Similar Search Results

Implications for liquidity from innovation and transparency in the European corporate bond market

Laganá, Marco; Perina, Martin; Köppen-Mertes, Isabel von - European Central Bank - 2006

This paper offers a new framework for the assessment of financial market liquidity and identifies two types: search … liquidity and systemic liquidity. Search liquidity, i.e. liquidity in “normal” times, is driven by search costs required for a … trader to find a willing buyer for an asset he/she is trying to sell or vice versa. Search liquidity is asset specific …

Persistent link: https://www.econbiz.de/10005344808

The impact of the Eurosystem's covered bond purchase programme on the primary and secondary markets

Beirne, John; Dalitz, Lars; Ejsing, Jacob; Grothe, Magdalena - European Central Bank - 2011

credit institutions to maintain and expand their lending to clients, and (iv) improving market liquidity in important …

Persistent link: https://www.econbiz.de/10008802577

The reform and implementation of the Stability and Growth Pact

Morris, Richard; Ongena, Hedwig; Schuknecht, Ludger - European Central Bank - 2006

Fiscal rules are instrumental for restraining deficit and spending biases in euro area Member States that could threaten the smooth functioning of Economic and Monetary Union (EMU). Ideally, fiscal rules should combine characteristics such as sufficient flexibility to allow for appropriate...

Persistent link: https://www.econbiz.de/10005344800

Fiscal policy challenges in oil-exporting countries – a review of key issues.

Sturm, Michael; Gurtner, François; Alegre, Juan Gonzalez - European Central Bank - 2009

Fiscal policy choices have a particularly significant impact on economic performance in oil-exporting countries, owing to the importance of the oil sector in the economy and the fact that in most countries oil revenues accrue to the government. At the same time, fiscal policy in oil-centred...

Persistent link: https://www.econbiz.de/10005036735

Structural features of distributive trades and their impact on prices in the euro area

European Central Bank; Task Force of the Monetary … - 2011

The distributive trades sector, which is primarily accounted for by wholesale and retail trade, is not only economically important in its own right, but also relevant to monetary policy. Ultimately, it is retailers who set the actual prices of most consumer goods. They are the main interface...

Persistent link: https://www.econbiz.de/10009327809

The impact of the euro on money and bond markets

Santillán, Javier; Bayle, Marc; Thygesen, Christian - European Central Bank - 2000

notably regarding the bond market which lags behind in terms of liquidity, market completeness and overall size compared to …

Persistent link: https://www.econbiz.de/10004969144

Monetary policy strategy in a global environment

Moutot, Philippe; Vitale, Giovanni - European Central Bank - 2009

ultimate provider of liquidity to financial markets in situations of extreme instability and market malfunctioning. A sudden … and sharp liquidity drought in the market should be tackled with appropriate measures that could even go beyond the … communicate that the aim of its liquidity provision measures is to support the proper functioning of financial markets, and that …

Persistent link: https://www.econbiz.de/10005034283

Inflation persistence and price-setting behaviour in the euro area – a summary of the IPN evidence

Altissimo, Filippo; Ehrmann, Michael; Smets, Frank - European Central Bank - 2006

This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings are - i) Under the current monetary policy regime, the...

Persistent link: https://www.econbiz.de/10005530648

Energy markets and the euro area macroeconomy

European Central Bank; Task Force of the Monetary … - 2010

This report aims to analyse euro area energy markets and the impact of energy price changes on the macroeconomy from a monetary policy perspective. The core task of the report is to analyse the impact of energy price developments on output and consumer prices. Nevertheless, understanding the...

Persistent link: https://www.econbiz.de/10008602651

The retail bank interest rate pass-through: The case of the euro area during the financial and sovereign debt crisis

Darracq Pariès, Matthieu; Moccero, Diego; Krylova, … - European Central Bank - 2014

This paper analyses the cross-country heterogeneity in retail bank lending rates in the euro area and presents newly developed pass-through models that account for the riskiness of borrowers, the balance sheet constraints of lenders and sovereign debt tensions affecting interest rate-setting...

Persistent link: https://www.econbiz.de/10011115255