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Gazzani, Andrea Giovanni - 2016

prices related (news) and not related (noise) to future fundamentals. I provide empirical evidence of the sizable … macroeconomic effects of news and noise shocks. Following Forni et al. (2014, 2016), I identify news and noise shocks through a non … frequencies, but in the short-medium horizon noise shocks explain a large share of the variability in housing prices, residential …

Persistent link: https://www.econbiz.de/10012986653

The information content of M3 for future inflation

Trecroci, Carmine; Vega, Juan Luis - 2000

The information content of broad money M3 for future GDP inflation in the euro area is investigated from a number of perspectives. Firstly, tests that money does not Granger-cause prices are conducted within a cointegrated VAR system comprising real M3 holdings, real GDP, inflation and short-...

Persistent link: https://www.econbiz.de/10011604079

Characterising the financial cycle: a multivariate and time-varying approach

Hiebert, Paul; Schüler, Yves S.; Peltonen, Tuomas A. - 2015

We introduce a methodology to characterise financial cycles combining a novel multivariate spectral approach to identifying common cycle frequencies across a set of indicators, and a time varying aggregation emphasising systemic developments. The methodology is applied to 13 European Union...

Persistent link: https://www.econbiz.de/10011605891

Characterising the Financial Cycle : A Multivariate and Time-Varying Approach

Schüler, Yves Stephan - 2015

Persistent link: https://www.econbiz.de/10013014965

The quantity theory of money, 1870-2020

Jung, Alexander - 2024

This study re-assesses the validity of the quantity theory of money (QTM) for the very long sample, 1870 to 2020, for 18 industrial countries using the dataset from Jordà et al. (2017). It considers structural changes in the economic and financial sectors and changes in monetary policy...

Persistent link: https://www.econbiz.de/10014565196

Bond market inflation expectations and longer-term trends in broad monetary growth and inflation in industrial countries, 1880-2001

Dewald, William G. - 2003

Persistent link: https://www.econbiz.de/10011604299

The real effects of money growth in dynamic general equilibrium

Graham, Liam; Snower, Dennis J. - 2004

We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off,...

Persistent link: https://www.econbiz.de/10011604458

The ECB’s non-standard monetary policy measures: the role of institutional factors and financial structure

Cour-Thimann, Philippine; Winkler, Bernhard - 2013

This paper aims to make two contributions: to review the ECB’s non-standard monetary policy measures in response to the financial and sovereign debt crisis against the background of the institutional framework and financial structure of the euro area; and to interpret this response from a...

Persistent link: https://www.econbiz.de/10011605573

Credit and the natural rate of interest.

De Fiore, Fiorella; Tristani, Oreste - 2008

We analyze the properties of the natural rate of interest in an economy where nominal debt contracts generate a spread between loan rates and the policy interest rate. In our model, monetary policy has real effects in the flexible-price equilibrium, because it affects the credit spread. Relying...

Persistent link: https://www.econbiz.de/10011604935

The ECB’s Non-Standard Monetary Policy Measures : The Role of Institutional Factors and Financial Structure

Cour-Thimann, Philippine - 2013

This paper aims to make two contributions: to review the ECB's non-standard monetary policy measures in response to the financial and sovereign debt crisis against the background of the institutional framework and financial structure of the euro area; and to interpret this response from a...

Persistent link: https://www.econbiz.de/10013084548