Document Actions
Macroeconomic Policies over the Business Cycle
Zusammenfassung
The "Macroeconomic Policies over the Business Cycle" project has two main foci of research. On one hand it studies the role of macroeconomic policies to overcome business cycles, particularly when traditional tools do not work well. On the other hand it tries to expand the role of financial and monetary frictions in macro-models, since they are an important factor in the recent crisis. These frictions involve an important role for heterogeneity between market participants and among firms.
The first part of the project studies the potential impact of macroeconomic policies, particularly fiscal and monetary policy, on stabilizing the economy from a macro perspective. It interacts to a large extent with the monetary policy and labor market projects, and this project adds money, capital, trade policy and financial markets to the discussion.
The second part of the project includes the macroeconomic role played by interbank markets, lending and borrowing frictions, leverage, the zero bound on interest rates, and financial fragility. These issues are very relevant for central banks and fiscal policymakers since they affect what policy can or cannot do. Financial market shocks may also create an incentive for policymakers to act in ways which have not yet been thoroughly explored.
Recent Publications
-
2012
- Berger, H., Weber, H. (2012). Money as Indicator for the Natural Rate of Interest. IMF Working Paper, WP/12/6, p.52.
- Boysen-Hogrefe, J., Neuwirth, S. (2012). The Impact of Seasonal and Price Adjustments on the Predictability of German GDP Revisions. Kiel Working Paper, 1753, Kiel Institute for the World Economy, 37 pp.
- Reicher, C. (2012). An estimated fiscal Taylor Rule for the postwar United States. Economics Letters, 114, 319-321.
- Reicher, C. (2012). A Simple Decomposition of the Variance of Output Growth Across Countries. Applied Economics Letters, 19(9), Routledge, 869-872.
- Weber, H. (2012). Product Replacement Bias in Inflation and Its Consequences for Monetary Policy. Journal of Money, Credit and Banking, 44(2-3), p.255-299.
-
2011
- Angeloni, I., Faia, E., Winkler, R. (2011). Exit Strategies. Kiel Working Paper, 1676, Kiel Institute, 54 pp.
- Boysen-Hogrefe, J. (2011). Für einen Schuldenschnitt und gegen den Rettungsschirm?. Wirtschaftsdienst, 2011|7, 12-16.
- Boysen-Hogrefe, J. (2011). Für einen Schuldenschnitt und gegen den Rettungsschirm? Argument auf dem Prüfstand. Kiel Policy Brief, 29
- Boysen-Hogrefe, J., Pape, M. (2011). More Than Just One Labor Market Cycle in Germany? An Analysis of Regional Unemployment Data. Zeitschrift für ArbeitsmarktForschung, 44(3), 279-292.
- Boysen-Hogrefe, J. (2011). Was kostet der Eurobond?. IfW-Fokus, 102
- Jannsen, N., Klein, M. (2011). The International Transmission of Euro Area Monetary Policy Shocks. Kiel Working Papers, 1718, Kiel Institute for the World Economy, Kiel, 42 pp.
- Larch, M., Lechthaler, W. (2011). Is There a Short-Run Case for Protectionism? Trade Policy and the Business Cycle. Kiel Working Paper, 1717, Institut für Weltwirtschaft, Kiel, 29 pp.
- Larch, M., Lechthaler, W. (2011). Whom to Send to Doha? The Shortsighted Ones!. Kiel Working Paper, 1695, Kiel Institute for the World Economy, Kiel, 25 pp.
- Larch, M., Lechthaler, W. (2011). Why "Buy American'' is a Bad Idea but Politicians Still Like It. Canadian Journal of Economics, 44(3), 838-858.
- van Roye, B. (2011). Financial stress and economic activity in Germany and the Euro Area. Kiel Working Paper, 1743, The Kiel Institute for the World Economy, Kiel, 37 pp .
- Weber, H. (2011). Optimal inflation and firms' productivity dynamics. Kiel Working Paper, 1685, Kiel Institute for the World Economy, Kiel, 48 pp.
-
2010
- Benigno, P., Faia, E. (2010). Globalization, Pass-Through and Inflation Dynamics. Kiel Working Paper, 1604, The Kiel Institute for the World Economy, 43 pp.
- Campolmi, A., Faia, E., Winkler, R. (2010). Fiscal Calculus in a New Keynesian Model with Matching Frictions. Kiel Working Paper, 1602, The Kiel Institute for the World Economy, 36 pp.
- Faia, E., Iliopulos, E. (2010). Financial Globalization, Financial Frictions and Optimal Monetary Policy. Kiel Working Papers, 1639, IfW, Kiel, 45 pp.
- Herwartz, H., Weber, H. (2010). The Euro’s Trade Effect under Cross-Sectional Heterogeneity and Stochastic Resistance. Kiel Working Paper, 1631, Kiel Institute for the World Economy, Kiel, 33 pp.
-
2009
- Larch, M., Lechthaler, W. (2009). Why "Buy American'' is a Bad Idea but Politicians Still Like it. Kiel Working Paper, 1570, Kiel Institute for the World Economy, Kiel, 25 pp..
- Weber, H. (2009). Monetary policy and mismeasured inflation. EUI Working Papers, RSCAS 2009/44, Robert Schuman Centre for Advanced Studies, Florenz, 58 pp.
-
2007
- Engler, P., Jokipii, T., Merkl, C., Rovira Kaltwasser, P., Vinhas de Souza, L. (2007). The Effect of Capital Requirement Regulations on the Transmission of Monetary Policy: Evidence from Austria. Empirica, 34, 411-425.
-
2005
- Weber, H., Herwartz, H. (2005). Exchange rate uncertainty and trade growth - a comparison of linear and nonlinear (forecasting) models. Applied Stochastic Models in Business and Industry, Vol. 21(1), 1 - 26.