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The energy-price channel of (European) monetary policy

Ider, Gökhan; Kriwoluzky, Alexander; Kurcz, Frederik; … - 2023

This study examines whether central banks can combat inflation that is caused by rising energy prices. By using a high-frequency event study and a Structural Vector Autoregression, we find evidence that the European Central Bank (ECB) and the Federal Reserve (Fed) are capable of doing so by...

Persistent link: https://www.econbiz.de/10014230113

Exchange rates and the information channel of monetary policy

Holtemöller, Oliver; Kriwoluzky, Alexander; Kwak, Boreum - 2020

We disentangle the effects of monetary policy announcements on real economic variables into an interest rate shock … component and a central bank information shock component. We identify both components using changes in interest rate futures and … that a contractionary interest rate shock appreciates the dollar, increases the excess bond premium, and leads to a decline …

Persistent link: https://www.econbiz.de/10012301353

Income business cycles

Dany-Knedlik, Geraldine; Kriwoluzky, Alexander; Pasch, … - 2021

Using a wide variety of business cycle dating and filtering techniques, this paper documents the cyclical behavior of the post-tax income distribution in the US. First, all incomes are cyclical and co-move with the business cycle. Second, lower and higher income individuals experience...

Persistent link: https://www.econbiz.de/10012607409

Hicks in HANK : fiscal responses to an energy shock

Bayer, Christian; Kriwoluzky, Alexander; Müller, Gernot J. - 2023

The distributional and disruptive effects of energy supply shocks are potentially large. We study the effectiveness of alternative fiscal responses in a two-country HANK model that we calibrate to the euro area. Energy subsidies can stabilize the domestic economy, but are fiscally costly and...

Persistent link: https://www.econbiz.de/10014391466

The effects of natural disasters on price stability in the euro area

Beirne, John; Dafermos, Yannis; Kriwoluzky, Alexander; … - 2021

This paper investigates the impact of natural disasters on price stability in the euro area. We estimate panel and country-specific structural vector autoregression (VAR) models by combining estimated damages of disaster events with monthly data for the Harmonised Index of Consumer Prices (HICP)...

Persistent link: https://www.econbiz.de/10012671834

A HANK2 model of monetary unions

Bayer, Christian; Kriwoluzky, Alexander; Müller, Gernot J. - 2023

shock horizontally - across countries - within the brackets of the union-wide wealth distribution rather than vertically …

Persistent link: https://www.econbiz.de/10014305671

Active, or passive? : revisiting the role of fiscal policy in the great inflation

Ettmeier, Stephanie; Kriwoluzky, Alexander - 2020

We reexamine whether pre-Volcker U.S. ﬁscal policy was active or passive. To do so, we estimate a DSGE model with monetary and ﬁscal policy interactions employing a sequential Monte Carlo algorithm (SMC) for posterior evaluation. Unlike existing studies, we do not have to treat each policy...

Persistent link: https://www.econbiz.de/10012223616