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Monetary Transmission Mechanism in Transition Economies: Surveying the Surveyable
Egert, Balazs; MacDonald, Ronald - CESifo - 2006
This paper surveys recent advances in the monetary transmission mechanism (MTM). In particular, while laying out the functioning of the separate channels in the MTM, special attention is paid to exploring possible interrelations between different channels through which they may amplify or...
Persistent link: https://www.econbiz.de/10005094342
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The Warsaw Stock Exchange Index WIG: Modelling and Forecasting
Wdowinski, Piotr; Zglinska-Pietrzak, Aneta - CESifo - 2005
In this paper we have assessed an influence of the NYSE Stock Exchange indexes (DJIA and NASDAQ) and European Stock indexes (DAX and FTSE) on the Warsaw Stock Exchange index WIG within a framework of a GARCH model. By applying a procedure of checking predictive quality of econometric models as...
Persistent link: https://www.econbiz.de/10005406048
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Bank Loan Supply and Monetary Policy Transmission in Germany: An Assessment Based on Matching Impulse Responses
Hülsewig, Oliver; Mayer, Eric; Wollmershäuser, Timo - CESifo - 2005
. Applying a vector error correction model (VECM), we estimate the response of bank loans after a monetary policy shock taking … loans by matching the theoretical impulse responses with the empirical impulse responses to a monetary policy shock …
Persistent link: https://www.econbiz.de/10005766270
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The Tragedy of the Commons and Inflation Bias in the Euro Area
Dinger, Valeriya; Steinkamp, Sven; Westermann, Frank - CESifo - 2012
Central bank credit has expanded dramatically in some of the euro area member countries since the beginning of the financial crisis. This paper makes two contributions to understand this stylized fact. First, we discuss a simple model of monetary policy that includes (i) a credit channel and...
Persistent link: https://www.econbiz.de/10010877778
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The Role of the IFO Business Climate Indicator and Asset Prices in German Monetary Policy
Sterken, Elmer - CESifo - 2004
We analyze the role of forward-looking indicators, like the IFO business climate indicator and asset prices, in German monetary transmission. We show that the use of both the IFO indicator and asset prices improves the performance and interpretation of a Vector AutoRegression (VAR) model of...
Persistent link: https://www.econbiz.de/10005181242
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Convergence of Monetary Transmission in EMU New Evidence
Toolsema, Linda A.; Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2001
This paper examines how the pass-through of monetary policy measures in 6 EMU countries has evolved over time and whether there is convergence in monetary transmission. The countries included are: Belgium, France, Germany, Italy, the Netherlands and Spain, and the sample period is 1980-2000. We...
Persistent link: https://www.econbiz.de/10005181532
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Asymmetric Monetary Transmission in EMU: The Robustness of VAR Conclusions and Cecchetti’s Legal Family Theory
Elbourne, Adam; Haan, Jakob de - CESifo - 2004
We review studies on monetary transmission in the EU countries using the VAR approach and analyse why they often lead to divergent outcomes. Firstly, we estimate 43 VAR models across ten EU countries and compare the robustness of the ranking of the magnitudes of the price and output responses....
Persistent link: https://www.econbiz.de/10005406120
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Pharmaceutical Innovation, Longevity, and Medical Expenditure in Greece, 1995-2010
Lichtenberg, Frank - CESifo - 2015
death), hospital utilization, and medical expenditure in Greece during the period 1995-2010. The estimates indicate that … the number of hospital days. Real per capita pharmaceutical expenditure increased rapidly during this period, but 62% of … the increase in pharmaceutical expenditure was offset by a reduction in hospital expenditure attributable to …
Persistent link: https://www.econbiz.de/10011122677
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Fundamentals, Misvaluation, and Investment: The Real Story
Chirinko, Robert S.; Schaller, Huntley - CESifo - 2007
Is real investment fully determined by fundamentals or is it sometimes affected by stock market misvaluation? We introduce three new tests that: measure the reaction of investment to sales shocks for firms that may be overvalued; use Fama-MacBeth regressions to determine whether "overinvestment"...
Persistent link: https://www.econbiz.de/10005766115
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Testing for Convergence in Stock Markets: A Non-Linear Factor Approach
Caporale, Guglielmo Maria; Erdogan, Burcu; Kuzin, Vladimir - CESifo - 2009
This paper applies the Phillips and Sul (2007) method to test for convergence in stock returns to an extensive dataset including monthly stock price indices for five EU countries (Germany, France, the Netherlands, Ireland and the UK) as well as the US over the period 1973-2008. We carry out the...
Persistent link: https://www.econbiz.de/10008572486