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Thema Geldpolitik

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516 Ergebnisse, ab 491
  • Referierte Aufsätze Web of Science

    Money Demand and the Role of Monetary Indicators in Forecasting Euro Area Inflation

    This paper examines the stability of money demand and the forecasting performances of a broad monetary aggregate (M3), excess liquidity and excess inflation in predicting euro area inflation. The out-of sample forecasting performances are compared to a widely used alternative, the spread of interest rates. The results indicate that the evolution of M3 is still in line with money demand, even when observations ...

    In: International Journal of Forecasting 30 (2014), 2, S. 303-312 | Christian Dreger, Jürgen Wolters
  • Diskussionspapiere 1365 / 2014

    On the Relationship between Public and Private Investment in the Euro Area

    This paper explores the long run relationship between public and private investment in the euro area in terms of capital stocks and gross investment flows. Panel techniques accounting for international spillovers are employed. While private and public capital stocks are cointegrated, the evidence is quite fragile for public and private investment flows. They enter a long run relationship only after ...

    2014| Christian Dreger, Hans-Eggert Reimers
  • DIW Wochenbericht 12 / 2014

    Schwache Preisentwicklung und Deflationsgefahr im Euroraum: Grenzen der konventionellen Geldpolitik

    Die Inflationsrate im Euroraum liegt seit knapp einem Jahr unterhalb der von der Europäischen Zentralbank angestrebten Zielmarke und wird voraussichtlich auch in der kommenden Zeit auf einem sehr niedrigen Niveau verharren. Zum einen steht eine solch geringe Inflation nicht im Einklang mit der Zielsetzung der EZB, zum anderen besteht in dieser Situation die Gefahr, in eine Deflation abzurutschen. Angesichts ...

    2014| Kerstin Bernoth, Marcel Fratzscher, Philipp König
  • DIW Wochenbericht 12 / 2014

    Gefahr einer Deflation ist durchaus real: Sieben Fragen an Kerstin Bernoth und Philipp König

  • Diskussionspapiere 1382 / 2014

    Unconventional Monetary Policy and Money Demand

    This paper investigates the usefulness of the money demand relationship in times of unconventional monetary policies by cointegration methods. In contrast to the bulk of the literature, evidence in favour of a stable long run money demand function is presented both for the US and the euro area. Results are based on standard monetary aggregates, i.e. MZM for the US and M3 in case of the euro area. The ...

    2014| Christian Dreger, Jürgen Wolters
  • Referierte Aufsätze Web of Science

    Basil J. Moore's Horizontalists and Verticalists: An Appraisal 25 Years Later

    In 1988 Basil Moore published his book Horizontalists and Verticalists: The Macroeconomics of Credit Money, which this year celebrates its 25th birthday. We discuss this book from today's perspective, and in particular whether Moore's main assertions have been validated or rejected by the development of central bank practice and academic monetary economics. We find that the book has impressively stood ...

    In: Review of Keynesian Economics 1 (2013), 4, S. 383-390 | Ulrich Bindseil, Philipp König
  • Diskussionspapiere 1339 / 2013

    Fiscal Adjustment and Business Cycle Synchronization

    Using a panel of annual data for 20 countries we show that synchronized fiscal consolidation (stimulus) programmes in different countries make their business cycles more closely linked, especially in the case of fiscal adjustments lasting 2 or 3 years. We also find: (i) little evidence of decoupling when an inflation targeting regime is unilaterally adopted; (ii) an increase in business cycle synchronization ...

    2013| Luca Agnello, Guglielmo Maria Caporale, Ricardo M. Sousa
  • Diskussionspapiere 1288 / 2013

    The PPP Hypothesis Revisited: Evidence Using a Multivariate Long-Memory Model

    This paper examines the PPP hypothesis analysing the behaviour of the real exchange rates vis-à-vis the US dollar for four major currencies (namely, the Canadian dollar, the euro, the Japanese yen and the British pound). An innovative approach based on fractional integration in a multivariate context is applied to annual data from 1970 to 2011. Long memory is found to characterise the Canadian dollar, ...

    2013| Guglielmo Maria Caporale, Luis A. Gil-Alana, Yuliya Lovcha
  • Referierte Aufsätze Web of Science

    Current Account Imbalances in the Euro Area: Does Catching up Explain the Development?

    In the debate on global imbalances, the euro area countries received inreasing attention since the outbreak of the financial crisis. While the current account is on balance for the entire area, divergences between individual member states have increased since the introduction of the common currency and are part of the excessive imbalances procedure. This paper explores the determinants of the imbalances ...

    In: Review of International Economics 21 (2013), 1, S. 6-17 | Ansgar Belke, Christian Dreger
  • Referierte Aufsätze Web of Science

    The Global Dimension of Inflation: Evidence from Factor-Augmented Phillips Curve

    We examine the global dimension of inflation in 24 OECD countries between 1980 and 2007 in a Phillips curve framework. We decompose output gaps and changes in unit labour costs into common (or global) and idiosyncratic components using a factor analysis and introduce these components separately in the regression. We find that the common component of changes in unit labour costs has a notable impact ...

    In: Oxford Bulletin of Economics and Statistics 75 (2013), 1, S. 103-122 | Sandra Eickmeier, Katharina Pijnenburg
516 Ergebnisse, ab 491