Diese Studie untersucht, ob Veränderungen kurzfristiger Zinsen die Kosten liquider Mittel beeinflussen und somit über Preissetzungsentscheidungen der Firmen auf die Inflationsdynamik in Industrieländern wirken. Barth und Ramey (2001) haben zum Beispiel für die USA gezeigt, dass...

Evidence from vector autoregressions indicates that the impact of interest rate shocks on macroeconomic aggregates can substantially be affected by the so-called cost channel of monetary transmission. In this paper we apply a structural approach to examine the relevance of the cost channel for...

Federal Reserve nonborrowed reserve supply systematically responded to changes in inflation and in the output gap over the period 1969-2000. While the feedback from output gap is always negative, the response of money supply to changes in inflation varies considerably across time. Nonborrowed...

Evidence from vector autoregressions indicates that the impact of interest rate shocks on macroeconomic aggregates can substantially be affected by the so-called cost channel of monetary transmission. In this paper we apply a structural approach to examine the relevance of the cost channel for...

We provide evidence that Federal Reserve’s money supply can be characterized by a simple rule, whereby the growth rate of nonborrowed reserves depends on expected in‡ation. The Volcker-Greenspan era is found to be associated with a negative in‡ation elasticity, whereas our estimates...