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Topic Monetary Policy

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543 results, from 471
  • Diskussionspapiere 674 / 2007

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

    Using unit labor cost (ULC) data from Euro area countries as well as US States and German Länder we investigate inflation convergence using different approaches, namely panel unit root tests, co-integration tests and error-correction models. All in all we cannot reject convergence of ULC growth in EMU, however, country-specific deviations from the rest of the currency union are more pronounced in Europe ...

    2007| Sebastian Dullien, Ulrich Fritsche
  • Diskussionspapiere 703 / 2007

    Dynamic Modelling of the Demand for Money in Latvia

    This study develops a parsimonious stable coefficient money demand model for Latvia for the period from 1996 till 2005. A single cointegrating vector between the real money balances, the gross domestic product, the long-term interest rate, and the rate of inflation is found. Our study contributes to better understanding of the factors shaping the demand for money in the new Member States of the ...

    2007| Boriss Siliverstovs
  • Refereed essays Web of Science

    Fiscal Policy Rules for Stabilisation and Growth: A Simulation Analysis of Deficit and Expenditure Targets in a Monetary Union

    We analyse the effectiveness of fiscal policy rules for business cycle stabilisation in a monetary union using a quarterly macro-econometric model of Germany. The simulations compare a deficit target and an expenditure target under a range of supply, demand and fiscal shocks. Their effects are evaluated by their impact on prices and output. The analysis demonstrates that in general the deficit target ...

    In: Journal of Policy Modeling 28 (2006), 4, S. 357-369 | Tilman Brück, Rudolf Zwiener
  • Diskussionspapiere 561 / 2006

    Investigating M3 Money Demand in the Euro Area: New Evidence Based on Standard Models

    Monetary growth in the euro area has exceeded its target level especially since 2001. Likewise, recent empirical studies did not find evidence in favour of a stable long run relationship between the variables entering the money demand function. Instead the equation appears to be increasingly unstable if more recent data are included. Since the link between money balances and macroeconomic variables ...

    2006| Christian Dreger, Jürgen Wolters
  • Refereed essays Web of Science

    The Argentinean Currency Crisis: A Markov-Switching Model Estimation

    In 2002, the Argentinean currency board came to a sudden and dramatic end. Although the country had been suffering from weak economic fundamentals for years, the timing and severity of the currency crisis surprised most observers. The present study analyzes the role of fundamentals and self-fulfilling speculation in the Argentinean crisis. Arguing within a theoretical model of a fixed exchange rate ...

    In: The Developing Economies 44 (2006), 1, S. 79-91 | Patricia Alvarez-Plata, Mechthild Schrooten
  • Diskussionspapiere 549 / 2006

    Informed Capital in a Hostile Environment: The Case of Relational Investors in Germany

    Informed capital is a crucial ingredient to a well-functioning market for start-up finance, especially in times of difficult market conditions. For bank-based systems, the question regarding which investors actually supply informed capital has not yet been answered. To fill this gap, we conduct a survey among German suppliers of start-up finance. We find significant differences between the investors ...

    2006| Dorothea Schäfer, Dirk Schilder
  • Diskussionspapiere 585 / 2006

    The Svensson versus McCallum and Nelson Controversy Revisited in the BMW Framework

    This note shows that the Svensson versus McCallum and Nelson controversy battled in the Federal Reserve Bank of St. Loius Review (September/ October 2005) can be mapped into a static version of a New Keynesian macro model that consists of an IS-equation, a Phillips curve and an inflation targeting central bank (e.g., Bofinger, Mayer, Wollmershäuser, (2006); Walsh (2002)). As a contribution to literature ...

    2006| Peter Bofinger, Eric Mayer
  • Diskussionspapiere 571 / 2006

    The Dynamics of European Inflation Expectations

    We investigate the relevance of the Carroll's sticky information model of inflation expectations for four major European economies (France, Germany, Italy and the United Kingdom). Using survey data on household and expert inflation expectations we argue that the model adequately captures the dynamics of household inflation expectations. We estimate two alternative parametrizations of the sticky information ...

    2006| Jörg Döpke, Jonas Dovern, Ulrich Fritsche, Jiri Slacalek
  • Externe Monographien

    Informed Capital in a Hostile Environment: The Case of Relational Investors in Germany

    Freiberg: Technische Universität Bergakademie, 2006, 23 S.
    (Freiberg Working Papers / Technical University Bergakademie Freiberg, Faculty of Economics and Business Administration ; 03/2006)
    | Dorothea Schäfer, Dirk Schilder
  • Other refereed essays

    Consumption and Disposable Income in the EU Countries: The Role of Wealth Effects

    In: Empirica 33 (2006), 4, S. 245-254 | Hans-Eggert Reimers, Christian Dreger
543 results, from 471