Narrow search
Showing 1 - 10 of 2,247
Cover Image
Welfare Losses of Road Congestion
Russo, Antonio - 2019
We estimate the marginal external congestion cost of motor-vehicle travel for Rome, Italy, using a methodology that accounts for hypercongestion (a situation where congestion decreases a road’s throughput). We show that the external cost – even when roads are not hypercongested...
Persistent link: https://www.econbiz.de/10012867018
Cover Image
Japan's Low Inflation Conundrum
Mayer, Thomas; Schnabl, Gunther - 2022
The paper analyses the reasons for Japan’s persistently low inflation since the bursting of the Japanese bubble economy … (low inflation conundrum). It is shown that Japan experienced a structural break from a high-growth period with relatively … high inflation to a low-growth period with exceptionally low inflation since the early 1990s. We show based on a stylized …
Persistent link: https://www.econbiz.de/10014081262
Cover Image
Monetary Policy Interactions : The Policy Rate, Asset Purchases, and Optimal Policy with an Interest Rate Peg
Gödl-Hanisch, Isabel; Mau, Ronald; Rawls, Jonathan - 2023
a fixed policy rate. This policy induces similar welfare losses relative to dual-instrument policy as inflation …
Persistent link: https://www.econbiz.de/10014357043
Cover Image
Emission Targets and Coalition Options for a Small, Ambitious Country : An Analysis of Welfare Costs and Distributional Impacts for Norway
Yonezawa, Hidemichi; Faehn, Taran - 2021
We theoretically and numerically analyse the impacts for a small, open country with carbon abatement ambitions of joining a coalition with allowance trading. Besides welfare impacts for both the coalition and the small, open economy joining the coalition, we scrutinise how the studied policy...
Persistent link: https://www.econbiz.de/10013246915
Cover Image
The Neoclassical Model and the Welfare Costs of Selection
Collard, Fabrice; Licandro, Omar - 2021
This paper embeds firm dynamics into the Neoclassical model and provides a simple framework to solve for the transitional dynamics of economies moving towards more selection. As in the Neoclassical model, markets are perfectly competitive, there is only one good and two production factors...
Persistent link: https://www.econbiz.de/10013215673
Cover Image
The Demand for Fact-Checking
Chopra, Felix; Haaland, Ingar; Roth, Christopher - 2021
Using a large-scale online experiment with more than 8,000 U.S. respondents, we examine how the demand for a politics newsletter changes when the newsletter content is fact-checked. We first document an overall muted demand for fact-checking when the newsletter features stories from an...
Persistent link: https://www.econbiz.de/10013228860
Cover Image
Exchange Rate and Inflation Under Weak Monetary Policy : Turkey Verifies Theory
Gürkaynak, Refet S.; Kısacıkoğlu, Burçin; Lee, … - 2022
experiment of the past decade, stemming from a belief of the government that higher interest rates cause higher inflation … eventually a negative coefficient on inflation in the policy rule. In such an environment, was the exchange rate still a random … walk? Was inflation anchored? Does the “standard model” suffice to explain the broad contours of macroeconomic outcomes in …
Persistent link: https://www.econbiz.de/10014083478
Cover Image
The Central Bank Governor and Interest Rate Setting by Committee
Ommeren, Emile van - 2019
This paper examines the role of central bank governors in monetary policy decisions taken by a committee. To carry out this analysis, we constructed a novel dataset of committee voting behaviour for six OECD countries for up to three decades. Using a range of Taylor-rule specifications, we show...
Persistent link: https://www.econbiz.de/10012861451
Cover Image
Mixing QE and Interest Rate Policies at the Effective Lower Bound : Micro Evidence from the Euro Area
Bittner, Christian; Rodnyansky, Alexander; Saidi, Farzad; … - 2021
In the presence of negative monetary-policy rates and a zero lower bound on deposit rates, banks that are more exposed to central banks’ asset-purchase programs reduce their lending to the real economy by more than their counterparts. When banks face a lower bound on customer deposit rates, an...
Persistent link: https://www.econbiz.de/10013323089
Cover Image
Causal Effects of Countercyclical Interest Rates : Evidence from the Classical Gold Standard
Mitchener, Kris James; Pina, Gonçalo - 2022
We estimate the causal impact of countercyclical interest rates on macroeconomic outcomes in open economies. To identify countercyclical interest rates, we construct a new database of short-term interest rates, principal exports, and international commodity prices for 40 economies from 1870 to...
Persistent link: https://www.econbiz.de/10013291318