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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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A new two-pillar strategy for the ECB
De Grauwe, Paul; Gros, Daniel - 2009
The ECB has been arguing in the past that since there is no trade-off between price stability and financial stability, the pursuit of price stability is the best a central bank can do to also maintain financial stability. We argue that there is a potential trade-off between price stability and...
Persistent link: https://www.econbiz.de/10003888991
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Liquidity in times of crisis : even the ESM needs it
Gros, Daniel; Mayer, Thomas - 2012
Persistent link: https://www.econbiz.de/10009572256
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Liquidity in Times of Crisis : Even the ESM needs it
Gros, Daniel - 2012
access to the ECB under the same conditions as apply to any normal bank. This would provide a liquidity backstop for the EMS …
Persistent link: https://www.econbiz.de/10013108165
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Global Liquidity, World Savings Glut and Global Policy Coordination
Belke, Ansgar Hubertus - 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/10013144334
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Macroeconomic effects of China's fiscal stimulus
Cova, Pietro; Pisani, Massimiliano; Rebucci, Alessandro - 2010
Persistent link: https://www.econbiz.de/10009305975
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Why Europe Will Suffer More
Gros, Daniel - 2009
Even though the financial crisis might have started in the US, CEPS Director Daniel Gros finds in a new CEPS Policy Brief that even more combustible material had accumulated in Europe, and that therefore that it likely that the cost will be higher here and the recovery slower than on the other...
Persistent link: https://www.econbiz.de/10013157778
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The Impact of the Crisis on the Real Economy
Gros, Daniel - 2010
The recent financial crisis was caused by a combination of asset price bubbles, mainly in the real estate sector, and a credit bubble that led to excessive leverage. A recurrent theme of this paper is that an appropriate assessment of the crisis should be made in light of the bubble that...
Persistent link: https://www.econbiz.de/10013143629
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Central banks in times of crisis : the FED vs. the ECB
Gros, Daniel; Alcidi, Cinzia; Giovanni, Alessandro - 2012
Persistent link: https://www.econbiz.de/10009574642
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Does easing monetary policy increase financial instability?
Cesa-Bianchi, Ambrogio; Rebucci, Alessandro - 2013
This paper develops a model featuring both a macroeconomic and a financial stability objective that speaks to the interaction between monetary and macroprudential policies. First, we find that interest rate rigidities in a monopolistic banking system have an asymmetric impact on financial...
Persistent link: https://www.econbiz.de/10009725130