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This paper analyses the monetary policy interdependence between the European Central Bank (ECB) and the Federal Reserve (Fed) for the period 1999-2006. Two models are specified: a partial Vector Error Correction Model (VECM) and a general VECM. In the partial VECM, we look for a long-run...
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This paper explores the effects of non-standard monetary policies on international yield relationships. Based on a descriptive analysis of international long-term yields, we find evidence that long-term rates have followed a global downward trend prior to as well as during the financial crisis....
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prices, equity prices, and interest rates. Uncertainty shocks cause deeper recessions in Continental Europe (except Germany … Hinsicht vergleichen wir die Auswirkungen eines Unsicherheitsschocks in den USA und der Eurozone. Unseren Ergebnissen zufolge … Aktienkurse und die Zinssätze. Unsicherheitsschocks führen zu stärkeren Rezessionen in Kontinentaleuropa (mit Ausnahme Deutschland …
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