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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
Economic Bulletin 12 / 1996

Change of Course Required on the Road to Maastricht

1996| Gustav Adolf Horn, Rudolf Zwiener
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
Monographien

Targeting Relative Inflation Forecast as Monetary Policy Framework for Adopting the Euro

Ann Arbor, Mich.: William Davidson Inst., 2005, 26 S.
(William Davidson Institute Working Paper ; 754)
| Lucjan T. Orlowski
Monographien

European Inflation Expectations Dynamics

Frankfurt (Main): Deutsche Bundesbank, 2005, 46 S.
(Discussion Paper Series 1 : Economic Studies ; 37/2005)
| Jörg Döpke, Jonas Dovern, Ulrich Fritsche, Jiri Slacalek
Externe referierte Aufsätze

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
Externe referierte Aufsätze

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

The decline in output volatility in Germany is analysed. A lower level of variance in an autoregressive model of output growth can be either due to a change in the structure of the economy (a change in the propagation mechanism) or a reduced error term variance (reduced impulses). In Germany the decline output volatility is due to a decline in the persistence of the growth process. This is in contrast ...

In: Applied Economics 37 (2005), 21, S. 2445-2457 | Ulrich Fritsche, Vladimir Kuzin
Diskussionspapiere 615 / 2006

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, in Italy about once each six months.

2006| Jörg Döpke, Jonas Dovern, Ulrich Fritsche, Jiri Slacalek
Externe referierte Aufsätze

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
Externe referierte Aufsätze

Liquidity and Asset Prices: How Strong Are the Linkages?

The appropriate design of monetary policy in integrated financial markets is one of the most challenging areas for central banks. One hot topic is whether the increase in liquidity has contributed to the formation of price bubbles in asset markets in the years preceding the financial crisis. If linkages are strong, the inclusion of asset prices in the monetary policy rule may limit speculative runs ...

In: Review of Economics & Finance (2011), 1, S. 43-52 | Christian Dreger, Jürgen Wolters
382 results, from 361