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506 results, from 1
  • Statement

    The ECB must be an anchor of stability in the euro area now more than ever

    Marcel Fratzscher, President of the German Institute for Economic Research (DIW Berlin), comments on the results of today’s meeting of the European Central Bank (ECB):

    21.07.2022| Marcel Fratzscher
  • Sonstige Publikationen des DIW / Monographien

    Analysis of Contemporary Budget Federalism Models Based on Economic and Social Effectiveness of Inter-Budgetary Relations: Theory, Experiences in OECD Countries, and Analysis for Russia

    [2005]| Ulrich Thießen
  • Externe referierte Aufsätze

    Monetary Policy, External Instruments, and Heteroskedasticity

    We develop a structural vector autoregressive framework that combines external instruments and heteroskedasticity for identification of monetary policy shocks. We show that exploiting both types of information sharpens structural inference, allows testing the relevance and exogeneity condition for instruments separately using likelihood ratio tests, and facilitates the economic interpretation of the ...

    In: Quantitative Economics 14 (2023), 1, S. 161-200 | Thore Schlaak, Malte Rieth, Maximilian Podstawski
  • Externe referierte Aufsätze

    What Goes around Comes around: How Large Are Spillbacks from US Monetary Policy?

    Spillovers from US monetary policy entail spillbacks to the domestic economy. Applying counterfactual analyses in a Bayesian proxy structural vector-autoregressive model we find that spillbacks account for a non-trivial share of the slowdown in domestic real activity following a contractionary US monetary policy shock. Spillbacks materialise as a monetary policy tightening depresses foreign sales and ...

    In: Journal of Monetary Economics 131 (2022), S. 45–60 | Max Breitenlechner, Georgios Georgiadis, Ben Schumann
  • Externe referierte Aufsätze

    Dominant-Currency Pricing and the Global Output Spillovers from US Dollar Appreciation

    We test for the empirical relevance of partial and asymmetric dominant-currency pricing (DCP), the hypothesis that large but not necessarily identical shares of economies’ export and import prices are sticky in US dollar. We first set up a structural three-country New Keynesian dynamic stochastic general equilibrium model which nests DCP, producer-currency pricing and local-currency pricing. Under ...

    In: Journal of International Economics 133 (2021), 103537 | Georgios Georgiadis, Ben Schumann
  • Schumpeter BSE Macro Seminar

    The transmission of financial shocks and leverage of financial institutions: An endogenous regime switching framework"

    05.07.2022| Kirsten Hubrich, Federal Reserve Board
  • Schumpeter BSE Macro Seminar

    "Macroprudential Policy and Financial Crises"

    19.07.2022| Johanna Krenz, Universität Hamburg
  • Diskussionspapiere 1993 / 2022

    Sovereign Bonds since Waterloo

    This paper studies external sovereign bonds as an asset class. It compiles a new database of 266,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering up to 91 countries. The main insight is that, as in equity markets, the returns on external sovereign bonds have been sufficiently high to compensate for risk. Real ...

    2022| Josefin Meyer, Carmen M. Reinhart, Christoph Trebesch
  • Diskussionspapiere 1990 / 2022

    The Signalling Channel of Negative Interest Rates

    Negative interest rates remain a controversial policy for central banks. We study a novel signalling channel and ask under what conditions negative rates should exist in an optimal policymaker’s toolkit. We prove two necessary conditions for the optimality of negative rates: a time-consistent policy setting and a preference for policy smoothing. These conditions allow negative rates to signal policy ...

    2022| Oliver de Groot, Alexander Haas
  • Externe referierte Aufsätze

    The Multifaceted Impact of US Trade Policy on Financial Markets

    We study the multifaceted effects of trade policy shocks on financial markets using a structural vector autoregression identified via event day heteroskedasticity. We find that restrictive US trade policy shocks affect US and international stock prices heterogeneously, but generally negatively. They increase market uncertainty, lower US interest rates, and lead to an appreciation of the US dollar. ...

    In: Journal of Applied Econometrics im Ersch. (2023), [online first: 2023-01-05] | Lukas Boer, Lukas Menkhoff, Malte Rieth
506 results, from 1
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