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An alternative explanation of the prize puzzle

Giordani, Paolo (contributor) - 2001 - [Elektronische Ressource], Rev. November 19, 2001

policy analysis. It suggests that the best method of solving the puzzle implies a close connection between theory and …

Persistent link: https://www.econbiz.de/10001600038

Reconsidering the role of money for output, prices and interest rates

Favara, Giovanni (contributor); Giordani, Paolo (contributor) - 2002 - [Elektronische Ressource], First draft: September 2001, This version: November 2002

New Keynesian models of monetary policy assign no role to monetary aggregates, in the sense that the level of output, prices, and interest rates can be determined without knowledge of the quantity of money. We evaluate the empirical validity of this prediction by studying the effects of shocks...

Persistent link: https://www.econbiz.de/10001714614

Stronger evidence of long-run neutrality : a comment on Bernanke and Mihov

Giordani, Paolo (contributor) - 2001 - [Elektronische Ressource], Rev. May 11, 2001

Few propositions in macroeconomics are less controversial than long-run money neutrality, yet clear and robust empirical support has not been found in time series studies. Bernanke and Mihov (1998) are comparatively successful in this hunt, but their output response to monetary policy shocks...

Persistent link: https://www.econbiz.de/10001600067

Solution of macromodels with Hansen-Sargent robust policies : summary and some extensions

Giordani, Paolo (contributor); Söderlind, Paul (contributor) - 2002 - [Elektronische Ressource], Rev. May 15, 2003

expectations on the variances of inflation and output, and on whether central banks should make their forecasts public …

Persistent link: https://www.econbiz.de/10001664234

A Cointegration Analysis of a Money Demand System in Europe

Gottschalk, Jan - Institut für Weltwirtschaft (IfW) - 1999

, real GDP, the inflation rate, a long-term and a short-term interest rate. Two stable cointegration vectors can be … identified: a money demand function and a long-run Fisher equation. Inflation does not play a role in the specification of the …

Persistent link: https://www.econbiz.de/10005755132

Measuring Expected Inflation and the Ex-Ante Real Interest Rate in the Euro Area Using Structural Vector Autoregressions

Gottschalk, Jan - Institut für Weltwirtschaft (IfW) - 2001

-term interest rate into an expected inflation and an ex-ante real interest rate component. The latter may be a useful indicator of … rate series and the stationary component of the real interest rate is estimated and shocks to expected inflation and the ex …-ante real rate are identified using the long-run restriction that only shocks to expected inflation have long-run effects on the …

Persistent link: https://www.econbiz.de/10005076103

Monetary Conditions in the Euro Area: Useful Indicators of Aggregate Demand Conditions?

Gottschalk, Jan - Institut für Weltwirtschaft (IfW) - 2001

This paper reviews the usefulness of monetary conditions in the euro area as leading indicators for aggregate demand conditions. Monetary conditions are measured with the MCI concept proposed by the Bank of Canada, and with the yield spread. A central result is that causality runs in both ways...

Persistent link: https://www.econbiz.de/10005700527

Implementing Inflation Targeting Regimes ; The Case of Poland

Gottschalk, Jan; Moore, David - Institut für Weltwirtschaft (IfW) - 1999

This paper assesses the prospects for the new Polish monetary policy strategy of inflation targeting. Regarding the … general requirements for implementing an inflation targeting strategy it appears that Poland has made sufficient progress in … role as a policy instrument, with the linkages between the short-term interest rate and inflation remaining unclear. Given …

Persistent link: https://www.econbiz.de/10005818837

Measuring the Effects of Monetary Policy in the Euro Area: The Role of Anticipated Policy

Gottschalk, Jan; Höppner, Florian - Institut für Weltwirtschaft (IfW) - 2001

This paper investigates within a SVAR framework the effects of anticipated monetary policy in the euro area. Building on a procedure recently proposed by Cochrane which yields the response of output to an anticipated monetary policy impulse, we show that in the past twenty years anticipated...

Persistent link: https://www.econbiz.de/10005818900

Essays in monetary economics and applied econometrics

Giordani, Paolo - 2001

Persistent link: https://www.econbiz.de/10001613659