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Monetary transmission right from the start : the (dis)connection netween the money market and the ECB’s main refinancing rates
Abbassi, Puriya; Nautz, Dieter - 2010
process in the euro area. This paper investigates how money market rates respond to the new information revealed by MRO …
Persistent link: https://www.econbiz.de/10003962841
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Inflation, price dispersion and market integration through the lens of a monetary search model
Becker, Sascha O.; Nautz, Dieter - 2010
Recent monetary search models emphasize that the real effects of inflation via its impact on price dispersion depend on the level of search costs and, thus, on the level of market integration. For less integrated markets, the inflation-price dispersion nexus is predicted to be asymmetrically...
Persistent link: https://www.econbiz.de/10003952539
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Central bank communication and the perception of monetary policy by financial market experts
Schmidt, Sandra; Nautz, Dieter - 2010
This paper investigates why financial market experts misperceive the interest rate policy of the European Central Bank (ECB). Assuming a Taylor-rule-type reaction function of the ECB, we use qualitative survey data on expectations about the future interest rate, inflation, and output to discover...
Persistent link: https://www.econbiz.de/10008796249
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Divisia monetary aggregates for a heterogeneous euro area
Brill, Maximilian; Nautz, Dieter; Sieckmann, Lea - 2019 - This version: June 25, 2019
We introduce a Divisia monetary aggregate for the euro area that accounts for the heterogeneity across member countries … both, in terms of interest rates and the decomposition of monetary assets. In most of the euro area countries, the … the simple sum aggregate has a significant predictive content for recessions in euro area countries. …
Persistent link: https://www.econbiz.de/10012023395