Szukaj
Wyświetlanie pozycji 1-10 z 11
International confidence spillovers and business cycles in small open economies
(2020-05)
The economic literature has for a long time been looking for explanations of a very strong international correlation of business cycles. This paper shows empirically that common fluctuations can to some degree be the effect ...
Crisis, contagion and international policy spillovers under foreign ownership of banks
(2016-03)
This paper checks how international spillovers of shocks and policies are modified when banks are foreign owned. To this end we build a two-country macroeconomic model with banking sectors that are owned by residents of ...
Is Poland at risk of the zero lower bound?
(2016-07)
In early 2015, the policy (open market operations) rate of Narodowy Bank Polski was reduced to an all-time low of 1.5%. At the same time, prices of consumer goods and services dropped by 1.5% in year-on-year terms. This ...
Why may large economies suffer more at the zero lower bound?
(2016-06)
This paper compares the consequences of hitting the zero lower bound in small open and large closed economies. I costruct a two-economy New Kenynesian model and calibrate it so that one economy is small and open and the ...
For whom the bill tolls: redistributive consequences of a monetary-fiscal stimulus
(2024-02)
During the COVID-19 pandemic, governments in the euro area sharply increased spending, while the European Central Bank eased financing conditions. We use this episode to assess how such a concerted monetary-fiscal stimulus ...
Demographics and the natural interest rate in the euro area
(2020-07)
We investigate the impact of demographics on the natural rate of interest (NRI) in the euro area, with a particular focus on the role played by economic openness, migrations and pension system design. To this end, we ...
International information flows, sentiments and cross-country business cycle fluctuations
(2020-03)
Business cycles are strongly correlated between countries. One possible explanation (beyond traditional economic linkages like trade or finance) is that consumer or business sentiments spread over boarders and a ect cyclical ...
The Great Lockdown: information, noise and macroeconomic fluctuations
(2021-01)
This paper argues that noisy information about lockdown can cause undesired economic fluctuations. We construct a New Keynesian model with imperfect information about how long the lockdown would last. On the one hand, a ...
Intergenerational redistributive effects of monetary policy
(2021-03)
This paper investigates the distributional consequences of monetary policy across generations. We use a life-cycle model with a rich asset structure as well as nominal and real rigidities calibrated to the euro area using ...
Monetary policy and COVID-19
(2021-07)
We study the macroeconomic effects of the COVID-19 epidemic in a quantitative dynamic general equilibrium setup with nominal rigidities. We evaluate various containment policies and show that they allow to dramatically ...