Openness and optimal monetary policy
In: Journal of international economics, Band 93, Heft 1, S. 153-172
ISSN: 0022-1996
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In: Journal of international economics, Band 93, Heft 1, S. 153-172
ISSN: 0022-1996
SSRN
In: Economic policy, Band 27, Heft 70, S. 319-359
ISSN: 1468-0327
In: ECB Working Paper No. 1423
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Working paper
In: ECB Working Paper No. 1338
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In: Journal of economic dynamics & control, Band 31, Heft 2, S. 515-530
ISSN: 0165-1889
Non-coordinated monetary policy is analysed in a stochastic two-country general equilibrium model. Non-coordinated equilibria are compared in two cases: one where policy is set in terms of state-contingent money supply rules and one where policy is set in terms of state-contingent nominal interest rate rules. In general the non-coordinated equilibrium differs between the two types of policy rule but a number of special cases are identified where the equilibria are identical. The endogenous choice of policy instrument is analysed and the Nash equilibrium in the choice of policy instrument is shown to depend on the interest elasticity of money demand.
BASE
In: Bundesbank Series 1 Discussion Paper No. 2004,03
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In: Storia della psicologia 12
In: European psychologist, Band 7, Heft 2, S. 134-145
ISSN: 1878-531X
The year 1937 is remembered by historians of psychology as the year of the birth of personality psychology. This discipline emerged in the United States thanks to the work of several psychologists who came to organize its methodology and fundamental notions. Gordon Allport is the most important representative of this change within scientific psychology. This paper analyzes the continuity between "before" and "after" the foundation of the discipline and locates several important points of reference for the initial scientific research on personality. The aim of this essay is to reconstruct historically the contribution of some important lines of "European" psychological research that have had a remarkable influence both from the theoretical and methodological points of view on the scientific foundation of personality psychology studies in its modern developments.
In: Discussion paper
In: Series 1, Studies of the Economic Research Centre No 03/15
In this paper we estimate a simple New-Keynesian DSGE model with German data for the sample period 1970:q1 to 1998:q4. Contrary to a number of recent similar papers estimated with US and euro-area data, we find that real money balances contribute significantly to the determination of inflation and of the dynamics of output. We estimate our model using a maximum likelihood technique under a full set of structural shocks. We do not rule out indeterminate solutions a priori. Under multiple stable paths we close the model using the minimum-state-variable solution.
In: International Finance Discussion Paper No. 1324
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In: CEPR Discussion Paper No. DP16443
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