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We study the distributional consequences of housing price, bond price and equity price increases for Euro Area households using data from the Household Finance and Consumption Survey (HFCS). The capital gains from bond price and equity price increases turn out to be concentrated among relatively...
Persistent link: https://www.econbiz.de/10011316626
Two signaling games of monetary policy are considered: game one examines the effect of hysteresis on the labor market on the results of the repeated monetary policy game. Disciplinary effects of reputation disappear in presence of hysteresis. The second game compares weifare effects of monetary...
Persistent link: https://www.econbiz.de/10009774705
We estimate the low-frequency relationship between fiscal deficits and inflation and pay special attention to its … suggest that the low-frequency relationship between fiscal deficits and inflation is strongly related to the conduct of … monetary policy and its interaction with fiscal policy after World War II. -- Time-Varying VAR ; Inflation ; Public Deficits …
Persistent link: https://www.econbiz.de/10009732985
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Did the decline in inflation rates from 2012 to 2015 and the low levels of market-based inflation expectations lead to … de-anchored inflation dynamics in the euro area? This paper is the first time-varying event study to investigate the … reaction of inflation-linked swap (ILS) rates - a market-based measure of inflation expectations - to macroeconomic surprises …
Persistent link: https://www.econbiz.de/10011456474
regarded as a premier expert on inflation, and in this book, he illustrates how the erosion of trust in central banks is … putting us at high risk of both near- and long-term inflation--and a potentially very serious disruption. It's not about a … conspiracy surrounding inflation reporting; it's about the tentative agreement we all carry that lends money its value. This …
Persistent link: https://www.econbiz.de/10011536445
information content regarding future inflation. …
Persistent link: https://www.econbiz.de/10010469552
Der vorliegende Beitrag verfolgt ein zweifaches Ziel. Erstens beschreibt er Schätzungen der Zinsstrukturkurven rur Deutschland von September 1972 bis Februar 1996 mit Hilfe verschiedener Spezifikationen. Zweitens werden diese Schätzungen verwendet, um den Informationsgehalt der...
Persistent link: https://www.econbiz.de/10010469553
of monetary policy, for example, and some central banks also use inflation forecasts as intermediate targets. For the …
Persistent link: https://www.econbiz.de/10010470306