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The intertemporal marginal propensity to consume out of future persistent cash-flows : evidence from transaction data

Druedahl, Jeppe; Jensen, Emil Bjerre; Leth-Petersen, Søren - 2022

To analyze the effectiveness of stabilization policies which includes effects on households future income it is central to account for anticipation effects on consumption. We investigate this using high-frequency spending and balance sheet data from a major Danish bank. We examine the behavior...

Persistent link: https://www.econbiz.de/10013361501

Hazards in Implementing a Monetary Conditions Index

Eika, Kari H.; Ericsson, Neil R.; Nymoen, Ragnar - 1998

monetary policy stance. The central banks of Canada, Sweden,and Norway all construct an MCI and (to varying degrees) use it in …

Persistent link: https://www.econbiz.de/10014101940

Exchange rate dynamics, expectations, and monetary policy

Chen, Qianying - 2011

This paper re-investigates the implications of monetary policy rules on changes in exchange rate, in a risk-adjusted, uncovered interest parity model with unrestricted parameters, emphasizing the importance of modeling market expectations of monetary policy. I use consensus forecasts as a proxy...

Persistent link: https://www.econbiz.de/10009244259

Monetary Shocks in the G-6 Countries : Is There a Puzzle?

Fung, Ben Siu-cheong; Kasumovich, Marcel - 2001

Note: The following is a description of the paper and not the abstract as published in the print journal. In this paper new evidence on the transmission of monetary policy shocks across the G-6 countries is presented. Monetary shocks are identified as those that have a proportionate effect on...

Persistent link: https://www.econbiz.de/10014074431

Central Bank Communication and Correlation between Financial Markets : Canada and the United States

Beck, Melanie-Kristin - 2012

We study the correlation between pairs of bond and stock markets in Canada and the United States between January 1998 … communications by the Bank of Canada and the Federal Reserve significantly affect the conditional co-movement of financial markets (i …) within Canada and (ii) between Canada and the United States. We find that central bank communication significantly increases …

Persistent link: https://www.econbiz.de/10013112889

Central bank communication and correlation between financial markets : Canada and the United States

Beck, Melanie-Kristin; Hayo, Bernd; Neuenkirch, Matthias - 2012 - This version: 5 January 2012

We study the correlation between pairs of bond and stock markets in Canada and the United States between January 1998 … communication by the Bank of Canada and the Federal Reserve significantly affect the co-movement of financial markets. We find that … stock markets as well as between Canadian and US financial markets. -- Bank of Canada ; Central Bank Communication …

Persistent link: https://www.econbiz.de/10009409360

Great recession, slow recovery and muted fiscal policies in the US

Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016

This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate policy. In contrast with previous findings, the...

Persistent link: https://www.econbiz.de/10011434680

In search of the Euro area fiscal stance

Albonico, Alice; Tirelli, Patrizio; Paccagnini, Alessia - 2016

This paper investigates the role of fiscal policies over the aggregate EMU business cycle. Previous studies, based on the assumption of non-separability between public and private consumption, obtain a large public consumption multiplier, a small fraction of non-Ricardian households and,...

Persistent link: https://www.econbiz.de/10011529025

Volatility in Equity Markets and Monetary Policy Rate Uncertainty

Kaminska, Iryna - 2018

Asset pricing models assume the risk-free rate to be a key factor for equity prices. Hence, there should be a strong link between monetary policy rate uncertainty and equity return volatility, both in theory and data. This paper uses regression-based projections for realized variance to examine...

Persistent link: https://www.econbiz.de/10012925787

Habits, rule-of-thumb consumption and useful public consumption in Sub-Saharan Africa : theory and new evidence

Francois, John Nana - 2023

Persistent link: https://www.econbiz.de/10014250519