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Topic Monetary Policy

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282 results, from 241
  • Externe referierte Aufsätze

    Understanding the Great Recession

    We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to financial frictions. We reach this conclusion by looking through the lens of an estimated New Keynesian model in which firms face moderate degrees of price rigidities, no nominal rigidities in wages, and a binding zero lower bound constraint on the nominal interest rate. Our model does ...

    In: American Economic Journal: Macroeconomics 7 (2015), 1, S. 110-167 | Lawrence J. Christiano, Martin S. Eichenbaum, Mathias Trabandt
  • Externe Monographien

    Floating with a Load of FX Debt?

    Countries with de jure floating exchange rate regimes are often reluctant to allow their currencies to float freely in practice. One reason why countries may wish to limit exchange rate volatility is potential negative balance sheet effects due to currency mismatches on the balance sheets of firms and households. In this paper, we show in a sample of 15 emerging market economies that countries with ...

    Washington D.C.: IMF, 2015, 35 S.
    (IMF Working Paper ; 15/284)
    | Tatsiana Kliatskova, Uffe Mikkelsen
  • DIW Berlin - Politikberatung kompakt 106 / 2015

    Is Globalization Reducing the Ability of Central Banks to Control Inflation? In-Depth Analysis

    2015| Christian Dreger, Malte Rieth, David Pothier
  • DIW Economic Bulletin 44 / 2015

    The Ruble between the Hammer and the Anvil: The Impact of Oil Prices and Economic Sanctions

    The Russian economy is tightly woven into the global economy, and is therefore highly dependent on the development of exchange rates. Since 2014, the ruble has fallen by more than 50 percent against the US dollar. The de¬valuation goes hand in hand with the Western sanctions that were imposed due to the political tensions between Russia and Ukraine. At the same time, the decline in oil prices may also ...

    2015| Christian Dreger, Konstantin Kholodilin
  • DIW Economic Bulletin 44 / 2015

    The Price of Oil Is Having a Stronger Impact on the Ruble's Exchange Rate Than Are the Sanctions: Seven Questions to Konstantin Kholodilin

  • DIW Roundup 75 / 2015

    Monetary Policy and the Risk-Taking Channel

    Before the 2007 crisis, the trade-off between output and inflation played a leading role in the discussion of monetary policy. Instead, issues relating to financial stability played a less pronounced role in shaping the stance of monetary policy andwere limited to asset price dynamics. This Round-Up argues that the great interest that emerged after the 2007 crisis in the effects of monetary policy ...

    2015| Michele Piffer
  • Diskussionspapiere 1496 / 2015

    The Real-Time Predictive Content of Asset Price Bubbles for Macro Forecasts

    This paper contributes to the debate of whether central banks can "lean against the wind" of emerging stock or house price bubbles. Against this background, the paper evaluates if new advances in real-time bubble detection, as brought forward by Phillips et al. (2011), can timely detect bubble emergences and collapses. Building on simulations, the paper shows that the detection capabilities of all ...

    2015| Benjamin Beckers
  • Diskussionspapiere 1479 / 2015

    Euro Area Government Bonds: Integration and Fragmentation during the Sovereign Debt Crisis

    The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in spillovers) and flight-to-quality patterns, exploiting the heteroskedasticity of intraday changes in bond yields for identification. The paper finds that euro ...

    2015| Michael Ehrmann, Marcel Fratzscher
  • DIW Economic Bulletin 13 / 2015

    Unchartered Territory: Large-Scale Asset Purchases by the European Central Bank

    The European Central Bank (ECB) decided at its Council meeting in January to implement a comprehensive program to purchase bonds, including euro area government bonds. The purchases are intended to anchor the rate of inflation and inflation expectations at below but close to two percent again. Given the lack of experience with this unconventional monetary policy instrument, the ECB is venturing into ...

    2015| Kerstin Bernoth, Philipp König, Carolin Raab, Marcel Fratzscher
  • DIW Economic Bulletin 13 / 2015

    ECB Bond Purchases: No Panacea for Deflation: Seven Questions to Kerstin Bernoth and Philipp König

282 results, from 241