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Topic Monetary Policy

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290 results, from 1
  • Refereed essays Web of Science

    Global Risk and the Dollar

    The dollar is a safe-haven currency and appreciates when global risk goes up. We investigate the dollar’s role for the transmission of global risk to the world economy within a Bayesian proxy structural vector autoregressive model. We identify global risk shocks using high-frequency asset-price surprises around narratively selected events. Global risk shocks appreciate the dollar, induce tighter global ...

    In: Journal of Monetary Economics (2024), im Ersch. [online first: 2024-01-11] | Georgios Georgiadis, Gernot J. Müller, Ben Schumann
  • Refereed essays Web of Science

    Where Do They Care? The ECB in the Media and Inflation Expectations

    This paper examines how news coverage of the European Central Bank (ECB) affects consumer inflation expectations in the four largest euro area countries. Utilizing a unique dataset of multilingual European news articles, we measure the impact of ECB-related inflation news on inflation expectations. Our results indicate that German and Italian consumers are more attentive to this news, whereas in Spain ...

    In: Applied Economics Letters (2024), im Ersch. [Online first: 2023-12-13] | Vegard Høghaug Larsen, Nicolò Maffei-Faccioli, Laura Pagenhardt
  • Refereed essays Web of Science

    Monetary Policy and Mispricing in Stock Markets

    We investigate the role of monetary policy in stock price misalignments and explore whether central banks can attenuate excessive mispricing as suggested by the proponents of a “leaning against the wind” monetary policy. Decomposing stock prices into expected excess dividends, an equity risk premium, and a mispricing component, we find that prices fall more strongly in response to an increase in the ...

    In: Journal of Money, Credit and Banking (2024) im Ersch. [Online first: 2023-09-25] | Kerstin Bernoth, Benjamin Beckers
  • Event

    Managing Public Debt and Economic Challenges

    Join us for an insightful presentation on the global impact of COVID-19 on public debt and the challenges it poses for policymakers. This lecture explore the effectiveness of different approaches to reducing debt-to-GDP ratios, considering econometric analyses and historical experiences. Followed by a discussion. Key findings include: Fiscal consolidations: Timely and well-designed fiscal...

    14.06.2023| Asonuma Tamon, Josefin Meyer
  • Workshop

    “Next steps for HANK” Workshop

    22.05.2023| Florin Bilbiie, Maximilian Weiß, Federica Romei, Xavier Ragot, Leanne Nam, Alisdair McKay, Hannah Magdalena Seidl, Fabian Seyrich
  • Infographic

    Energy prices fall when key interest rates increase

    27.02.2023
  • Infographic

    US companies with difficulties fulfilling the local content requirements

    10.02.2023
  • Diskussionspapiere 2057 / 2023

    Global Risk and the Dollar

    The dollar is a safe-haven currency and appreciates when global risk goes up. We investigate the dollar’s role for the transmission of global risk to the world economy within a Bayesian proxy structural vectorautoregressive model. We identify global risk shocks using high-frequency asset-price surprises around narratively selected events. Global risk shocks appreciate the dollar, induce tighter global ...

    2023| Georgios Georgiadis, Gernot J. Müller, Ben Schumann
  • Diskussionspapiere 2058 / 2023

    Dollar Trinity and the Global Financial Cycle

    We develop a two-country business-cycle model of the US and the rest of the world with dollar dominance in trade invoicing, in cross-border credit, and in safe assets. The interplay between these elements—dollar trinity—rationalizes salient features of the Global Financial Cycle in the data: When its tide subsides, the dollar appreciates, financial conditions tighten, the world business cycle slows ...

    2023| Georgios Georgiadis, Gernot J. Müller, Ben Schumann
  • Diskussionspapiere 2056 / 2023

    Hicks in HANK: Fiscal Responses to an Energy Shock

    The distributional and disruptive effects of energy supply shocks are potentially large. We study the effectiveness of alternative fiscal responses in a two-country HANK model that we calibrate to the euro area. Energy subsidies can stabilize the domestic economy, but are fiscally costly and generate adverse spillovers to the rest of the monetary union: What the subsidizing country gains, the other ...

    2023| Christian Bayer, Alexander Kriwoluzky, Gernot J. Müller, Fabian Seyrich
290 results, from 1
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