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An assessment of the Bank of Canada's term PRA facility

Enenajor, Emanuella; Sebastian, Alex; Witmer, Jonathan - 2010

This paper empirically assesses the effectiveness of the Bank of Canada's term Purchase and Resale Agreement (PRA) facility in reducing short-term bank funding pressures, as measured by the CDOR-OIS spread. It examines the behaviour of this spread around both term PRA announcement dates and term...

Persistent link: https://www.econbiz.de/10003996872

Monetary policy aspects of the enlargement of the Euro area

Lommatzsch, Kirsten; Tober, Silke - 2002

There is some evidence that interdependencies among European banks have increased over the past 15 years and that the potential of systemic risks in banking has shifted from a national level to a European level. Whereas wholesale financial markets are considered to be highly integrated within...

Persistent link: https://www.econbiz.de/10010503712

Monetary policy implementation and payment system modernization

Witmer, Jonathan - 2020 - Last updated: June 30, 2020

24/7 payment settlement may impact the demand for central bank reserves and thus could have an effect on monetary policy implementation. Using the standard workhorse model of monetary policy implementation (Poole, 1968), we show that 24/7 payment settlement induces a precautionary demand for...

Persistent link: https://www.econbiz.de/10012243377

Monetary policy implementation in a negative rate environment

Boutros, Michael; Witmer, Jonathan - 2017

Monetary policy implementation could, in theory, be constrained by deeply negative rates since overnight market participants may have an incentive to invest in cash rather than lend to other participants. To understand the functioning of overnight markets in such an environment, we add the...

Persistent link: https://www.econbiz.de/10011673637

Prudent recalibration required: the ECB's response to the 2022 price shocks : monetary policy challenges 2023

Tober, Silke; Theobald, Thomas - 2023 - Completed on 25 May 2023

The ECB was not slow to react to the rising inflation, but rather reacted very strongly as the price shocks escalated and the supply bottlenecks persisted longer than widely expected. The ECB raised rates later and less forcefully than the Federal Reserve because the inflation dynamics in the...

Persistent link: https://www.econbiz.de/10014289158

Time-varying Nairu and real interest rates in the Euro Area

Logeay, Camille; Tober, Silke - 2003

This paper analyses the Nairu in the Euro Area and the influence that monetary policy had on its development. Using the Kalman-filter technique we find that the Nairu has varied considerably since the early seventies. The Kalman-filter technique is applied here for the first time using explicit...

Persistent link: https://www.econbiz.de/10011438545

Aggregate and welfare effects of redistribution of wealth under inflation and price-level targeting

Meh, Césaire Assah (contributor); … - 2008

Since the work of Doepke and Schneider (2006a) and Meh and Terajima (2008), we know that inflation causes major redistribution of wealth between households and the government, between nationals and foreigners, and between households within the same country. Two types of monetary policy,...

Persistent link: https://www.econbiz.de/10003773003

Herausforderungen für die Wirtschaftspolitik 2010 : Geldpolitik, Finanzpolitik und Arbeitsmarktpolitik in diesem Jahr

Horn, Gustav A.; Sturn, Simon; Tober, Silke; Truger, Achim - 2010

endgültig überwunden werden? Wann und wie soll der Expansionskurs der Fiskal- und Geldpolitik beendet werden? Wie bekommt man …

Persistent link: https://www.econbiz.de/10009503564

Finanzmarktstabilität in Zeiten unkonventioneller Geldpolitik

Theobald, Thomas; Tober, Silke; List, Emanuel - 2015

Lockerung auf einem Niveau, das erhöhte Wachsamkeit verlangt. Gefordert ist nicht die Geldpolitik im engeren Sinne, deren Kurs … Geldpolitik wäre daher auch mit Blick auf die Finanzmarktstabilität sinnvoll. …

Persistent link: https://www.econbiz.de/10011350121

Geldpolitik der EZB : Stabilität ohne "sichere" Staatsanleihen?

Tober, Silke - Institut für Makroökonomie und Konjunkturforschung - 2016

Die stark expansive Geldpolitik der Europäischen Zentralbank zeigt positive Wirkungen. Die Zinsen sind weiter gesunken … Weltwirtschaft verstärkt würden. Die Geldpolitik benötigt daher dringend Unterstützung durch die Fiskalpolitik.Der Euroraum hat zudem … ein zentrales Problem, das nicht nur die Effektivität der Geldpolitik beeinträchtigt, sondern auch die Fiskalpolitik …

Persistent link: https://www.econbiz.de/10011441002