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Thema Geldpolitik

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416 Ergebnisse, ab 401
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 1332 / 2013

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 relationship. ...

2013| Ansgar Belke, Christian Dreger
DIW Wochenbericht 44 / 2013

Liquiditätsmanagement des Eurosystems im Zeichen der Krise

Im Zahlungssystem der Eurozone, Target 2, sind seit 2007 hohe Verbindlichkeiten der Krisenländer gegenüber den übrigen Mitgliedern der Währungsunion aufgelaufen. Auf dem Höhepunkt dieser Entwicklung Mitte 2012 hatte allein die Deutsche Bundesbank Target-Forderungen in Höhe von 750 Milliarden Euro. Mittlerweile ist dieser Posten auf 570 Milliarden Euro zurückgegangen; er ist damit aber immer noch deutlich ...

2013| Marcel Fratzscher, Philipp König, Claudia Lambert
DIW Wochenbericht 44 / 2013

Target-Salden - ein Anker der Stabilität

Die Debatte über Target 2 - das Zahlungsverkehrssystem des Europäischen Systems der Zentralbanken - hat in den vergangenen Jahren zu kontroversen Diskussionen in Deutschland geführt. Die vorliegende Studie des DIW Berlin kommt zu dem Ergebnis, dass die in diesem Zusammenhang vielfach geäußerten Ängste vor den Risiken für Deutschland größtenteils unbegründet sind. Demzufolge ist Deutschland nicht - ...

2013| Marcel Fratzscher, Philipp König, Claudia Lambert
Monographien

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 relationship. ...

Essen: RWI, 2013, 26 S.
(Ruhr Economic Papers ; 448)
| Ansgar Belke, Christian Dreger
Diskussionspapiere 1304 / 2013

On the International Spillovers of US Quantitative Easing

The paper analyses the global spillovers of the Federal Reserve's unconventional monetary policy measures. First, we find that Fed measures in the early phase of the crisis (QE1), but not since 2010 (QE2), were highly effective in lowering sovereign yields and raising equity markets in the US and globally across 65 countries. Yet Fed policies functioned in a procyclical manner for capital flows to ...

2013| Marcel Fratzscher, Marco Lo Duca, Roland Straub
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
Externe referierte Aufsätze

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
Externe referierte Aufsätze

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
416 Ergebnisse, ab 401
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