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  1. Nominal GDP targeting for middle-income countries
    Author: Frankel, Jeffrey A.
    Published: 2014
    Publisher:  Harvard Univ., John F. Kennedy School of Government, Cambridge, Mass.

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    Keine Speicherung
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    No inter-library loan
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Faculty research working paper series / John F. Kennedy School of Government, Harvard University ; 14-033
    Subjects: Central bank; Developing; Emerging markets; GDP; Income; Inflation; Monetary policy; Nominal; Shock; Supply; Target; Terms of trade
    Scope: Online-Ressource (14 S.), graph. Darst.
  2. Explosive target balances of the German Bundesbank
    Author: Potrafke, Niklas; Reischmann, Markus
    Published: 2014
    Publisher:  ifo Inst., Munich

    Using the recursive unit root test by Phillips et al. (2011) we show that the Target balances of the German Bundesbank have been explosive from the beginning of 2009 to the beginning of 2013. By implementing a full-allotment policy and reducing the... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 402 (185)
    Inter-library loan:
    No inter-library loan

     

    Using the recursive unit root test by Phillips et al. (2011) we show that the Target balances of the German Bundesbank have been explosive from the beginning of 2009 to the beginning of 2013. By implementing a full-allotment policy and reducing the required minimum quality of collaterals in October 2008, the European Central Bank (ECB) refinanced credits in the GIIPS countries (Greece, Ireland, Italy, Portugal and Spain) to a large extent. Private capital flowed out of the GIIPS countries, and the German Target claims increased significantly. Using the new test to identify multiple explosive periods by Phillips et al (2013) we find that the German Target claims also became explosive in autumn 2007 when the interbank market broke down for the first time.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/99997
    Series: Ifo working papers ; 185
    Subjects: Eurosystem; Target; recursive unit root test; explosiveness; hidden debt; German Bundesbank
    Scope: Online-Ressource (24 S.), graph. Darst.