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Monetary Policy Shocks in a Two-Sector Open Economy : An Empirical Study

Llaudes, Ricardo - 2007

This paper studies the effects and the transmission mechanism of unexpected monetary policy shocks in an open economy setting within the context of a VAR frame-work. It considers an economy with two sectors, a tradable sector and a non-tradable sector. For a given country, economic sectors are...

Persistent link: https://www.econbiz.de/10012776366

Global Impacts of Us Monetary Policy Uncertainty Shocks

Lastauskas, Povilas; Minh, Anh - 2021

We build a new empirical model to estimate the global impact of an increase in the volatility of US monetary policy shocks. Specifically, we admit time-varying variances of local structural shocks from a stochastic volatility specification. By allowing for rich dynamic interaction between the...

Persistent link: https://www.econbiz.de/10013243822

Responses to Monetary Policy Shocks in the East and West of Europe : A Comparison

Jarocinski, Marek - 2009

the NMS, by using a Bayesian estimation that combines information across countries. The impulse responses in the NMS are … theory …

Persistent link: https://www.econbiz.de/10012765781

Risk Sharing and Monetary Policy Transmission

Hauptmeier, Sebastian; Holm-Hadulla, Fédéric; … - 2022

Using regionally disaggregated data on economic activity, we show that risk sharing plays a key role in shaping the real effects of monetary policy. With weak risk sharing, monetary policy shocks trigger a strong and durable response in output. With strong risk sharing, the response is...

Persistent link: https://www.econbiz.de/10014242298

Quantifying Financial Stability Trade-Offs for Monetary Policy : A Quantile VAR Approach

Chavleishvili, Sulkhan; Kremer, Manfred; Lund-Thomsen, … - 2023

We propose a novel empirical approach to inform monetary policymakers about the potential effects of policy action when facing trade-offs between financial and macroeconomic stability. We estimate a quantile vector autoregression (QVAR) for the euro area covering the real economy, monetary...

Persistent link: https://www.econbiz.de/10014352841

Transmission of Government Spending Shocks in the Euro Area : Time Variation and Driving Forces

Kirchner, Markus; Cimadomo, Jacopo; Hauptmeier, Sebastian - 2021

This paper provides new evidence on the effects of government spending shocks and the fiscal transmission mechanism in the euro area for the period 1980-2008. Our contribution is two-fold. First, we investigate changes in the macroeconomic impact of government spending shocks using time-varying...

Persistent link: https://www.econbiz.de/10013316199

Business Cycles, Monetary Transmission and Shocks to Financial Stability : Empirical Evidence from a New Set of Danish Quarterly National Accounts 1948-2010

Abildgren, Kim - 2012

a significant and long-lasting negative impact on real GDP following an exogenous shock to the banking sector's write …

Persistent link: https://www.econbiz.de/10013102102

The Impact of Monetary Policy and Exchange Rate Shocks in Poland : Evidence from a Time-Varying VAR

Arratibel, Olga - 2014

-2012) in the Polish economy. The empirical findings show that: (1) output appears more responsive to an interest rate shock at … the beginning of our sample. Since 2000, absorbing this shock has become less costly in terms of output, notwithstanding … some reversal since the beginning of the global financial crisis. The exchange rate shock also has a time-varying effect on …

Persistent link: https://www.econbiz.de/10013060040

Not All Shocks are Created Equal : Assessing Heterogeneity in the Bank Lending Channel

Blattner, Laura; Alcoforado Farinha, Maria Luísa; … - 2021

easing (QE). We study how lending responds to each shock using detailed bank, firm, and household data from Portugal, a …

Persistent link: https://www.econbiz.de/10013324101

The Macroeconomic Impact of the ECB's Expanded Asset Purchase Programme (APP)

Gambetti, Luca - 2017

) announced by the European Central Bank (ECB) in January 2015. The shock associated to the APP is identified with a combination …

Persistent link: https://www.econbiz.de/10012954345