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How Much Fiscal Backing Must the ECB Have?: The Euro Area Is Not the Philippines

Belke, Ansgar - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 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/10008535997

Driven by the Markets?: ECB Sovereign Bond Purchases and the Securities Markets Programme

Belke, Ansgar - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010

After the dramatic rescue package for the euro area, the governing council of the European Central Bank decided to … assets as collateral and by outright purchases in the central bank balance sheet artificially keeps the asset prices up and …

Persistent link: https://www.econbiz.de/10008492948

Foreign Bank Presence and Its Effect on Firm Entry and Exit in Transition Economies

Havrylchyk, Olena - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010

This study investigates the impact of foreign bank penetration in Central and Eastern Europe on firm entry. We … size, we define opacity in terms of technological process and show that economic significance of foreign bank entry is … evidence of increased credit constraints and are consistent with theories that argue that foreign bank presence exacerbates …

Persistent link: https://www.econbiz.de/10010783951

Foreign Bank Presence and Its Effect on Firm Entry and Exit in Transition Economies

Havrylchyk, Olena - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010

Persistent link: https://www.econbiz.de/10010661281

Bayesian Inference for the Mixed-Frequency VAR Model

Viefers, Paul - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011

In this paper a mixed-frequency VAR à la Mariano & Murasawa (2004) with Markov regime switching in the parameters is estimated by Bayesian inference. Unlike earlier studies, that used the pseuo-EM algorithm of Dempster, Laird & Rubin (1977) to estimate the model, this paper describes how to...

Persistent link: https://www.econbiz.de/10009371746

Credit Frictions and Labor Market Dynamics

Hristov, Atanas - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009

We outline the case for credit frictions and a demand side aspect to labor market fluctuations. To illustrate the above proposition, we present a simple framework to analyze the joint dependence between a labor search problem in the labor market and a costly state verification problem in the...

Persistent link: https://www.econbiz.de/10010896114

Credit Frictions and Labor Market Dynamics

Hristov, Atanas - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009

Persistent link: https://www.econbiz.de/10005069151

Effects of Global Liquidity on Commodity and Food Prices

Belke, Ansgar; Bordon, Ingo G.; Volz, Ulrich - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012

This paper investigates the relationship between global liquidity and commodity and food prices applying a global cointegrated vector-autoregressive model. We use different measures of global liquidity and various indices of commodity and food prices for the period 1980-2011. Our results support...

Persistent link: https://www.econbiz.de/10010538693

Does Government Ideology Matter in Monetary Policy?: A Panel Data Analysis for OECD Countries

Belke, Ansgar; Potrafke, Niklas - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011

time-variant index of central bank independence with government ideology. The results show that leftist governments have … somewhat lower short-term nominal interest rates than rightwing governments when central bank independence is low. In contrast …, short-term nominal interest rates are higher under leftist governments when central bank independence is high. The effect is …

Persistent link: https://www.econbiz.de/10009395418

Modifying Taylor Reaction Functions in Presence of the Zero-Lower-Bound: Evidence for the ECB and the Fed

Belke, Ansgar; Klose, Jens - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012

We propose an alternative way of estimating Taylor reaction functions if the zero-lowerbound on nominal interest rates is binding. This approach relies on tackling the real rather than the nominal interest rate. So if the nominal rate is (close to) zero central banks can influence the inflation...

Persistent link: https://www.econbiz.de/10010556953