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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

Evaluating the effects of forward guidance and large-scale asset purchases

Zhang, Xu - 2021 - Last updated: November 4, 2021

This paper evaluates the effects of forward guidance and large-scale asset purchases (LSAP) when the nominal interest rate reaches the zero lower bound. I investigate the effects of the two policies in a dynamic new Keynesian model with financial frictions adapted from Gertler and Karadi (2011,...

Persistent link: https://www.econbiz.de/10012657867

A new measure of monetary policy shocks

Zhang, Xu - 2021 - Last updated: June 21, 2021

Combining the high-frequency multidimensional approach of Gürkaynak et al. (2005) with Greenbook measures of the Federal Reserve's information set as in Romer and Romer (2004), I propose a new method of constructing a monetary policy shock that occurs on Federal Reserve announcement days. I...

Persistent link: https://www.econbiz.de/10012546138

More than words : FED chairs' communication during congressional testimonies

Alexopoulos, Michelle; Han, Xinfen; Kryvtsov, Oleksiy; … - 2022 - Last updated: May 5, 2022

We measure soft information contained in the congressional testimonies of U.S. Federal Reserve Chairs and analyze its effect on financial markets. Our measures of Fed Chairs' emotions expressed in words, voice and facial expressions are created using machine learning. Increases in the Chair's...

Persistent link: https://www.econbiz.de/10013189228

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

Monetary policy and racial inequality in housing markets : a study of 140 US metropolitan areas

Li, Qi; Zhang, Xu - 2023 - Last updated: December 28, 2023

This paper investigates the differential impact of monetary policy on homeownership and housing returns among Black, Hispanic and White households. Using data on 13 million repeat sales from 1993 to 2020, we construct and analyze race-specific entries and exits of homeownership and housing...

Persistent link: https://www.econbiz.de/10014457610

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

The global financial cycle, monetary policies and macroprudential regulations in small, open economies

Bauer, Gregory H.; Pasricha, Gurnain Kaur; Sekkel, Rodrigo - 2016

This paper analyzes the implications of the global financial cycle for conventional and unconventional monetary policies and macroprudential policy in small, open economies such as Canada. The paper starts by summarizing recent work on financial cycles and their growing correlation across...

Persistent link: https://www.econbiz.de/10011520366

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

Wird der Eurokurs manipuliert? : der Euro im Spannungsfeld abweichender Ausrichtungen von EZB und Federal Reserve

Tober, Silke - 2017

Fed befindet sich in einer Phase moderater geldpolitischer Straffung, die die Europäische Zentralbank (EZB) noch gar nicht …

Persistent link: https://www.econbiz.de/10011615745