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Topic Monetary Policy

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286 results, from 211
  • DIW Berlin - Politikberatung kompakt 120 / 2017

    Monetary Policy Implications of Financial Innovation: In-Depth Analysis

    2017| Kerstin Bernoth, Stefan Gebauer, Dorothea Schäfer
  • Refereed essays Web of Science

    Capital Taxation and Government Debt Policy with Public Discounting

    This paper characterizes capital taxation and public debt policy in a quantitative macroeconomic model with an impatient government and uncertainty. The government has access to linear taxes on capital and labor, and to non-state-contingent bonds. Government impatience generates positive and empirically realistic long-run levels of both capital taxes and public debt. Prior predictive analysis shows ...

    In: Journal of Economic Dynamics & Control 85 (2017), S. 1-20 | Malte Rieth
  • Diskussionspapiere 1697 / 2017

    Capital Taxation and Government Debt Policy with Public Discounting

    This paper characterizes capital taxation and public debt policy in a quantitative macroeconomic model with an impatient government and uncertainty. The government has access to linear taxes on capital and labor, and to non-state-contingent bonds. Government impatience generates positive and empirically realistic longrun levels of both capital taxes and public debt. Prior predictive analysis shows ...

    2017| Malte Rieth
  • Refereed essays Web of Science

    Spillovers of U.S. Unconventional Monetary Policy to Emerging Markets: The Role of Capital Flows

    We employ a structural global VAR model to analyze whether U.S. unconventional monetary policy shocks, identified through changes in the central bank’s balance sheet, have an impact on financial and economic conditions in emerging market economies (EMEs). Moreover, we study whether international capital flows are an important channel of shock transmission. We find that an expansionary policy shock ...

    In: Journal of International Money and Finance 73 (2017), Part B., S. 275-295 | Pablo Anaya, Michael Hachula, Christian J. Offermanns
  • Diskussionspapiere 1665 / 2017

    Reading between the Lines: Using Media to Improve German Inflation Forecasts

    In this paper, we examine the predictive ability of automatic and expert-rated media sentiment indicators for German inflation. We find that sentiment indicators are competitive in providing inflation forecasts against a large set of common macroeconomic and financial predictors. Sophisticated linguistic sentiment algorithms and business cycle news rated by experts perform best and are superior to ...

    2017| Benjamin Beckers, Konstantin A. Kholodilin, Dirk Ulbricht
  • Diskussionspapiere 1661 / 2017

    Long Term Growth Perspectives in Japan and the Euro Area

    Euro area countries and Japan are confronted with similar challenges. Potential output is on a falling trend in the euro area, and the decrease started well before the financial crisis. In Japan, low output growth is a striking feature since many years, despite the unconventional monetary policy stance and massive fiscal stimulus programs provided by the government. According to a growth accounting ...

    2017| Christian Dreger
  • Diskussionspapiere 1654 / 2017

    The Cost Channel Effect of Monetary Transmission: How Effective Is the ECB’s Low Interest Rate Policy for Increasing Inflation?

    We examine whether monetary transmission during the financial and sovereign debt crisis was dominated by the cost channel or by the demand-side channel effect. We use two approaches to track down the potential passthrough of changes in the monetary policy rate to those in consumer prices. First, we utilize panel data from the German manufacturing industry. Second, we conduct time series analyses for ...

    2017| Dorothea Schäfer, Andreas Stephan, Khanh Trung Hoang
  • DIW Roundup 108 / 2017

    The Natural Rate of Interest I: Theory

    The term natural (or neutral) real interest rate refers to the equilibrium value of the real interest rate. As this equilibrium is usually conceived as a situation where inflationary or deflationary pressures have abated, the natural real interest rate is a key concept for central banks seeking to stabilize the general price level or targeting the rate of inflation. The present roundup provides a brief ...

    2017| Philipp König, Dmitry Chervyakov
  • DIW Roundup 109 / 2017

    The Natural Rate of Interest II: Empirical Overview

    The concept of the natural rate of interest (NRI) dates back to Wicksell (1898) and has since then been highly debated in the economic literature. In practice, estimates of the NRI can be employed as a versatile tool for macroeconomic analysis and are a core element within the popular neo-Wicksellian (or New-Keynesian) framework. The real rate gap, i.e. the difference between the actual interest rate ...

    2017| Dmitry Chervyakov, Philipp König
  • Zeitungs- und Blogbeiträge

    Public Assets Down the Drain

    In: Handelsblatt Global Edition (11.01.2017), [Online-Artikel] | Marcel Fratzscher
286 results, from 211
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