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The political economy under monetary union: has the euro made a difference?

Fratzscher, Marcel; Stracca, Livio - European Central Bank - 2008

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...

Persistent link: https://www.econbiz.de/10005530784

Does liquidity matter? Properties of a synthetic divisia monetary aggregate in the euro area

Stracca, Livio - European Central Bank - 2001

M3. More in general, the paper lends further support to the view that money and 'liquidity' should be assigned an …

Persistent link: https://www.econbiz.de/10005530804

Money-based interest rate rules: lessons from German data

Gerberding, Christina; Seitz, Franz; Worms, Andreas - Deutsche Bundesbank - 2007

The paper derives the monetary policy reaction function implied by money growth targeting. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. In the second part, it is...

Persistent link: https://www.econbiz.de/10005083083

Interbank lending and monetary policy transmission: evidence for Germany

Ehrmann, Michael; Worms, Andreas - Deutsche Bundesbank - 2001

This paper presents empirical evidence on the behaviour of interbank lending in Germany after a monetary policy impulse. Our VAR analysis shows that following a monetary contraction, the banking system as a whole attracts additional funds from foreign banks. Whereas small cooperative and savings...

Persistent link: https://www.econbiz.de/10005083202

How the Bundesbank really conducted monetary policy: An analysis based on real-time data

Gerberding, Christina; Worms, Andreas; Seitz, Franz - Deutsche Bundesbank - 2004

Papers estimating the reaction function of the Bundesbank generally find that its monetary policy from the 1970s to 1998 can well be captured by a standard Taylor rule according to which the central bank responds to the output gap and to deviations of inflation from target, but not to monetary...

Persistent link: https://www.econbiz.de/10005083284

Should we take inside money seriously?

Stracca, Livio - European Central Bank - 2007

This paper presents a dynamic general equilibrium model with sticky prices, in which "inside" money, made out of commercial banks’ liabilities, plays an active, structural role role. It is shown that, in such a model, an inside money shock has a well-defined meaning. A calibrated version of...

Persistent link: https://www.econbiz.de/10005344903

What is global excess liquidity, and does it matter?

Rüffer, Rasmus; Stracca, Livio - European Central Bank - 2006

liquidity”, a concept which has attracted considerable attention in recent years. The contribution of this paper is threefold …. First, we present some conceptual discussion on the meaning of excess liquidity in advanced countries with developed … excess liquidity and spill-overs between them for a relatively large sample of industrialised and developing countries. Third …

Persistent link: https://www.econbiz.de/10005816250

Non-standard central bank loss functions, skewed risks, and certainty equivalence

al-Nowaihi, Ali; Stracca, Livio - European Central Bank - 2002

This paper sets out to investigate the role of additive uncertainty under plausible non-standard central bank loss functions over future inflation. Building on a substantial body of evidence in the economic psychology literature, this paper postulates (i) period-by-period loss functions that are...

Persistent link: https://www.econbiz.de/10005816268

Housing, consumption and monetary policy: how different are the US and the euro area?

Musso, Alberto; Neri, Stefano; Stracca, Livio - European Central Bank - 2010

The paper provides a systematic empirical analysis of the role of the housing market in the macroeconomy in the US and in the euro area. First, it establishes some stylised facts concerning key variables in the housing market, such as the real house price, residential investment and mortgage...

Persistent link: https://www.econbiz.de/10008541287

Housing finance and monetary policy

Calza, Alessandro; Stracca, Livio; Monacelli, Tommaso - European Central Bank - 2009

We study how the structure of housing finance affects the transmission of monetary policy shocks. We document three main facts: first, the features of residential mortgage markets differ markedly across industrialized countries; second, and ac- cording to a wide range of indicators, the...

Persistent link: https://www.econbiz.de/10005002805