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Do public investments increase employment in a recession? : evidence from Germany ; conference paper

Buchheim, Lukas; Watzinger, Martin - 2013

In 2009, Germany invested 15.4 Billion Euro in infrastructure to avert the looming recession. In this study, we evaluate whether the German stimulus program was successful in limiting the impact of the crisis on the job market. We exploit exogenous cross-sectional variation to identify the...

Persistent link: https://www.econbiz.de/10010341046

Banks' exposure to interest rate risk and the transmission of monetary policy

Gomez, Matthieu; Landier, Augustin; Sraer, David; … - 2016

We show that the cash-flow exposure of banks to interest rate risk, or income gap, affects the transmission of monetary policy shocks to bank lending and real activity. We first use a large panel of U.S. banks to show that the sensitivity of bank profits to interest rates increases significantly...

Persistent link: https://www.econbiz.de/10011974923

Monetary policy rules

Taylor, John B. (ed.) - 1999

Persistent link: https://www.econbiz.de/10001353848

Liquidity and tail-risk interdependencies in the euro area sovereign bond market

Clancy, Daragh; Dunne, Peter G.; Filiani, Pasquale - 2019

Persistent link: https://www.econbiz.de/10012200502

The distribution of excess liquidity in the euro area

Baldo, Luca; Hallinger, Benoît; Helmus, Caspar; … - 2017

Since 2008, excess liquidity - defined as the sum of holdings of central bank reserves in excess of reserve requirements and holdings of equivalent central bank deposits - has tended to accumulate in specific euro area countries and in a small, slowly changing group of credit institutions....

Persistent link: https://www.econbiz.de/10011747703

Real and financial cycles in EU countries : stylised facts and modelling implications

Rünstler, Gerhard (contributor); … - European System of Central Banks / Working Group on … - 2018

This paper studies the cyclical properties of real GDP, house prices, credit, and nominal liquid financial assets in 17 EU countries, by applying several methods to extract cycles. The estimates confirm earlier findings of large medium-term cycles in credit volumes and house prices. GDP appears...

Persistent link: https://www.econbiz.de/10011779865

Sign restrictions and statistical identification under volatility breaks : simulation based evidence and an empirical application to monetary policy analysis ; conference paper

Herwartz, Helmut; Plödt, Martin - 2014

Apart from a priori assumptions on instantaneous or long run effects of structural shocks, sign restrictions have become a prominent means for structural vector autoregressive (SVAR) analysis. Moreover, second order heterogeneity of systems of times series can be fruitfully exploited for...

Persistent link: https://www.econbiz.de/10010482469

Does the foreign interest rate matter for monetary policy? : evidence from nonlinear Taylor rules ; conference paper

Belke, Ansgar; Beckmann, Joscha; Dreger, Christian - 2014

Deviations of policy interest rates from the levels implied by the Taylor rule have been persistent after the turn of the century even before the financial crisis. These deviations could be due to lower real interest rates, as stated by the savings glut hypothesis as well as the apparent success...

Persistent link: https://www.econbiz.de/10010485968

Spekulation, Preisbildung und Volatilität auf Finanz- und Devisenmärkten

Alexander, Volbert; Kugler, Peter; Streissler, Erich; … - Verein für Socialpolitik / Ausschuss für Geldtheorie … - 1998

getrieben wird. Die Vermutung liegt nahe, daß diese zwei Faktoren die nationale Geldpolitik und der internationale … werden die Auswirkungen einer Geldpolitik analysiert, die auf Veränderungen der Zinsstruktur reagiert und "leaning against … the wind" betreibt. Es kann gezeigt werden, daß eine Politik der Reaktion der Zentralbank auf die Zinsspanne bzw. auf …

Persistent link: https://www.econbiz.de/10011401983

The interest rate pass-through in the Euro area during the global financial crisis : conference paper

Hristov, Nikolay; Hülsewig, Oliver; Wollmershäuser, Timo - 2013

This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro area banks to the global financial crisis. We focus on their interest rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding is...

Persistent link: https://www.econbiz.de/10010338974