Now showing items 31-40 of 243
The Information Content of Monetary Statistics for the Great Recession
Evidence from Germany
Abstract: This paper introduces a Divisia monetary aggregate for Germany and explores its information content for the Great Recession. Divisia money and the corresponding simple sum aggregate are highly correlated in normal ...
How Do Financial Cycles Interact?
Evidence from the US and the UK
Are financial cycles an international phenomenon, and, if so, how do financial cycles interact? This letter provides new evidence for the US and the UK. Considering the properties of the data in both the time and the ...
“Buy-It-Now" or “Sell-It-Now" auctions: Effects of changing bargaining power in sequential trading mechanisms
We study experimentally the effect of bargaining power in sequential trading mechanisms that other the possibility to trade at a fixed price before an auction. In the "Buy-It-Now" format, the seller offers a price prior ...
Calculating Joint Confidence Bands for Impulse Response Functions using Highest Density Regions
This paper proposes a new non-parametric method of constructing joint confidence bands for impulse response functions of vector autoregressive models. The estimation uncertainty is captured by means of bootstrapping and ...
The importance of timevaryingparametersin new Keynesian modelswith zero lower bound
In this paper we question the ability of New Keynesian models to reproduce the behavior of the nominal interest rate. In particular, we wonder if the model is able to reproduce infrequent but long ZLB spells as observed ...
A Mortality Model forMulti-populations
A Semi-Parametric Approach
Mortality is different across countries, states and regions. Several empirical research works however reveal that mortality trends exhibit a common pattern and show similar structures across populations. The key element ...
The Anchoring of Inflation Expectations in the Short and in the Long Run
This paper introduces structural VAR analysis as a tool for investigating the anchoring of inflation expectations. We show that U.S. consumers’ inflation expectations are anchored in the long run because macro-news shocks ...