among first-year students of...
Persistent link: https://www.econbiz.de/10012603355
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Fiscal Policy, Interest Rate Spreads, and the Zero Lower Bound
Bredemeier, Christian; Juessen, Falko; Schabert, Andreas - 2015
This paper questions unconventional fiscal policy effects when the monetary policy rate is at the zero lower bound. We provide evidence for the US that the spread between the policy rate and the US-LIBOR, which is more relevant for private sector transactions, increases with government...
Persistent link: https://www.econbiz.de/10010531696
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Inflation persistence revisited
Karanassou, Marika; Snower, Dennis J. - 2004
It is commonly asserted that inflation is a jump variable in the New Keynesian Phillips curve, and thus wage-price inertia does not imply inflation inertia. We show that this "inflation flexibility proposition" is highly misleading, relying on the assumption that real variables are exogenous. In...
Persistent link: https://www.econbiz.de/10010281028
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Inflation persistence and the Phillips curve revisited
Karanassou, Marika; Snower, Dennis J. - 2007
A major criticism against staggered nominal contracts is that they give rise to the so called "persistency puzzle" - although they generate price inertia, they cannot account for the stylised fact of inflation persistence. It is thus commonly asserted that, in the context of the new Phillips...
Persistent link: https://www.econbiz.de/10010281029
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Imbalances? What imbalances? A dissenting view
Wray, L. Randall - 2012
It is commonplace to link neoclassical economics to 18th- or 19th-century physics and its notion of equilibrium, of a pendulum once disturbed eventually coming to rest. Likewise, an economy subjected to an exogenous shock seeks equilibrium through the stabilizing market forces unleashed by the...
Persistent link: https://www.econbiz.de/10010286507
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Inflation Persistence and the Phillips Curve Revisited
Karanassou, Marika; Snower, Dennis J. - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007
A major criticism against staggered nominal contracts is that they give rise to the so called"persistency puzzle" – although they generate price inertia, they cannot account for thestylised fact of inflation persistence. It is thus commonly asserted that, in the context of thenew Phillips curve...
Persistent link: https://www.econbiz.de/10005863257