Re-assessing value (co)-creation and cooperative advantage in international networks

From the Fifth Meeting of the IMP Group in Asia, the ten papers selected for this special edition have been grouped under four broad themes: network evolution and performance; networks in emerging contexts; value (co)creation; and network structure, position, and performance. Not unexpectedly, many of the themes overlap, reflecting both the complexity and diversity of network theory.     

German banks’ behavior in the low interest rate environment

Financial Markets and Portfolio Management - Using data from a quantitative survey of German banks at three points in time (2015, 2017 and 2019), we analyze the impact of changes in the interest...     

A note of caution on the relation between money growth and inflation

We assess the bivariate relation between money growth and inflation in the euro area and the United States using hybrid time-varying parameter Bayesian VAR models. Model selection based on marginal likelihoods suggests that the relation is statistically unstable across time in both regions. The effect of money growth on inflation weakened notably after the 1980s before strengthening after 2020. There is evidence that this time variation is related to the pace of price changes, as we find that the maximum impact of money growth on inflation is increasing in the trend level of inflation. These results caution against asserting a simple, time-invariant relationship when modeling the joint dynamics of monetary aggregates and consumer prices.