DIW Berlin: Thema Geldpolitik

Thema Geldpolitik

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257 Ergebnisse, ab 221
Externe referierte Aufsätze

The Transmission of Oil and Food Prices to Consumer Prices: Evidence for the MENA Countries

This paper investigates the effects of global oil and food price shocks to consumer prices in Middle East-North African (MENA) countries using threshold cointegration methods. Oil and food price shocks increase domestic prices in the long run, whereby the impact of food prices dominates. While global prices are weakly exogenous, consumer prices respond to deviations from the equilibrium

In: International Economics and Economic Policy 12 (2015), 1, S. 143-161 | Ansgar Belke, Christian Dreger
DIW Roundup 60 / 2015

Central Bank Asset Puchases I: The Theory

In the face of interest rates having hit their zero lower bound in major economies, large-scale asset purchases have become an important weapon of central banks in recent years. It is, however, not clear whether and under which circumstances such policy measures produce the desired effects. This round-up provides a selective overview of theoretical research that has been devoted to understand

2015| Carolin Raab, Philipp König, Kerstin Bernoth
Monographien

Floating with a Load of FX Debt?

Countries with de jure floating exchange rate regimes are often reluctant to allow their currencies to float freely in practice. One reason why countries may wish to limit exchange rate volatility is potential negative balance sheet effects due to currency mismatches on the balance sheets of firms and households. In this paper, we show in a sample of 15 emerging market economies that countries

Washington D.C.: IMF, 2015, 35 S.
(IMF Working Paper ; 15/284)
| Tatsiana Kliatskova, Uffe Mikkelsen
Externe referierte Aufsätze

Understanding the Great Recession

We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions. We reach this conclusion by looking through the lens of an estimated New Keynesian model in which firms face moderate degrees of price rigidities, no nominal rigidities in wages, and a binding zero lower bound constraint on the nominal interest rate. Our model

In: American Economic Journal: Macroeconomics 7 (2015), 1, S. 110-167 | Lawrence J. Christiano, Martin S. Eichenbaum, Mathias Trabandt
Diskussionspapiere 1436 / 2014

Sovereign Risk, Interbank Freezes, and Aggregate Fluctuations

This paper studies the bank-sovereign link in a dynamic stochastic general equilibrium set-up with strategic default on public debt. Heterogeneous banks give rise to an interbank market where government bonds are used as collateral. A default penalty arises from a breakdown of interbank intermediation that induces a credit crunch. Government borrowing under limited commitment is costly ex ante as

2014| Philipp Engler, Christoph Große Steffen
Monographien

Sovereign Risk, Interbank Freezes, and Aggregate Fluctuations

This paper studies the bank-sovereign link in a dynamic stochastic general equilibrium set-up with strategic default on public debt. Heterogeneous banks give rise to an interbank market where government bonds are used as collateral. A default penalty arises from a breakdown of interbank intermediation that induces a credit crunch. Government borrowing under limited commitment is costly ex ante as

Berlin: Freie Univ. Berlin, FB Wirtschaftswiss., 2014, 56 S.
(Discussion Paper / School of Business & Economics ; 2014,35)
| Philipp Engler, Christoph Große Steffen
Monographien

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

Bonn: IZA, 2014, 18 S.
(Discussion Paper Series / Forschungsinstitut zur Zukunft der Arbeit ; 8002)
| Christian Dreger, Hans-Eggert Reimers
DIW Wochenbericht 37 / 2014

Inflationserwartungen im Euroraum sind nicht mehr fest verankert: neue Maßnahmen der EZB-Geldpolitik

Obwohl die Europäische Zentralbank (EZB) seit Jahren einen expansiv ausgerichteten geldpolitischen Kurs verfolgt, ist die Preisentwicklung im Euroraum nach wie vor äußerst schwach. Mehr noch: Wie der vorliegende Wochenbericht deutlich zeigt, sind die Inflationserwartungen im Euroraum nicht mehr ausreichend verankert. Sie entkoppeln sich zunehmend vom Inflationsziel der EZB. Damit steigt auch das A

2014| Kerstin Bernoth, Marcel Fratzscher, Philipp König, Klara Rabe
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

2014| Christian Dreger, Hans-Eggert Reimers
257 Ergebnisse, ab 221