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Topic Monetary Policy

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543 results, from 491
  • Diskussionspapiere 433 / 2004

    Declining Output Volatility in Germany: Impulses, Propagation, and the Role of Monetary Policy

    This paper investigates the effect of economic integration on the ability of firms to maintain a collusive understanding about staying out of each other's markets. The paper distinguishes among different types of trade costs: ad valorem, unit, fixed. It is shown that for a sufficient reduction of ad valorem trade costs, a cartel supported by collusion on either quantities or prices will be weakened, ...

    2004| Ulrich Fritsche, Vladimir Kuzin
  • Refereed essays Web of Science

    Misleading Indicators? The Argentinean Currency Crisis

    Despite the fact that Argentina has been suffering from recession for years, the timing and severity of the recent currency crisis surprised most observers. There is an extensive literature on early warning systems, which claim to be apt for a systematical prediction of currency crises. One of the most prominent "early warning system" approaches was first developed by Kaminsky, Lizondo, and Reinhart ...

    In: Journal of Policy Modeling 26 (2004), 5, S. 587-603 | Patricia Alvarez-Plata, Mechthild Schrooten
  • Externe Monographien

    The Inflation Target of the ECB: Does the Balassa-Samuelson Effect Matter?

    Florenz: EUI, 2004, 31 S.
    (EUI Working Papers: RSCAS ; 2004/19)
    | Kirsten Lommatzsch, Silke Tober
  • Externe Monographien

    Explaining the Time-Varying Nairu in the Euro Area

    Luxembourg: Eurostat, 2004, 16 S.
    (4th Eurostat and DG ECFIN Colloquium on Modern Tools for Business Cycle Analysis : Growth and Cycle in the Euro-Zone)
    | Camille Logeay, Silke Tober
  • Diskussionspapiere 397 / 2004

    Asymmetric Monetary Policy Effects in Germany

    In a small structural model we find asymmetries in the effects of monetary policy in Germany depending on whether the economy is in an upswing or a downswing. These two different regimes are also identified using a Markov-switching model and the Kalman filter. Our results indicate that the effects of monetary policy are significantly higher in a downswing than in an upswing. It follows not only that ...

    2004| Vladimir Kuzin, Silke Tober
  • Refereed essays Web of Science

    Assessing Leading Indicators for the EMU Area from a Practitioner's Perspective

    In this paper, the empirical relevance of the credit channel for the explanation of monetary policy transmission in Germany during the period from 1985 to 1998 is analyzed. While existing studies of the credit channel rely mostly on the analysis of monetary policy effects on balance sheet items, both quantities and financing costs are considered here. Using vector autoregressive models, impulse response ...

    In: Applied Economics Quarterly 49 (2003), 4, S. 339-358 | Ulrich Fritsche, Vladimir Kuzin, Felix Marklein
  • Diskussionspapiere 327 / 2003

    Mis-Leading Indicators? The Argentinean Currency Crisis

    Despite the fact that Argentina has been suffering from recession for years the timing and severity of the recent currency crisis has surprised most observers. This paper analyzes whether the "early warning" or "signals" approach of Kaminsky (1998), Kaminsky/Lizondo/Reinhart (1998) and Kaminsky/Reinhart (1999) could have predicted the Argentinean currency crisis at an earlier point in time. Using a ...

    2003| Patricia Alvarez-Plata, Mechthild Schrooten
  • Diskussionspapiere 334 / 2003

    Identifying Determinants of German Inflation: An Eclectic Approach

    The paper applies an equilibrium correction model to discuss impacts of monetary, labour and external factors on the German inflation. The approach presented is of eclectic character and allows for examination which variables representative for various inflation theories matter empirically when analysing inflation processes in Germany. The results obtained suggest that inflation in Germany is determined ...

    2003| Tatiana Fic
  • Diskussionspapiere 348 / 2003

    The Argentinean Currency Crisis: A Markov-Switching Model Estimation

    Despite the fact that Argentina has been suffering from a recession for years, the timing and severity of the recent currency crisis surprised most observers. This paper analyzes the role of fundamentals and self-fulfilling speculation in the Argentinean crisis. Arguing within a theoretical model of a fixed exchange rate system that allows for multiple equilibria, we show that the crisis, while being ...

    2003| Patricia Alvarez-Plata, Mechthild Schrooten
  • Diskussionspapiere 351 / 2003

    Time-varying Nairu and Real Interest Rates in the Euro Area

    This paper analyses the Nairu in the Euro Area and the influence that monetary policy had on its development. Using the Kalman-filter technique we find that the Nairu has varied considerably since the early seventies. The Kalman-filter technique is applied here for the first time using explicit exogenous variables. In particular real interest rates were found to explain a quarter of the increase in ...

    2003| Camille Logeay, Silke Tober
543 results, from 491
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