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House Prices, Money, Credit and the Macroeconomy.

Goodhart, Charles; Hofmann, Boris - 2008

This paper assesses the linkages between money, credit, house prices and economic activity in industrialised countries over the last three decades. The analysis is based on a fixed-effects panel VAR estimated using quarterly data for 17 industrialized countries spanning the period 1970-2006. The...

Persistent link: https://www.econbiz.de/10011604934

House Prices, Money, Credit and the Macroeconomy

Goodhart, Charles A. E.; Hofmann, Boris - 2021

Persistent link: https://www.econbiz.de/10013316547

Inattention to rare events

Maćkowiak, Bartosz; Wiederholt, Mirko - 2015

The world recently experienced several rare events with disastrous consequences: the global financial crisis, the European sovereign debt crisis, and the Fukushima nuclear accident. These events have in common that key decision-makers were unprepared for them, which aggravated these events. We...

Persistent link: https://www.econbiz.de/10011605886

Macroeconomic implications of time-varying risk premia

Gourio, François - 2012

A large empirical literature suggests that risk premia on stocks or corporate bonds are large and countercyclical. This paper studies a simple real business cycle model with a small, exogenously time-varying risk of disaster, and shows that it can replicate several important facts documented in...

Persistent link: https://www.econbiz.de/10011605508

A small estimated euro area model with rational expectations and nominal rigidities

Coenen, Günter; Wieland, Volker - 2000

In this paper we estimate a small model of the euro area to be used as a laboratory for evaluating the performance of alternative monetary policy strategies. We focus on the relationship between output and inflation and investigate the fit of the nominal wage contracting model due to Taylor...

Persistent link: https://www.econbiz.de/10011604076

Zero lower bound: is it a problem in the euro area?

Coenen, Günter - 2003

Persistent link: https://www.econbiz.de/10011604315

Exchange-rate policy and the zero bound on nominal interest rates

Coenen, Günter; Wieland, Volker - 2004

In this paper, we study the effectiveness of monetary policy in a severe recession and de?ation when nominal interest rates are bounded at zero. We compare two alternative proposals for ameliorating the effect of the zero bound: an exchange-rate peg and price-level targeting. We conduct this...

Persistent link: https://www.econbiz.de/10011604396

Optimal monetary policy, asset purchases, and credit market frictions

Schabert, Andreas - 2014

This paper examines how credit market frictions affect optimal monetary policy and if there is a role for central bank asset purchases. We develop a sticky price model where money serves as the means of payment and ex-ante identical agents borrow/lend among each other. The credit market is...

Persistent link: https://www.econbiz.de/10011605783

Productivity and job flows: heterogeneity of new hires and continuing jobs in the business cycle

Kilponen, Juha; Vanhala, Juuso - 2009

This paper focuses on tenure driven productivity dynamics of a firm-worker match as a potential explanation of "unemployment volatility puzzle". We let new matches and continuing jobs differ by their productivity levels and by their sensitivity to aggregate productivity shocks. As a result, new...

Persistent link: https://www.econbiz.de/10011605126

The impact of disasters on inflation

Parker, Miles - 2016

This paper studies how disasters aff ect consumer price inflation, one of the main remaining gaps in our understanding … of the impact of disasters. There is a marked heterogeneity in the impact between advanced economies, where the impact is … type of disasters, particularly when considering inflation sub-indices. Storms in- crease food price inflation in the near …

Persistent link: https://www.econbiz.de/10011606027