Showing 1 - 10 of 959
In this paper, we provide empirical evidence for the Spanish economy, over the period 1977-97, on whether monetary policy shocks have had different effects on real output growth depending on the state of the business cycle. To do so, we adopt an extension of Hamilton's (1989) Markov Switching...
Persistent link: https://www.econbiz.de/10005662280
It is sometimes argued that central banks influence the private economy in the short run through controlling a specific component of high powered money, not its total amount. Using a structural VAR approach, this paper evaluates this claim empirically, in the context of the Japanese economy. It...
Persistent link: https://www.econbiz.de/10005789026
“forward discount” puzzle disappears. (ii) After a contractionary shock prices fall at all horizons, so that the price puzzle …
Persistent link: https://www.econbiz.de/10005662372
find that (i) the US economy is well described by a number of structural shocks between two and six. Focusing on the four-shock …
Persistent link: https://www.econbiz.de/10008468698
accession countries: the Czech Republic, Hungary, Poland and Slovenia. Estimation of pass-through effect of exchange rate …
Persistent link: https://www.econbiz.de/10005666874
Despite convergence pressures, differences in housing and financial market institutions across the 15 member states of the European Union are still enormous. This paper argues that they have profound effects on the responsiveness of output and inflation in the different countries to changes in...
Persistent link: https://www.econbiz.de/10005504528
In this Paper we study the role of the exchange rate in conducting monetary policy in an economy with near-zero nominal interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United States and the euro area with rational expectations...
Persistent link: https://www.econbiz.de/10005788995
We propose a method for estimating a subset of the parameters of a structural rational expectations model by exploiting changes in policy. We define a class of models, midway between a vector autoregression and a structural model, that we call the recoverable structure. We provide an application...
Persistent link: https://www.econbiz.de/10005124223
This paper uses a data-set including time series data on macroeconomic variables, loans, deposits and interest rates for the euro area in order to study the features of financial intermediation over the business cycle. We find that stylized facts for aggregate monetary and real variables are...
Persistent link: https://www.econbiz.de/10011083763
This paper introduces a new indicator of core inflation for New Zealand, estimated using a dynamic factor model and disaggregate consumer price data. Using disaggregate consumer price data we can directly compare the predictive performance of our core indicator with a wide range of other ‘core...
Persistent link: https://www.econbiz.de/10005656226