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The effect of monetary policy and private investment on green finance : evidence from Hungary

Desalegn, Goshu; Fekete-Farkas, Maria; Tangl, Anita - In: Journal of risk and financial management : JRFM 15 (2022) 3, pp. 1-18

The objective of this study was to examine the effect of monetary policy and private investment on green finance in the …. Private investment has a positive and significant relationship with green financing in both the long and short run. The study … also used inward and outward foreign direct investment, and greenhouse gas as a control variable of the study. The study …

Persistent link: https://www.econbiz.de/10013163561

The interplay between green policy, electricity prices, financial constraints and jobs : firm-level evidence

Bijnens, Gert; Hutchinson, John; Konings, Jozef; … - 2021

Increased investment in clean electricity generation or the introduction of a carbon tax will most likely lead to …-level data, we find that rising electricity prices lead to a negative impact on labor demand and investment in sectors most …

Persistent link: https://www.econbiz.de/10012499645

The origins of the German current account surplus: Unbalanced productivity growth and structural change

Coricelli, Fabrizio; Ravasan, Farshad R; Wörgötter, … - C.E.P.R. Discussion Papers - 2013

The surge in the German current account surplus in the 2000s is often interpreted as the result of efficiency-enhancing structural reforms, especially in the labor market. However, this interpretation is puzzling because the growth rate of the German economy has been one of the lowest in the...

Persistent link: https://www.econbiz.de/10011083287

Monetary policy and asset price overshooting: a rationale for the Wall/Main Street disconnect

Caballero, Ricardo J.; Simsek, Alp - 2022

We analyze optimal monetary policy and its implications for asset prices, when aggregate demand has inertia and responds to asset prices with a lag. If there is a negative output gap, the central bank optimally overshoots aggregate asset prices (asset prices are initially pushed above their...

Persistent link: https://www.econbiz.de/10013093040

Doves for the rich, hawks for the poor? : distributional consequences of systematic monetary policy

Gornemann, Nils; Küster, Keith; Nakajima, Makoto - 2021

We build a New Keynesian business-cycle model with rich household heterogeneity. In the model, systematic monetary stabilization policy affects the distribution of income, income risks, and the demand for funds and supply of assets: the demand, because matching frictions render idiosyncratic...

Persistent link: https://www.econbiz.de/10012511775

Managing households' expectations with salient economic policies

D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2019 - This version: August 2019

The empirical effectiveness of economic policies that operate theoretically through similar channels differs substantially. We document this fact by comparing an easy-to-grasp expectations-based policy, unconventional fiscal policy, with a policy whose implications are harder to understand by...

Persistent link: https://www.econbiz.de/10012057290

Managing households' expectations with unconventional policies

D'Acunto, Francesco; Hoang, Daniel; Weber, Michael - 2021

Binding lower bounds on interest rates and large government deficits limit the scope of fiscal and monetary policies to stimulate households' spending through financial intermediaries and firms. Policymakers have thus been implementing unconventional policies that aim to increase households'...

Persistent link: https://www.econbiz.de/10012490917

A note on temporary supply shocks with aggregate demand inertia

Caballero, Ricardo J.; Simsek, Alp - 2022

We study optimal monetary policy during temporary supply contractions when aggregate demand has inertia and expansionary policy is constrained. In this environment, it is optimal to run the economy hot until supply recovers. Positive output gaps in the low-supply phase lessen the negative output...

Persistent link: https://www.econbiz.de/10012886884

Macroprudential policy in a monetary union with cross-border banking

Darracq Pariès, Matthieu; Kok Sørensen, Christoffer; … - 2019

We analyse the interaction between monetary and macroprudential policies in the euro area by means of a two-country DSGE model with ﬁnancial frictions and cross-border spillover eﬀects. We calibrate the model for the four largest euro area countries (i.e. Germany, France, Italy, and Spain),...

Persistent link: https://www.econbiz.de/10011996735

Limited energy supply, sunspots, and monetary policy

Gornemann, Nils; Hildebrand, Sebastian; Küster, Keith - 2022

A common assumption in macroeconomics is that energy prices are determined in a world-wide, rather frictionless market. This no longer seems an adequate description for the situation that much of Europe currently faces. Rather, one reading is that shortages exist in the quantity of energy...

Persistent link: https://www.econbiz.de/10013493001