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Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero

Coenen, Günter; Orphanides, Athanasios; Wieland, Volker - 2003

This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We ﬁnd that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the...

Persistent link: https://www.econbiz.de/10009635983

Country and sector-specific spillover effects in the euro area, the United States and Japan

Kaltenhaeuser, Bernd - 2003

Within a two-step GARCH framework we explore the linkages between equity returns of ten sectors in the euro area, the … United States and Japan, respectively. Our estimation framework allows a distinction to be made between spillover effects … process towards higher integration has been primarily a phenomenon of equity markets in the euro area and the United States. …

Persistent link: https://www.econbiz.de/10009635881

Monetary policy transmission in the euro area

Angeloni, Ignazio; Ehrmann, Michael - 2003

We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind …

Persistent link: https://www.econbiz.de/10009635961