The financial crisis 2008-2009 and the European sovereign debt crisis have shown that stress on financial markets is important for analyzing and forecasting economic activity. Since financial stress is not directly observable but is presumably reflected in many financial market variables, it is useful to derive an indicator summarizing the stress component of [...]
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Posted on November 22nd, 2011
Posted on July 28th, 2011
This paper analyzes the international transmission effects of euro area monetary policy shocks in to other western European countries, namely the United Kingdom, Sweden, Switzerland, Denmark, and Norway. For this purpose, the authors use a structural VAR model of the euro area and augment it consecutively by the foreign variables of interest. They [...] Posted on June 14th, 2011
How can schools in threshold countries become equipped with computers? Why are index-based microinsurance schemes so successful? Which is more effective for dealing with acute hunger crises: food coupons or cash payouts? How could land rights help lift up to 500 million people out of poverty? These present only some of the approximately [...] Posted on May 4th, 2011
The monetary policy of the Federal Reserve (Fed) in the United States is too expansionary. This is the result of a new study of Nils Jannsen and Joachim Scheide, both researchers at the Kiel Institute. The reason for their assessment is that the output gap, the difference between actual GDP and potential output, [...] Posted on March 28th, 2011
Competition in the euro area is currently one of the favorite topics of politicians in the EU. Angela Merkel and Nicolas Sarkozy want an EU competitiveness pact to be established, and the European Commission wants sanctions to be applied when particular criteria are not adhered to. Are these criteria, however, appropriate? Some [...] 3 pages
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