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  1. The effects of monetary policy
    a meta-analysis : presented at CESifo Area Conference on Macro, Money and International Finance, February 2004
    Autor*in: De Grauwe, Paul; Costa, Cláudia
    Erschienen: June 2004
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, München

    In this paper we perform a meta-analysis of the effects of monetary policies on output and prices. We use a sample of published papers on the effects of monetary policies in different countries. There is a large variation in the estimated effects of... mehr

    Standort:
    Staats- und Universitätsbibliothek Bremen
    Fernleihe:
    keine Fernleihe

    Standort:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63 (1224)
    Fernleihe:
    keine Fernleihe

     

    In this paper we perform a meta-analysis of the effects of monetary policies on output and prices. We use a sample of published papers on the effects of monetary policies in different countries. There is a large variation in the estimated effects of monetary policies on output and prices. We find that the use of different econometric methodologies is an important variable explaining these differences. In addition, we analyze the importance of macroeconomic variables. Thus we find that in countries with high inflation, the output effects of monetary policies are significantly reduced. A lot of variation in the estimated effects of monetary policies remains unexplained. More research will have to be done to understand these large differences.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/18863
    Schriftenreihe: Array ; no. 1224
    Schlagworte: Geldpolitik; Wirkungsanalyse; Konjunktur; Inflation; Welt
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  2. Bubbles and crashes in a behavioural finance model
    Autor*in: De Grauwe, Paul; Grimaldi, Marianna
    Erschienen: 2004
    Verlag:  Center for Economic Studies and Ifo Institute (CESifo), Munich

    We develop a simple model of the exchange rate in which agents optimize their portfolio and use different forecasting rules. They check the profitability of these rules ex post and select the more profitable one. This model produces two kinds of... mehr

    Standort:
    Staats- und Universitätsbibliothek Bremen
    Fernleihe:
    keine Fernleihe

    Standort:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63 (1194)
    Fernleihe:
    keine Fernleihe

     

    We develop a simple model of the exchange rate in which agents optimize their portfolio and use different forecasting rules. They check the profitability of these rules ex post and select the more profitable one. This model produces two kinds of equilibria, a fundamental and a bubble one. In a stochastic environment the model generates a complex dynamics in which bubbles and crashes occur at unpredictable moments. We contrast these behavioural bubbles with rational bubbles.

     
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    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/76578
    Schriftenreihe: CESifo Working Paper ; 1194
    Schlagworte: Währungskrise; Spekulationsblase; Monetäre Wechselkurstheorie; Portfolio-Management; Finanzanalyse; Anlageverhalten; Begrenzte Rationalität; Theorie
    Umfang: Online-Ressource (39 S.), graph. Darst.
  3. Exchange rate regimes and macroeconomic stability in Central and Eastern Europe
    Autor*in: De Grauwe, Paul; Schnabl, Gunther
    Erschienen: 2004
    Verlag:  Center for Economic Studies and Ifo Institute (CESifo), Munich

    This paper explores the impact of the exchange rate regime on inflation and output in the Central and Eastern European (CEE) EU candidate countries. The panel estimations for the period between 1994 and 2002 show that de facto measures of exchange... mehr

    Standort:
    Staats- und Universitätsbibliothek Bremen
    Fernleihe:
    keine Fernleihe

    Standort:
    Niedersächsische Staats- und Universitätsbibliothek Göttingen
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 63 (1182)
    Fernleihe:
    keine Fernleihe

     

    This paper explores the impact of the exchange rate regime on inflation and output in the Central and Eastern European (CEE) EU candidate countries. The panel estimations for the period between 1994 and 2002 show that de facto measures of exchange rate stability have a better explanatory power than the de jure measures in the inflation and growth equations. For the whole observation period the estimations reveal a significant impact of exchange rate stability on low inflation as well as a highly significant positive impact of exchange stability on real growth. When sub-dividing the period into a high-inflation period (1994-1997) and a low-inflation period (1998-2002) and when removing outliers from the sample, the evidence in favour of a positive association between exchange rate stability and inflation gets weaker. The association of exchange rate stability with higher real growth remains quite robust. Thus our findings can be interpreted to mean that membership of the CEE countries in the European Monetary Union would have a positive impact on these countries growth rates.

     
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    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/76597
    Schriftenreihe: CESifo Working Paper ; 1182
    Schlagworte: Wechselkurssystem; Inflation; Konjunktur; Schätzung; Osteuropa
    Umfang: Online-Ressource
  4. Bubbles and crashes in a behavioural finance model
    Autor*in: De Grauwe, Paul; Grimaldi, Marianna
    Erschienen: May 2004
    Verlag:  Sveriges Riksbank, Stockholm

    We develop a simple model of the exchange rate in which agents optimize their portfolio and use different forecasting rules. They check the profitability of these rules ex post and select the more profitable one. This model produces two kinds of... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 204 (164)
    Fernleihe:
    keine Fernleihe

     

    We develop a simple model of the exchange rate in which agents optimize their portfolio and use different forecasting rules. They check the profitability of these rules ex post and select the more profitable one. This model produces two kinds of equilibria, a fundamental and a bubble one. In a stochastic environment the model generates a complex dynamics in which bubbles and crashes occur at unpredictable moments. We contrast these behavioural bubbles with rational bubbles.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Hinweise zum Inhalt
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/82489
    Schlagworte: Währungskrise; Spekulationsblase; Monetäre Wechselkurstheorie; Portfolio-Management; Finanzanalyse; Anlageverhalten; Begrenzte Rationalität; Theorie
    Umfang: 1 Online-Ressource (circa 45 Seiten), Illustrationen
  5. Exchange rate puzzles
    a tale of switching attractors
    Autor*in: De Grauwe, Paul; Grimaldi, Marianna
    Erschienen: May 2004
    Verlag:  Sveriges Riksbank, Stockholm

    The rational expectations efficient market model of the exchange rate has failed empirically. In this paper we develop a model of the exchange rate in which agents use simple forecasting rules. Based on an ex post evaluation of the relative... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 204 (163)
    Fernleihe:
    keine Fernleihe

     

    The rational expectations efficient market model of the exchange rate has failed empirically. In this paper we develop a model of the exchange rate in which agents use simple forecasting rules. Based on an ex post evaluation of the relative profitability of these rules they decide whether to switch or not. In addition, transactions costs in the goods market are introduced. We show that this simple model creates great complexity in the market which is characterised by the fact that the exchange rate is disconnected from its fundamental most of the time. Finally we show that this model mimicks most of the empirical puzzles uncovered in the literature.

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/82390
    Schriftenreihe: Sveriges Riksbank working paper series ; 163
    Schlagworte: Wechselkurs; Devisenmarkt; Rationale Erwartung; Effizienzmarkthypothese; Transaktionskosten; Theorie
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen