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Laeven, Luc; Draghi, Mario; Dombret, Andreas R.; … - SUERF - The European Money and Finance Forum; Deutsche …; … - 2016

On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...

Persistent link: https://www.econbiz.de/10011557140

Central Bank Purchases of Private Assets

Williamson, Stephen D. - Federal Reserve Bank of St. Louis - 2014

A model is constructed in which consumers and banks have incentives to fake the quality of collateral. Conventional monetary easing can exacerbate these problems, in that the mispresentation of collateral becomes more profitable, thus increasing haircuts and interest rate differentials. Central...

Persistent link: https://www.econbiz.de/10010938568

What are the Effects of Fiscal Policy Shocks?

Mountford, A.W.; Uhlig, H.F.H.V.S. - Tilburg University, Center for Economic Research - 2002

We investigate the effects of fiscal policy surprises for US data, using vector autoregressions.We overcome the difficulties that changes in fiscal policy may manifest themselves in variables other than fiscal variables first and that fiscal variables may respond 'automatically' to business...

Persistent link: https://www.econbiz.de/10011092709

Money, Fiscal Defecits and Government Debt in a Monetary Union

Bovenberg, A.L.Bovenberg; van Aarle, B.; Raith, M. - Tilburg University, Center for Economic Research - 1996

The replacement of national currencies by a common currency in the EMU causes a monetary externality if the European Central Bank is inclined to monetize part of outstanding government debt in the community.High government debt in one part of the EU then increases the common inflation rate.We...

Persistent link: https://www.econbiz.de/10011092899

The Expected Inflation Channel of Government Spending in the Postwar U.S.

Dupor, Bill; Li, Rong - Federal Reserve Bank of St. Louis - 2013

There exist sticky price models in which the output response to a government spending change can be large if the central bank is nonresponsive to inflation. According to this “expected inflation channel," government spending drives up expected inflation, which in turn, reduces the real...

Persistent link: https://www.econbiz.de/10011027321

Output Stabilization in EMU : IS there a Case for EFTS?

van Aarle, B.; Hougaard Jensen, S.E. - Tilburg University, Center for Economic Research - 1996

Macroeconomic performance in the Economic and Monetary Union (EMU) will be impaired if macroeconomic shocks are largely asymmetric, fiscal policy flexibility is limited, goods markets adjust sluggishly, labour mobility is low and automatic stabilization from federal taxes and government spending...

Persistent link: https://www.econbiz.de/10011092163

One Money, But Many Fiscal Policies in Europe : What are the Consequences?

Uhlig, H.F.H.V.S. - Tilburg University, Center for Economic Research - 2002

This paper outlines some issues regarding the interaction of independent fiscal authorities and one central bank in the European monetary union.It points out the possibilities for coordination failures,ranging everywhere from potentially excessive deficits and free-riding problems to...

Persistent link: https://www.econbiz.de/10011092175

Optimal degrees of transparency in monetary policymaking

Jensen, Henrik - Deutsche Bundesbank - 2001

Den meisten Akademikern und politischen Entscheidungsträgern zufolge ist Transparenz in der Geldpolitik wünschenswert …. In diesem Fall kann Transparenz negative Folgen haben. Sie kann sich sogar als eine die Geldpolitik verzerrende …

Persistent link: https://www.econbiz.de/10005083135

The ESRB at 1

Gerlach, Stefan (ed.); Gnan, Ernest (ed.); Ulbrich, Jens (ed.) - Conference on ESRB at 1 <1, 2011, Berlin>; SUERF - The …; … - 2012

SUERF – The European Money and Finance Forum, the Deutsche Bundesbank and the Institute for Monetary and Financial Stability (IMFS) took the opportunity of the first anniversary of this new institution to organise a joint conference in Berlin on 8-9 November 2011. The purpose of this event was...

Persistent link: https://www.econbiz.de/10011711529

Understanding global liquidity

Eickmeier, Sandra; Gambacorta, Leonardo; Hofmann, Boris - Deutsche Bundesbank - 2013

We explore the concept of global liquidity based on a factor model estimated using a large set of financial and … macroeconomic variables from 24 advanced and emerging market economies. We measure global liquidity conditions based on the common … global factors in the dynamics of liquidity indicators. By imposing theoretically motivated sign restrictions on factor …

Persistent link: https://www.econbiz.de/10010957104