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Thema Geldpolitik

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1351 Ergebnisse, ab 961
  • Diskussionspapiere 795 / 2008

    M3 Money Demand and Excess Liquidity in the Euro Area

    Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find evidence in favour of a stable long run money demand function. The equation appears to be increasingly unstable if more recent data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the ECB strategy has to be doubted. In ...

    2008| Christian Dreger, Jürgen Wolters
  • Nicht-referierte Aufsätze

    Was sind die Ursachen der aktuellen inflationären Entwicklung?

    In: Wirtschaftsdienst 88 (2008), 6, S. 355-358 | Christian Dreger
  • Referierte Aufsätze Web of Science

    The Dynamics of European Inflation Expectations

    We investigate the relevance of Carroll's sticky information model of inflation expectations for four major European economies (France, Germany, Italy and the United Kingdom). In contrast to the most rational expectation models, households in the sticky information environment update their expectations occasionally rather than instantaneously due to the costs of acquiring and processing information. ...

    In: The B.E. Journal of Macroeconomics 8 (2008), 1, Article 12 | Jörg Döpke, Jonas Dovern, Ulrich Fritsche, Jiri Slacalek
  • Diskussionspapiere 813 / 2008

    Money Velocity and Asset Prices in the Euro Area

    Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand function seems to be increasingly unstable if more recent data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the ECB strategy has to be doubted. In fact, a rise in the income elasticity after 2001 can be observed, and ...

    2008| Christian Dreger, Jürgen Wolters
  • Diskussionspapiere 819 / 2008

    Does the Nominal Exchange Rate Regime Affect the Real Interest Parity Condition?

    The real interest partity (RIP) condition combines two cornerstones in international finance, uncovered interest parity (UIP) and ex ante purchasing power parity (PPP). The extent of deviation from RIP is therefore an indicator of the lack of product and financial market integration. This paper investigates whether the nominal exchange rate regime has an impact on RIP. The analysis is based on 15 annual ...

    2008| Christian Dreger
  • Referierte Aufsätze Web of Science

    Sticky Information Phillips Curves: European Evidence

    We estimate the Sticky Information Phillips Curve model of Mankiw and Reis (2002) using survey expectations of professional forecasters from four major European economies. Our estimates imply that inflation expectations in France, Germany, and the United Kingdom are updated about once a year, while in Italy, about once each 6 months.

    In: Journal of Money, Credit and Banking 40 (2008), 7, S. 1513-1519 | Jörg Döpke, Jonas Dovern, Ulrich Fritsche, Jiri Slacalek
  • Diskussionspapiere 842 / 2008

    To Dollarize or De-dollarize: Consequences for Monetary Policy

    2008| Patricia Alvarez-Plata, Alicia Garcia-Herrero
  • Weitere referierte Aufsätze

    Does the Dispersion of Unit Labor Cost Dynamics in the EMU Imply Long-Run Divergence? Results from a Comparison with the USA and Germany

    In: International Economics and Economic Policy 5 (2008), 3, S. 269-295 | Sebastian Dullien, Ulrich Fritsche
  • FINESS Working Papers 7.1b / 2008

    Money Velocity and Asset Prices in the Euro Area

    Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand function seems to be increasingly unstable if more recent data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the ECB strategy has to be doubted. In fact, a rise in the income elasticity after 2001 can be observed, and ...

    2008| Christian Dreger, Jürgen Wolters
  • FINESS Working Papers 7.1a / 2008

    M3 Money Demand and Excess Liquidity in the Euro Area

    Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find evidence in favour of a stable long run money demand function. The equation appears to be increasingly unstable if more recent data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the ECB strategy has to be doubted. In ...

    2008| Christian Dreger, Jürgen Wolters
1351 Ergebnisse, ab 961
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