In a world with imperfect competition, market externalities or asymmetric information, the impact of money and monetary policy on the real sector depends on the way money is created. Two conflicting views of money supply can be distinguished in the literature: the endogeneity view and the...

In this paper, the structural vector autoregressive (SVAR) model is used to analyze short-run and contemporaneous relationships between monetary aggregates and other macroeconomic variables. This requires imposing restrictions on the correlation structure of the VAR residuals. Different...

In this paper, the empirical relevance of the credit channel for the explanation of monetary policy transmission in Germany during the period of monetary targeting from 1975 to 1998 is analyzed. While existing studies of the credit channel rely mostly on the analysis of monetary policy effects...

In this paper we analyse to what extent movements in oil prices can help to explain business cycle fluctuations in Germany.We proceed in several steps:As a starting point we use a standard real business cycle model for the German economy and introduce energy as an additional factor in the...

In this paper we analyse to what extent movements in oil prices can help to explain business cycle fluctuations in Germany. We proceed in several steps: As a starting point we use a standard real business cycle model for the German economy and introduce energy as an additional factor in the...

This paper analyzes the relationship between political instability and economic growth in advanced economies. Using a panel of 34 advanced economies from 1996 to 2020, we first employ a panel VAR estimated via System GMM, which allows us to explore the endogenous relationship between economic...