In the standard New Keynesian sticky price model the central bank faces no contradiction between the stabilization of inflation and the stabilization of the welfare relevant output gap after a productivity shock hits the economy. When the standard...

KKB 75: The global economy continued to recover in the winter semester, despite the number of new infections with the coronavirus rising sharply and containment measures tightened again in many countries.

In the third quarter of 2020, the global economy rebounded strongly from the steep fall in output suffered in the first half of the year amid the covid-19 pandemic.

KKB 69: The world economy contracted by close to 10 percent in the first half of 2020 as the COVID-10 pandemic unfolded.  After a 3 percent drop in activity in the first quarter, global output contacted by some 7 percent as governments around the...

KKB 63: In early 2020 the world economy is severely affected by the consequences of a novel coronavirus and the measures implemented to arrest its spreading. With the progressive diffusion around the globe, action designed to contain the disease are...

KKB 61: World output growth has slowed further in the course of 2019. However, most recently signs of stabilization appeared, especially in emerging economies where expectations seem to have started to improve.

The effects of monetary policy during financial crises differ substantially from those in normal times. Using a panel VAR for 20 advanced economies, we

KKB 57: In the first half of 2019, world economic activity has remained sluggish. While economic activity in the industrial countries decelerated in the course of the year, growth in the emerging economies picked up slightly from a low base.

KKB 7: Following a weak start into 2015, the global economy is expected to pick up again in the course of this year.

KKB 9: The world economy is expanding at a more moderate pace with growth momentum continuing to shift from emerging to advanced economies. World GDP will incr