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European Central Bank
Drometer, Marcus; Siemsen, Thomas; Watzka, Sebastian - 2013
We derive four sets of counterfactual national interest rate paths for the 17 Euro Area countries for the time period 1999 to 2012. They approximate desirable national interest rates countries would have liked to implement if they could still conduct independent monetary policy. We find that...
Persistent link: https://www.econbiz.de/10009724004
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Smells like fiscal policy? : assessing the potential effectiveness of the ECB's OMT program
Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - 2014
an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting … sovereign bond purchases on secondary markets, a stable relationship between bank lending rates and government bond rates is of … this relationship by focusing on the reaction of bank lending rates to movements in government bond rates over the period …
Persistent link: https://www.econbiz.de/10010246072
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Smells like fiscal policy? : assessing the potential effectiveness of the ECB's OMT program ; conference paper
Hristov, Nikolay; Hülsewig, Oliver; Siemsen, Thomas; … - 2014
safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting … sovereign bond purchases on secondary markets, a stable relationship between bank lending rates and government bond rates is of … this relationship by focusing on the reaction of bank lending rates to movements in government bond rates over the period …
Persistent link: https://www.econbiz.de/10010480578