Showing 1 - 9 of 9
This paper explores the potential effectiveness of the ECB s Outright Monetary Transaction (OMT) program in safeguarding an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting sovereign bond purchases on secondary markets, a stable...
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unterschiedliche gesellschaftliche Antworten (oder Präferenzen) in Bezug auf Zielkonflikte zum Ausdruck. Die einheitliche Geldpolitik … Heterogenität die Geldpolitik, entgegen ihrer Absicht, in Krisenländern destabilisierend wirken kann. Von daher könnte eine …
Persistent link: https://www.econbiz.de/10012051208
We analyze the feedback mechanisms between economic downturns and financial stress for several euro area countries. Our study employs newly constructed financial condition indices that incorporate banking variables extensively. We apply a non-linear Vector Smooth Transition Autoregressive...
Persistent link: https://www.econbiz.de/10010489891
This paper uses panel vector autoregressive models and simulations of an estimated DSGE model to explore the reaction of Euro area banks to the global financial crisis. We focus on their interest rate setting behavior in response to standard macroeconomic shocks. Our main empirical finding is...
Persistent link: https://www.econbiz.de/10010338974
This book pulls together papers presented at a conference in honour of the 1981 Nobel Prize Winner for Economic Science, the late James Tobin. Among the contributors are Olivier Blanchard, Edmund Phelps, Charles Goodhart and Marco Buti. One of the main aims of the conference was to discuss what...
Persistent link: https://www.econbiz.de/10012627061
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In this paper a two-phase pandemic-economic model is proposed, with phase-specific modeling and policy variables - as suggested by the chronicle of pandemic and economic policy developments over the period 2020-2021. In a first phase, the spread of a pandemic disease is the primary concern of...
Persistent link: https://www.econbiz.de/10014331243
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