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Financial stability considerations for monetary policy : empirical evidence and challenges
Boyarchenko, Nina; Favara, Giovanni; Schularick, Moritz - 2022
This paper reviews literature on the empirical relationship between vulnerabilities in the financial system and the macroeconomy, and how monetary policy affects that connection. Financial vulnerabilities build up over time, with both risk appetite and risk taking rising during economic...
Persistent link: https://www.econbiz.de/10013161882
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Financial stability considerations for monetary policy : empirical evidence and challenges
Boyarchenko, Nina; Favara, Giovanni; Schularick, Moritz - 2022
Persistent link: https://www.econbiz.de/10013175539
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Global liquidity, world savings glut and global policy coordination
Belke, Ansgar; Gros, Daniel - 2010
drivers of asset prices are global liquidity conditions. Central banks flooded the markets with ample liquidity. Mopping up … this excess liquidity will be one major task for central banks worldwide, which needs to be done in a coordinated fashion …. Moreover, our analysis has shown that liquidity will first show up in asset price inflation and only later in consumer goods …
Persistent link: https://www.econbiz.de/10003934687
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Financial crisis, global liquidity and monetary exit strategies
Belke, Ansgar - 2010
vagabonding global liquidity, there is a strong case for globally coordinating monetary exit strategies. Given unsurmountable …
Persistent link: https://www.econbiz.de/10003958646
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Finanzkrise, globale Liquidität und makroökonomischer Exit
Belke, Ansgar; Schnabl, Gunther - 2010
task - the coordination of the non-exit is more likely than the coordination of the exit. -- Geldpolitik ; Fiskalpolitik …
Persistent link: https://www.econbiz.de/10008855893
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Financial crisis, global liquidity and monetary exit strategies
Belke, Ansgar - 2010
vagabonding global liquidity, there is a strong case for globally coordinating monetary exit strategies. Given unsurmountable …
Persistent link: https://www.econbiz.de/10003961040
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Finanzkrise, globale Liquidität und makroökonomischer Exit
Belke, Ansgar; Schnabl, Gunther - 2010
A series of crises and emergency interest rate cuts has brought global interest rates towards zero and government debt to historical records. The paper discusses the exit options from unconventional monetary policies and unsustainable government debt. First, the paper sheds light on the...
Persistent link: https://www.econbiz.de/10008748343
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Leaning against the wind and crisis risk
Schularick, Moritz; Ter Steege, Lucas; Ward, Felix - 2020
Can central banks defuse rising stability risks in financial booms by leaning against the wind with higher interest rates? This paper studies the state-dependent effects of monetary policy on financial stability. Based on the near-universe of advanced economy financial cycles since the 19th...
Persistent link: https://www.econbiz.de/10012260596
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How much fiscal backing must the ECB have? : the euro area is not the Philippines
Belke, Ansgar - 2010
The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations ("repo"). This has led some commentators to argue that the ECB needs "fiscal...
Persistent link: https://www.econbiz.de/10010208780
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Die Auswirkungen der Geldmenge und des Kreditvolumens auf die Immobilienpreise : ein ARDL-Ansatz für Deutschland
Belke, Ansgar - 2009
Die aktuellen Finanzmarktturbulenzen wurden durch Entwicklungen im Immobiliensektor ausgelöst. Vor diesem Hintergrund analysiert dieser Beitrag den Zusammenhang zwischen den Immobilienpreisen und der Geldmengen- und Kreditvolumensentwicklung für den Zeitraum 1992 -2006 (westdeutsche...
Persistent link: https://www.econbiz.de/10003904552