The article uses three alternative models and monthly data to investigate whether the Federal Funds Rate or the rate on standard 30 year mortgages in the US for the period 1987 to 2010 impacts an index of housing prices. The results indicate that positive shocks to the Federal Funds Rate are...

This paper investigates the macroeconomic effects of tax changes. Using annual data from 1870 to 2013 for a panel of seventeen OECD economies, the empirical findings show that changes in the tax rate have temporary effects on the real growth rate but permanent effects on the level of output. The...

Nominale Effekte der griechischen Fiskal- und Geldpolitik In diesem Beitrag werden die Effekte der Fiskal- und Geldpolitik auf das Preisniveau und auf die Wechselkurse in Griechenland untersucht. Es erweist sich, daß eine expansive Geldpolitik in starkem Maße für die Inflation und Abwertung...

This paper investigates the relationship between the Great Moderation and two measures of inflation performance: trend inflation and inflation volatility. Using annual data from 1970 to 2011 for a large panel of 180 developed and developing economies, the results show that, as expected, both...