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Einige Anmerkungen zum Wesen der Deflation aus Sicht der Finanzstabilität

Bleich, Dirk; Bleich, Torsten; Fendel, Ralf - In: Zeitschrift fuer Wirtschaftspolitik 62 (2013) 2, pp. 143-158

Deflation is currently considered as one of the most important threats for macroeconomic dynamics and, thus, it is argued that it should be avoided by all available means. We challenge this view because empirically it cannot be verified that deflation periods necessarily go hand in hand with...

Persistent link: https://www.econbiz.de/10010820114

The hockey stick Phillips curve and the zero lower bound

Böhl, Gregor; Lieberknecht, Philipp - 2021

The recently observed disconnect between inflation and economic activity can be explained by the interplay between the zero lower bound (ZLB) and the costs of external financing. In normal times, credit spreads and the nominal interest rate balance out; factor costs dominate firms' marginal...

Persistent link: https://www.econbiz.de/10012432969

Household heterogeneity, nonseparable preferences, and the Taylor principle

Jansen, Babette; Winkler, Roland - 2024

We consider a two-agent New Keynesian model with savers and hand-to-mouth households with quasi-separable utility functions as introduced by Bilbiie (2020a). This framework allows for separate parameterization of consumption-hours complementarity and income effects on labor supply. We examine...

Persistent link: https://www.econbiz.de/10015064065

The Federal Reserve's Portfolio and its Effects on Mortgage Markets

Hancock, Diana - 2012

We provide an empirical analysis of the effects of the Federal Reserve's asset holdings on MBS yields and mortgage … rates. We argue that understanding the particulars of the U.S. mortgage markets, particularly the linkages between the … secondary and primary mortgage markets, is important. We find evidence that the Federal Reserve's portfolio holdings influence …

Persistent link: https://www.econbiz.de/10013106785

How important are foreign shocks in small open economy? : the case of Slovakia

Horváth, Roman (contributor); Rusnák, Marek (contributor) - 2008

In this paper, we provide evidence on the nature and the relative importance of domestic and foreign shocks in Slovak economy based on block-restriction vector autoregression model in 1999-2007. We document well-functioning monetary transmission mechanism in Slovakia. Subject to various...

Persistent link: https://www.econbiz.de/10003790183

Unconventional monetary policy in a small open economy

MacDonald, Margaux; Popiel, Michal Ksawery - 2016

This paper investigates the effects of unconventional monetary policy in Canada. We use recently proposed methods to construct a shadow interest rate that captures monetary policy at the zero lower bound (ZLB) and estimate a small open economy Bayesian structural vector autoregressive (B-SVAR)...

Persistent link: https://www.econbiz.de/10011531930

How Important are Foreign Shocks in Small Open Economy? The Case of Slovakia

Horvath, Roman - 2008

Persistent link: https://www.econbiz.de/10012722441

Do Central Banks Respond Timely to Developments in the Global Economy?

Bjørnland, Hilde C. - 2017

Our analysis suggests; they do not! To arrive at this conclusion we construct a real-time data set of interest rate projections from central banks in three small open economies; New Zealand, Norway, and Sweden, and analyze if revisions to these projections (i.e., forward guidance) can be...

Persistent link: https://www.econbiz.de/10012961019

Monetary Policy Transmission Mechanism in a Small Open Economy Under Fixed Exchange Rate : An SVAR Approach for Morocco

Ouchchikh, Rachid - 2018

Purpose: The main purpose of this study is to investigate the transmission mechanism of monetary policy in Morocco, taking external constraints on monetary policy into consideration. Design/methodology/approach: This study uses a structural vector autoregression model (SVAR) to examine the...

Persistent link: https://www.econbiz.de/10012922839

Monetary policy spillover to small open economies : is the transmission different under low interest rates?

Cao, Jin; Dinger, Valeriya; Gómez, Tomás; Grice, Zuzana; … - 2021

We explore the impact of low and negative monetary policy rates in core world economies on bank lending in four small open economies - Canada, Chile, the Czech Republic and Norway - using confidential bank-level data. Our results show that the impact on lending in these small open economies...

Persistent link: https://www.econbiz.de/10012664782