We study the macroeconomic effects of monetary policy during financial crises using a Bayesian panel vector autoregressive (PVAR) model for 20 advanced economies. We interact all of the endogenous variables with financial crisis dummies, which are...

Over the past months, the Covid-19 pandemic has progressively affected economic activity globally, including in Germany.

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.

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

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

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

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

We analyze the implications of trend growth for optimal monetary policy in the presence of search and matching unemployment. We show that trend growth inter- acts importantly with the inefficiencies stemming from the labor market. Higher trend growth...

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.