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The Stress of Having a Single Monetary Policy in Europe
Sturm, Jan-Egbert; Wollmershäuser, Timo - CESifo - 2008
show that it depends upon the underlying country weighting scheme in the monetary decision process of the ECB whether or …. Finally, we produce an estimate of the actual policy weights the ECB has implicitly attached to each of the member countries …. Developments in small member countries have received more than proportional weights in actual monetary policy decisions of the ECB. …
Persistent link: https://www.econbiz.de/10005406450
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Does Money Matter in the ECB Strategy? New Evidence Based on ECB Communication
Berger, Helge; Sturm, Jan-Egbert - CESifo - 2006
We examine the role of money in the policies of the ECB, using introductory statements of the ECB President at the … somewhat more important in the later half of the sample, only played a minor role most of the time. Our estimates of ECB … interest rate decisions suggest that the ECB’s words (monetary-sector based policy intensions) are not an important determinant …
Persistent link: https://www.econbiz.de/10005406390
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The Effects of Monetary Policy on Unemployment Dynamics under Model Uncertainty - Evidence from the US and the Euro Area
Altavilla, Carlo; Ciccarelli, Matteo - CESifo - 2009
This paper explores the role that the imperfect knowledge of the structure of the economy plays in the uncertainty surrounding the effects of rule-based monetary policy on unemployment dynamics in the euro area and the US. We employ a Bayesian model averaging procedure on a wide range of models...
Persistent link: https://www.econbiz.de/10005051516
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Monetary Policy Analysis in Real-Time. Vintage Combination from a Real-Time Dataset.
Altavilla, Carlo; Ciccarelli, Matteo - CESifo - 2011
This paper provides a general strategy for analyzing monetary policy in real time which accounts for data uncertainty without explicitly modelling the revision process. The strategy makes use of all the data available from a real-time data matrix and averages model estimates across all data...
Persistent link: https://www.econbiz.de/10008861862
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Sovereign Default Risk and Banks in a Monetary Union
Uhlig, Harald - CESifo - 2013
This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank, and that their sovereign partially backs up any...
Persistent link: https://www.econbiz.de/10010877795
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The Monetary Policy of the ECB: A Robin Hood Approach?
Drometer, Marcus; Siemsen, Thomas; Watzka, Sebastian - CESifo - 2013
inverted with the onset of the financial crisis. To shed light on the underlying decision rule of the ECB, we rank different …
Persistent link: https://www.econbiz.de/10010670796
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Does the Euro-zone Diverge? A Stress Indicator for Analyzing Trends and Cycles in Real GDP and Inflation
Flaig, Gebhard; Wollmershäuser, Timo - CESifo - 2007
interest rates have been too low over the 1999-2005 period. Stress in Germany is close to zero, implying that the ECB continues …
Persistent link: https://www.econbiz.de/10005094297
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Transparency, Flexibility and Macroeconomic Stabilization
Geraats, Petra - CESifo - 2014
Many central banks have become more transparent during the last decade, in particular about macroeconomic prospects. This paper shows that such economic transparency could give central banks greater flexibility to respond to macroeconomic shocks. In particular, it allows central banks to...
Persistent link: https://www.econbiz.de/10010877697
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How Expoerts Decide: Preferences or Private Assessments on a Monetary Policy Committee?
Hansen, Stephen; McMahon, Michael; Rivera, Carlos Velasco - CESifo - 2013
Using voting data from the Bank of England, we show that different individual assessments of the economy strongly influence votes after controlling for individual policy preferences. We estimate that internal members form more precise assessments than externals and are also more hawkish, though...
Persistent link: https://www.econbiz.de/10010877935
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National Representation in Multinational Institutions: The Case of the European Central Bank
Badinger, Harald; Nitsch, Volker - CESifo - 2011
determine national representation in the top management of the ECB. Further, there is evidence for the existence of national … the core business areas of the ECB. Examining a sample of 14 European countries over the period from 1999 to 2008, we … macroeconomic data. Our results indicate that weights based on national representation in the mid-level management of the ECB's core …
Persistent link: https://www.econbiz.de/10009294095