The paper re‐examines the real effects of credible disinflation in the presence of real wage rigidities and non‐linear dynamics. A credible,...

We analyze the implications of trend growth for optimal monetary policy in the presence of search and matching unemployment. We show that...

KKB 1: Die weltwirtschaftliche Expansion ist im Verlauf des Jahres 2014 erneut ins Stocken geraten. Von einem Aufschwung, der von allen...

KKB 37: The world economy is currently expanding strongly with upward momentum in almost every major economy. Global activity is set to expand...

KKB 39: At the start of 2018 the global economy is in full swing. On a PPP-basis growth in 2017 was 3.9 percent, the highest rate since 2011.

KKB 43: The world economy has lost momentum in the beginning of this year, although partly due to special factors.

Due to their indeterminacies, static and dynamic factor models require identifying assumptions to guarantee uniqueness of the parameter...

Global competition and the global financial crisis have put additional pressures on education programs around the world. A new wave of...

This paper characterizes long-run and short-run optimal fiscal policy in the labor selection framework. In a calibrated non-Ramsey...

We analyze the dynamics in the global crude oil market based on a structural vector autoregressive model. We identify the model by presuming...

Beside a priori theoretical assumptions on instantaneous or long-run effects of structural shocks, sign restrictions have become a prominent...

KKB 61: World output growth has slowed further in the course of 2019. However, most recently signs of stabilization appeared, especially in...

Die deutsche Wirtschaft befindet sich seit Beginn des Jahres 2018 im Abschwung, wobei die konjunkturelle Dynamik vor allem durch das...

This paper analyzes Germany’s unusual labor market experience during the Great Recession. We estimate a general equilibrium model with a...

KKB 21: During the first half of the year global growth remained sluggish. While activity in emerging economies stabilized, growth in advanced...

KKB 19: The world economy seems to have stabilized in the first months of the year. The underlying growth dynamics, however, remain weak...

KKB 13: Global growth slowed in 2015. While we forecast the world economy to gradually gain momentum over the coming two years, the upturn is...

KKB 27: The world economy has gained traction in the course of 2016 despite elevated policy uncertainty and seems to have picked up further in...

KKB 31: In the middle of 2017, the world economy is experiencing robust growth. Especially in the advanced economies economic sentiment is...

KKB 25: World economic growth has picked up from the sluggish pace registered at the start of the year. We expect global growth at PPP...