WorldCat Identities

Wollmershaeuser, Timo

Overview
Works: 65 works in 187 publications in 2 languages and 1,162 library holdings
Roles: Author, Editor, dgs, Creator
Publication Timeline
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Most widely held works by Timo Wollmershaeuser
Ifo survey data in business cycle and monetary policy analysis by Jan-Egbert Sturm( )

15 editions published in 2005 in English and German and held by 528 WorldCat member libraries worldwide

"The present volume, based on a conference entitled "The Academic Use of Ifo Survey Data", gives examples of timely research questions which can be addressed by qualitative survey data like the monthly Ifo Business Survey. It shows that this type of real-time data can be very informative when it comes to forecasting real economic activity or exploring monetary policy transmission."--BOOK JACKET
Target loans, current account balances and capital flows the ECB's rescue facility by Hans-Werner Sinn( )

13 editions published in 2011 in English and held by 69 WorldCat member libraries worldwide

The European Monetary Union is stuck in a severe balance of payments crisis. Greece, Ireland, Portugal and Spain in particular have suffered from balance of payment deficits whose accumulated value, as measured by the Target balances in the national central banks' balance sheets, was 314 billion euros in March 2011. The national central banks of these countries covered the deficits by creating and lending out additional central bank money that flowed to the euro core countries, Germany in particular, and crowded out the central bank money resulting from local refinancing operations. Thus the ECB forced a public capital flow from the core countries to the peripheral countries that partly compensated for the now reluctant private capital flows
A theory of managed floating by Timo Wollmershaeuser( )

7 editions published between 2003 and 2004 in English and held by 46 WorldCat member libraries worldwide

Bank Loan Supply and Monetary Policy Transmission in Germany an Assessment based on Matching Impulse Responses by Oliver Hülsewig( )

7 editions published between 2004 and 2005 in English and held by 35 WorldCat member libraries worldwide

This paper addresses the credit channel in Germany by using aggregate data. We present a stylized model of the banking firm in which banks decide on their loan supply in the light of expectations about the future course of monetary policy. Applying a VAR model, we estimate the response of bank loans to a monetary policy shock taking into account the reaction of the output level and the loan rate. We estimate our model to evaluate the response of bank loans by matching the theoretical impulse responses with the empirical impulse responses to a monetary policy shock. Evidence in support of the credit channel can be reported
A micro data approach to the identification of credit crunches by Horst Rottmann( Book )

8 editions published in 2010 in English and held by 25 WorldCat member libraries worldwide

This paper presents a micro data approach to the identification of credit crunches. Using a survey among German firms which regularly queries the firms' assessment of the current willingness of banks to extend credit we estimate the probability of a restrictive credit supply policy by time taking into account the creditworthiness of borrowers. Creditworthiness is approximated by firm-specific factors, e.g. the firms' assessment of their current business situation and their business expectations. After controlling for the banks' refinancing costs, which are also likely to affect the supply of loans, we derive a credit crunch indicator, which measures that part of the shift in the willingness to lend that is neither explained by firm-specific factors nor by refinancing costs. -- credit crunch ; loan supply ; surveys ; nonlinear binary outcome panel-data models
Options for the exchange rate policies of the EU accession countries (and other emerging market economies) by Peter Bofinger( Book )

6 editions published in 2000 in English and held by 21 WorldCat member libraries worldwide

The BMW model as a static approximation of a forward-looking New Keynesian macroeconomic model by Peter Bofinger( )

3 editions published in 2003 in English and held by 19 WorldCat member libraries worldwide

Over the last decade a new consensus model has emerged in monetary macroeconomics, labelled New Keynesian macroeconomics (Clarida et al., 1999). It consists of three simple building blocs: a forward-looking IS-equation that is derived from the optimization problem of a representative household, a forward-looking Phillips curve that maps the optimal pricing decisions of monopolistically competitive firms facing restrictions on their ability to adjust wages or prices in a flexible manner, and a relationship that describes how monetary policy is conducted. In Bofinger, Mayer and Wollmershäuser (2002a, 2002b) we developed the BMW model which takes this standard dynamic macro model to an intermediate audience in a down-to-earth fashion. This paper presents the linkages between our static BMW approach and a dynamic New Keynesian macro model
Bank Behavior and the Cost Channel of Monetary Transmission( )

2 editions published in 2006 in English and held by 17 WorldCat member libraries worldwide

This paper presents a New Keynesian model that dwells on the role of banks in the cost channel of monetary policy. Banks extend loans to firms in an environment of monopolistic competition by setting the loan rate according to a Calvo-type staggered price setting approach, which means that the adjustment of the aggregate loan rate to a monetary policy shock is sticky. We estimate the model for the Euro area by adopting a minimum distance approach. Our findings exhibit that, first, frictions on the loan market influence the propagation of monetary policy shocks as the pass-through of a change in the money market rate to the loan rate is incomplete, and, second, the cost channel is operating, but the effect is weak since inflation is driven by real unit labor costs rather than the loan rate. Our main conclusion is that the strength of the cost channel is mitigated as banks shelter firms from monetary policy shocks by smoothing lending rates
Managed floating understanding the new international monetary order by Peter Bofinger( )

1 edition published in 2001 in English and held by 17 WorldCat member libraries worldwide

The BMW model: simple macroeconomics for closed and open economies a requiem for the IS/LM-AS/AD and the Mundell-Fleming model( )

1 edition published in 2002 in English and held by 17 WorldCat member libraries worldwide

Teaching New Keynesian Open Economy Macroeconomics at the Intermediate Level( )

2 editions published in 2006 in English and held by 17 WorldCat member libraries worldwide

For the open economy the workhorse model in intermediate textbooks still is the Mundell-Fleming model, which basically extends the IS-LM model to open economy problems. The purpose of this paper is to present a simple New Keynesian model of the open economy, that introduces open economy considerations into the closed economy consensus version and that still allows for a simple and comprehensible analytical and graphical treatment. Above all, our model provides an efficient tool kit for the discussion of the costs and benefits of fixed and flexible exchange rates, which also was at the core of the Mundell-Fleming model
The new Keynesian Phillips curve and the role of expectations : evidence from the IFO World Economic Survey by Steffen Henzel( Book )

7 editions published in 2006 in English and German and held by 17 WorldCat member libraries worldwide

We provide evidence on the fit of the hybrid New Keynesian Phillips curve for selected euro zone countries, the US and the UK. Instead of imposing rational expectations and estimating the Phillips curve by the Generalized Method of Moments, we follow Roberts (1997) and Adam and Padula (2003) and use direct measures of inflation expectations. The data source is the Ifo World Economic Survey, which quarterly polls economic experts about their expected future development of inflation. Our main findings are as follows: (i) In comparison with the rational expectations approach, backward-looking behaviour turns out to more relevant for most countries in our sample. (ii) The use of survey data for inflation expectations yields a positive slope of the Phillips curve when the output gap is used as a measure for marginal cost
ESZB-Devisenbestand - quo vadis? by Timo Wollmershaeuser( )

1 edition published in 2000 in German and held by 17 WorldCat member libraries worldwide

Monetary policy and exchange rate targeting in open economies( )

1 edition published in 2000 in English and held by 17 WorldCat member libraries worldwide

Options for the exchange rate policies in the EU accession countries (and other emerging market economies) by Peter Bofinger( )

1 edition published in 2000 in English and held by 17 WorldCat member libraries worldwide

Sterilized foreign exchange market interventions in a chartist-fundamentalist exchange rate model( )

1 edition published in 2003 in English and held by 16 WorldCat member libraries worldwide

Sterilized foreign exchange market interventions in a chartist-fundamentalist exchange rate model( )

2 editions published in 2004 in English and held by 16 WorldCat member libraries worldwide

The interest rate pass-through in the Euro area during the global financial crisis by Nikolay Hristov( Book )

8 editions published between 2012 and 2014 in English and held by 15 WorldCat member libraries worldwide

This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro area banks to the global financial crisis. We focus on their interest rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding is that the pass through from changes in the money market rate to retail bank rates became significantly less complete during the crisis. Model simulations show that this result can be well explained by a significant increase in the frictions that the banks business is subject to
Bank behavior and the cost channel of monetary transmission by Oliver Hülsewig( Book )

5 editions published in 2006 in English and held by 15 WorldCat member libraries worldwide

This paper presents a New Keynesian model that dwells on the role of banks in the cost channel of monetary policy. Banks extend loans to firms in an environment of monopolistic competition by setting the loan rate according to a Calvo-type staggered price setting approach, which means that the adjustment of the aggregate loan rate to a monetary policy shock is sticky. We estimate the model for the Euro area by adopting a minimum distance approach. Our findings exhibit that, first, frictions on the loan market influence the propagation of monetary policy shocks as the pass-through of a change in the money market rate to the loan rate is incomplete, and, second, the cost channel is operating, but the effect is weak since inflation is driven by real unit labor costs rather than the loan rate. Our main conclusion is that the strength of the cost channel is mitigated as banks shelter firms from monetary policy shocks by smoothing lending rates
The stress of having a single monetary policy in Europe by Jan-Egbert Sturm( Book )

6 editions published in 2008 in English and held by 15 WorldCat member libraries worldwide

This paper estimates forward-looking Taylor rules for the euro area. Using the asymmetries in inflation and cyclical output developments across countries, we investigate the adequacy of the single monetary policy for each of the European Monetary Union (EMU) member countries. Notable differences emerge across the countries. Taking a euro area perspective, we also show that it depends upon the underlying country weighting scheme in the monetary decision process of the ECB whether or not there has been a synchronisation of business and inflation cycles among the EMU member countries over the years. Finally, we produce an estimate of the actual policy weights the ECB has implicitly attached to each of the member countries. Developments in small member countries have received more than proportional weights in actual monetary policy decisions of the ECB
 
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Ifo survey data in business cycle and monetary policy analysis
Alternative Names
Timo Wollmershäuser economist (ifo Institut - Leibniz-Institut für Wirtschaftsforschung an der Universität München e.V.)

Timo Wollmershäuser Wirtschaftswissenschaftler (Tätig am Lehrstuhl für Finanzwissenschaft, Univ. München)

Wollmershaeuser, Timo

Wollmershaeuser, Timo 1972-

Wollmershäuser, T. 1972-

Wollmershäuser, Timo

Languages
English (93)

German (4)

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