DSGE (The Role of Financial Factors in the Business Cycle and the Transmission of Monetary Policy in Korea)

2013 ◽  
Author(s):  
Byoung Ho Bae
Keyword(s):  
Monetary Policy ◽  
Business Cycle ◽  
Financial Factors ◽  
The Business Cycle ◽  
Transmission Of Monetary Policy

Fiscal Multipliers and Their Relevance in a Currency Union – A Survey

2014 ◽  
Vol 15 (2) ◽  
pp. 259-271 ◽  
Author(s):  
Gerhard Illing ◽  
Sebastian Watzka
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Business Cycle ◽  
Government Spending ◽  
Currency Union ◽  
Euro Crisis ◽  
Fiscal Multipliers ◽  
Role Of The State ◽  
The Business Cycle

Abstract The article reviews the debate on government spending multiplier and provides a detailed discussion of the underlying economic mechanisms, focusing on the role of the state of the business cycle and the monetary policy reaction. Special emphasis is on the effects of fiscal policy within a currency union and its implications for the euro crisis.

Zur Rolle der Geldpolitik im Konjunkturzyklus / On the Role of Monetary Policy in the Business Cycle

1999 ◽  
Vol 218 (3-4) ◽  
Author(s):  
Michael Holstein
Keyword(s):  
Monetary Policy ◽  
Business Cycle ◽  
The Business Cycle ◽  
Europäische Zentralbank

ZusammenfassungMit dem Beitritt zur Europäischen Währungsunion geben die Mitgliedsländer (und ihre Zentralbanken) die Souveränität in geldpolitischen Fragen an die Europäische Zentralbank ab. Die Geldpolitik scheidet somit als Instrument der nationalen Wirtschaftspolitik aus. Wenn ihr jedoch eine wichtige Rolle im Konjunkturzyklus (z. B. bei der Überwindung einer Rezession) zukommt, so kann die Vereinheitlichung der Geldpolitik zu negativen Auswirkungen auf die konjunkturelle Entwicklung der Mitgliedsländer führen, sofern diese nicht hinreichend synchron verläuft. In diesem Aufsatz wird zunächst untersucht, wie stark der Konjunkturzusammenhang zwischen den vier europäischen G7-Ländern ist. Anschließend wird der Einfluß der Geldpolitik auf die Entwicklung der kurzfristigen Zinssätze analysiert, um schließlich mittels einer VAR-Analyse Aufschluß über die realen Effekte der Geldpolitik zu erhalten.

scholarly journals Inequality over the business cycle: the role of distributive shocks

2021 ◽  
pp. 1-30
Author(s):  
Marius Clemens ◽  
Ulrich Eydam ◽  
Maik Heinemann
Keyword(s):  
Income Inequality ◽  
Income Distribution ◽  
Business Cycle ◽  
Parameter Estimates ◽  
Panel Estimation ◽  
Bayesian Techniques ◽  
Elasticity Of Intertemporal Substitution ◽  
Ex Ante ◽  
The Business Cycle

Abstract This paper examines how wealth and income inequality dynamics are related to fluctuations in the functional income distribution over the business cycle. In a panel estimation for OECD countries between 1970 and 2016, although inequality is, on average countercyclical and significantly associated with the capital share, one-third of the countries display a pro- or noncyclical relationship. To analyze the observed pattern, we incorporate distributive shocks into an RBC model, where agents are ex ante heterogeneous with respect to wealth and ability. We find that whether wealth and income inequality behave countercyclically or not depends on the elasticity of intertemporal substitution and the persistence of shocks. We match the model to quarterly US data using Bayesian techniques. The parameter estimates point toward a non-monotonic relationship between productivity and inequality fluctuations. On impact, inequality increases in response to TFP shocks but subsequently declines. Furthermore, TFP shocks explain 17% of inequality fluctuations.

scholarly journals Business cycle synchronization and monetary policy in Bosnia and Herzegovina

Bankarstvo ◽  
2021 ◽  
Vol 50 (2) ◽  
pp. 8-20
Author(s):  
Dragan Jović
Keyword(s):  
Monetary Policy ◽  
Business Cycle ◽  
Central Bank ◽  
Bosnia And Herzegovina ◽  
Great Part ◽  
Currency Board ◽  
The Business Cycle ◽  
Further Development ◽  
Discretionary Monetary Policy ◽  
New Instruments

By adopting the currency board at the end of the last century, and by pegging its exchange rate to the Euro, a quarter of a century ago, Bosnia and Herzegovina surrendered a great part of its monetary policy in the hand of European Central Bank in the hope that the synchronization of the business cycle will make foreign monetary policy completely suitable for Bosnia and Herzegovina. At the same time during these two decades, the Central Bank of Bosnia and Herzegovina has been developing and using reserve requirement and remuneration as discretionary instruments of monetary policy. The research shows that the domestic business cycle and the foreign one are relatively weakly synchronized compared to other countries' degree of synchronization, and by this findings current discretionary monetary policy and its further development and enrichment with new instruments is fully justified. Bosnia and Herzegovina must continue with developing its own discretionary monetary policy without relying on foreign monetary policy.

Sign in / Sign up

Export Citation Format

Share Document