ALBERT

All Library Books, journals and Electronic Records Telegrafenberg

feed icon rss

Your email was sent successfully. Check your inbox.

An error occurred while sending the email. Please try again.

Proceed reservation?

Export
  • 1
    facet.materialart.
    Unknown
    Halle (Saale): Leibniz-Institut für Wirtschaftsforschung Halle (IWH)
    Publication Date: 2018-06-21
    Description: We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using cross-country data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence obtained from simple regression models and a time-varying VAR. We find that the low-frequency relationship between the fiscal stance and inflation is low during periods of an independent central bank and responsible fiscal policy and more pronounced in times of high fiscal budget deficits and accommodative monetary authorities. In a second step, we use an estimated DSGE model to interpret the low-frequency measure structurally and to illustrate the mechanisms through which fiscal actions affect inflation in the long run. The findings from the DSGE model suggest that switches in the monetary-fiscal policy interaction and accompanying variations in the propagation of structural shocks can well account for changes in the low-frequency relationship between the fiscal stance and inflation.
    Keywords: E42 ; E58 ; E61 ; ddc:330 ; time-varying VAR ; inflation ; public deficits
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 2
    Publication Date: 2018-07-03
    Description: We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using crosscountry data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence obtained from simple regression models and a time-varying VAR. We find that the low-frequency relationship between the fiscal stance and inflation is low during periods of an independent central bank and responsible fiscal policy and more pronounced in times of high fiscal budget deficits and accommodative monetary authorities. In a second step, we use an estimated DSGE model to interpret the low-frequency measure structurally and to illustrate the mechanisms through which fiscal actions affect inflation in the long run. The findings from the DSGE model suggest that switches in the monetary-fiscal policy interaction and accompanying variations in the propagation of structural shocks can well account for changes in the low-frequency relationship between the fiscal stance and inflation.
    Keywords: E42 ; E58 ; E61 ; ddc:330 ; Time-Varying VAR ; Inflation ; Public Deficits
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 3
    Publication Date: 2018-06-26
    Description: We study the impact of the interaction between fiscal and monetary policy on the low-frequency relationship between the fiscal stance and inflation using cross-country data from 1965 to 1999. In a first step, we contrast the monetary-fiscal narrative for Germany, the U.S. and Italy with evidence obtained from simple regression models and a time-varying VAR. We find that the low-frequency relationship between the fiscal stance and inflation is low during periods of an independent central bank and responsible fiscal policy and more pronounced in times of high fiscal budget deficits and accommodative monetary authorities. In a second step, we use an estimated DSGE model to interpret the low-frequency measure structurally and to illustrate the mechanisms through which fiscal actions affect inflation in the long run. The findings from the DSGE model suggest that switches in the monetary-fiscal policy interaction and accompanying variations in the propagation of structural shocks can well account for changes in the low-frequency relationship between the fiscal stance and inflation.
    Keywords: E42 ; E58 ; E61 ; ddc:330 ; Time-Varying VAR ; Inflation ; Public Deficits
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 4
    facet.materialart.
    Unknown
    Zurich: ETH Zurich, KOF Swiss Economic Institute
    Publication Date: 2018-06-26
    Description: This paper investigates how inflation expectations evolve. In particular, we analyze the time-varying nature of the propensity to update expectations and its potential determinants. For this purpose we set up a flexible econometric model that tracks the formation of inflation expectations of consumers at each moment in time. We show that the propensity to update inflation expectations changes substantially over time and is related to the quantity and the quality of news.
    Keywords: E31 ; E37 ; E52 ; D83 ; ddc:330 ; inflation expectation formation ; time-varying parameters ; Bayesian methods ; disagreement ; media coverage ; stochastic volatility ; Inflationserwartung ; Zeit ; Informationsverhalten ; Wirtschaftsinformation ; Schätzung ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 5
    Publication Date: 2018-07-03
    Description: We estimate the low-frequency relationship between fiscal deficits and inflation and pay special attention to its potential time variation by estimating a time-varying VAR model for U.S. data from 1900 to 2011. We find the strongest relationship neither in times of crisis nor in times of high public deficits, but from the mid-1960s up to 1980. Our results suggest that the low-frequency relationship between fiscal deficits and inflation is strongly related to the conduct of monetary policy and its interaction with fiscal policy after World War II.
    Keywords: E42 ; E58 ; E61 ; ddc:330 ; Time-Varying VAR ; Inflation ; Public Deficits
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 6
    facet.materialart.
    Unknown
    Zurich: ETH Zurich, KOF Swiss Economic Institute
    Publication Date: 2018-06-26
    Description: We estimate demand, supply, monetary, investment and financial shocks in a VAR identified with a minimum set of sign restrictions on US data. We find that financial shocks are major drivers of fluctuations in output, stock prices and investment but have a limited effect on inflation. In a second step we disentangle shocks originating in the housing sector, shocks originating in credit markets and uncertainty shocks. In the extended set-up financial shocks are even more important and a leading role is played by housing shocks that have large and persistent effects on output.
    Keywords: C11 ; C32 ; E32 ; ddc:330 ; VAR ; sign restrictions ; financial shocks ; external finance premium ; housing ; uncertainty
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 7
    facet.materialart.
    Unknown
    Zurich: ETH Zurich, KOF Swiss Economic Institute
    Publication Date: 2018-06-26
    Description: In the process of economic development economies grow through various regimes, each characterized by different demographic-economic interactions. The changes in these interactions are key elements in different explanations of the escape from Malthusian stagnation. We employ time-varying vector autoregressions, an approach that allows tracking this transition for England in the period between 1541 and 1870. The empirical findings suggest that the link between real wages and population growth was at work until the 19th century. Furthermore, we document changes in the propagation mechanism from real wages on population growth over time that feature prominently in Unified Growth Theory. Most remarkably, in contrast to earlier empirical literature we find strong effects of income on mortality after the 1750s.
    Keywords: C32 ; J13 ; N13 ; O11 ; ddc:330 ; Industrial Revolution ; Malthusian Trap ; Time-Varying Vector Autoregression ; Unified Growth Theory
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 8
    Publication Date: 2018-06-26
    Description: This paper studies the effects of a change in the Swiss franc/euro exchange rate floor, as introduced by the Swiss National Bank in September 2011 using a survey based impulse responses analysis. Survey based impulse responses incorporate experimental settings into representative firm surveys, expose firm executives to treatment or shock scenarios and evaluate the effects of the shocks on executives' expected firm-level outcomes. Our results suggest that a change in the exchange rate floor from 1.20 to 1.10 Swiss francs per euro and a subsequent appreciation of the Swiss franc by the same magnitude considerably decreases expected turnovers, costs and profits of Swiss firms. Manufacturing turnover decreases by 3.3% within six months and by 4.3% within 18 months. Total costs decline by 1.3% within six months and 2.0% within 18 months, while profits shrink by 3.3% within six months. The effects are substantially lower for the service and the construction sector, but exhibit large variation across sub-sector industries. Panel regression analysis reveals that firm-specific export shares and intermediate goods import shares are key determinants of firms' turnover, costs and profits reactions.
    Keywords: C83 ; C99 ; E37 ; F31 ; ddc:330 ; Swiss franc/euro exchange rate floor ; survey based impulse responses ; macroeconomic shock identification ; structural micro data ; disaggregation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 9
    Publication Date: 2018-06-26
    Description: This paper analyzes the effects of macroeconomic shocks on prices and output at different levels of aggregation using a bottom up approach. We show how to generate firm level impulse responses by incorporating experimental settings into surveys and by exposing firm executives to treatment scenarios. Aggregation then results in industry level and economy wide impulse responses. We further show that the effects obtained from survey experiments can be mapped into impulse responses retrieved from VARs. We apply the procedure to study the effects of oil price shocks using a representative sample of over 1000 Swiss firms. At the aggregate and industry level our findings confirm, with some notable exceptions, results from a standard VAR. At the micro level we analyze the driving forces behind firm specific impulse responses, controlling for several firm characteristics via panel data analysis and thereby solving existing puzzles.
    Keywords: C32 ; C83 ; C99 ; E31 ; ddc:330 ; Survey based impulse responses ; survey experiments ; macroeconomic shock identification ; firm level data ; oil price shock
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
  • 10
    Publication Date: 2018-11-24
    Description: Les régions touristiques de Suisse ont enregistré une saison d’hiver positive, qui s’est traduite par un accroissement relatif notable du nombre des nuitées. D’après les dernières prévisions du KOF, les perspectives concernant la saison d’été et les deux années à venir sont favorables. Grâce à une bonne évolution de l’économie dans la zone euro et un taux de change plus favorable, les tourists européens reviennent en plus grand nombre en Suisse. Toutes les régions touristiques de Suisse bénéficient de ce redressement. Ainsi que le montre en outre une analyse spéciale du KOF, ces régions sont concernées à des titres variables par l’évolution du taux de change.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: French
    Type: doc-type:report
    Location Call Number Expected Availability
    BibTip Others were also interested in ...
Close ⊗
This website uses cookies and the analysis tool Matomo. More information can be found here...