We study monetary policy in a New Keynesian model with a variable credit spread and scope for central bank asset purchases to matter. A novel financial and labor market interaction generates an endogenous cost-push channel in the Phillips curve and a credit wedge in the IS curve. The “divine...

We consider a New Keynesian model with a variable term premium and scope for central bank asset purchases to matter. Current and future asset purchase policies have varying effects on output. We derive an analytic expression for the central bank's loss function, which directly penalizes term...

This paper analyzes the implications of the gradual rise in bank concentration since the 1990s for the transmission of monetary policy. I use branch-level data on deposit and loan rates to evaluate the monetary policy pass-through conditional on the level of local bank concentration and bank...

This paper analyzes the implications of the gradual rise in bank concentration since the 1990s for the transmission of monetary policy. I use branch-level data on deposit and loan rates to evaluate the monetary policy pass-through conditional on the level of local bank concentration and bank...

This paper examines the pass-through of cost-push shocks to customers at a granular level. Using unique firm-level survey data, we document five facts about pass-through across firms, sectors, and over time. We highlight a new channel relevant for pass-through: beliefs about the expected...

Im Jahr 2012 hat das ifo Institut in einer Studie gezeigt, dass sich Staaten, die eine starke Abwertung ihrer Währung erfuhren, bereits zwei Jahre nach der Währungskrise wieder erholten und überdurchschnittliche Wachstumsraten aufwiesen. Im vorliegenden Beitrag wird diese Untersuchung auf...

Seit der Jahrtausendwende wird in Deutschland die im internationalen Vergleich schwache Investitionsentwicklung beklagt. Allerdings wird in der Diskussion häufig nur die nominale Investitionsquote betrachtet, d.h. der Anteil der nominalen Investitionen am nominalen Bruttoinlandsprodukt. Hierin...