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Giannone, Domenico - 2012

We analyse the impact on the euro area economy of the ECB's non-standard monetary policy measures by studying the effect of the expansion of intermediation of interbank transactions across the central bank balance sheet. We exploit data drawn from the aggregated Monetary and Financial...

Persistent link: https://www.econbiz.de/10013097762

A Quantitative Perspective on Optimal Monetary Policy Cooperation between the US and the Euro Area

Adjemian, Stephane - 2008

The objective of this paper is to examine the main features of optimal monetary policy cooperation within a micro-founded macroeconometric frame-work. First, using Bayesian techniques, we estimate a two-country dynamic stochastic general equilibrium (DSGE) model for the United States (US) and...

Persistent link: https://www.econbiz.de/10012772411

Structural Asymmetries and Financial Imbalances in the Eurozone

Jaccard, Ivan - 2017

observed in the South of Europe. We show that frictions in domestic credit markets generate asymmetries in the transmission …

Persistent link: https://www.econbiz.de/10012953871

Money, Credit, Monetary Policy and the Business Cycle in the Euro Area : What Has Changed since the Crisis?

Giannone, Domenico - 2019

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...

Persistent link: https://www.econbiz.de/10012893985

The First Twenty Years of the European Central Bank : Monetary Policy

Hartmann, Philipp - 2019

On 1 June 2018 the ECB celebrated its 20th anniversary. This paper provides a comprehensive view of the ECB's monetary policy over these two decades. The first section provides a chronological account of the macroeconomic and monetary policy developments in the euro area since the adoption of...

Persistent link: https://www.econbiz.de/10012895694

Labour Market Adjustments in Europe and the US : How Different?

Beyer, Robert - 2015

We compare the labour market response to region-specific shocks in Europe and the US and to national shocks in Europe …-specific variables and the country factors. We find that both in Europe and the US labour mobility accounts for about 50% of the long run … adjustment to region-specific labour demand shocks and only a little more in the US than in Europe, where adjustment takes twice …

Persistent link: https://www.econbiz.de/10013025742

The Determination of Wages of Newly Hired Employees : Survey Evidence on Internal versus External Factors

Galuscak, Kamil - 2010

This paper uses information from a rich firm-level survey on wage and price-setting procedures, in around 15,000 firms in 15 European Union countries, to investigate the relative importance of internal versus external factors in the setting of wages of newly hired workers. The evidence suggests...

Persistent link: https://www.econbiz.de/10013148165

Professional Forecasters and the Real-time Forecasting Performance of an Estimated New Keynesian Model for the Euro Area

Smets, Frank - 2013

This paper analyses the real-time forecasting performance of the New Keynesian DSGE model of Galí, Smets, and Wouters (2012) estimated on euro area data. It investigates to what extent forecasts of inflation, GDP growth and unemployment by professional forecasters improve the forecasting...

Persistent link: https://www.econbiz.de/10013078530

Monetary Policy in Exceptional Times

Lenza, Michele; Pill, Huw; Reichlin, Lucrezia - 2021

This paper describes the response of three central banks to the 2007-09 financial crisis: the European Central Bank, the Federal Reserve and the Bank of England. In particular, the paper discusses the design, implementation and impact of so-called "non-standard" monetary policy measures focusing...

Persistent link: https://www.econbiz.de/10013316158

Business Cycles in the Euro Area

Giannone, Domenico; Lenza, Michele; Reichlin, Lucrezia - 2021

This paper shows that the EMU has not affected historical characteristics of member countries' business cycles and their cross-correlations. Member countries which had similar levels of GDP per-capita in the seventies have also experienced similar business cycles since then and no significant...

Persistent link: https://www.econbiz.de/10013316407