Empirické eseje o měnové politice a finanční stabilitě

Ehrenbergerová, Dominika

Empirical Essays on Monetary Policy and Financial Stability Dissertation Thesis Dominika Ehrenbergerová Abstract This dissertation thesis consists of three empirical essays focusing on monetary policy, macroprudential policy, financial stability, and quantitative research synthesis of literature on a key economic parameter. The first essay presents a meta-analysis of the elasticity of substitution between capital and labor. We identify factors responsible for large values of the elasticity estimated in the literature-on average, 0.9-and find that the mean elasticity conditional on the absence of these factors is 0.3. To obtain this result, we collect 3,186 elasticity estimates reported in 121 studies and codify 71 variables that reflect the context in which researchers produce their estimates. We find publication bias is responsible for at least half of the overal reduction in the mean elasticity from 0.9 to 0.3. The empirical literature thus rejects the Cobb-Douglas specification. The second essay collects 1,555 estimates of the impact of short-term monetary policy rates on house prices from 37 individual studies. Several central banks have leaned against the wind in the housing market by increasing the policy rate preemptively to prevent a bubble. Yet, we show that the empirical literature provides mixed...

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