Showing 1 - 10 of 16
Standard models of international risk sharing with complete asset markets predict a positive association between relative consumption growth and real exchange-rate depreciations across countries. The striking lack of evidence for this link - the consumption/real-exchange-rate anomaly or...
Persistent link: https://www.econbiz.de/10005871071
We model multiyear loss distributions based on credit scores and macroeconomic risk drivers. In a two-step approach, we first model future default probabilities as functions of these risk factors and, second, model processes for the risk factors themselves. As an essential extension to one-year...
Persistent link: https://www.econbiz.de/10005867431
Veränderungen in der Erwerbslandschaft, der demographische Wandel und die Globalisierunggelten neben anderen Einfl ussfaktoren wie derErosion der Finanzierungsbasis der sozialen Sicherungssystemeund der Staatsverschuldung als wesentlicheGründe für eine Neuausrichtung desSozialstaats. Diese...
Persistent link: https://www.econbiz.de/10005867737
This paper examines monetary policy in a currency union whose member countries exhibitheterogeneous rates of limited asset markets participation (LAMP). As a result risksharing among member countries is imperfect and the monetary transmission mechanismcan dier across countries. In the limit the...
Persistent link: https://www.econbiz.de/10005870106
Recent attempts to incorporate optimal fiscal policy into NewKeynesian models subject to nominal inertia, have tended to assume that policymakers are benevolent and have access to a commitment technology. A separateliterature, on the New Political Economy, has focused on real economies...
Persistent link: https://www.econbiz.de/10005870119
This paper extends and modifies the Keynesian critique of inflation targetingwith reference to stabilisation policy in emerging market economies. The IMF‘basic monetary programming framework’ for developing countries usesgovernment borrowing and the exchange rate as policy instruments in...
Persistent link: https://www.econbiz.de/10005870230
Time consistency problems can arise when environmental taxes are employedto encourage firms to take irreversible abatement decisions. Setting a high carbontax, for instance, would induce firms to invest in low-carbon technology,yet once investment has occurred the government can then reduce the...
Persistent link: https://www.econbiz.de/10005870239
The paper presents a monetary policy model with an endogenous capital stock when a backwardlooking element in wage setting causes inflation persistence. We analyse how the endogeneityof the capital stock changes the macroeconomic dynamics with which policy interacts and itsimplications for...
Persistent link: https://www.econbiz.de/10005870253
Much recent research has focused on the development and analysis of extensions of the New Keynesianframework that model labor market frictions and unemployment explicitly. The present paper describessome of the essential ingredients and properties of those models, and their implications for...
Persistent link: https://www.econbiz.de/10005870350
In this paper we critically review the literature on the political economy of monetary policy, with aneye on the questions raised by the recent financial crisis. We begin with a discussion of rules versusdiscretion. We then examine the issue of Central Banks independence both in normal times and...
Persistent link: https://www.econbiz.de/10005870351