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Monetary policy and the oil futures market
Eickmeier, Sandra; Lombardi, Marco J. - Deutsche Bundesbank - 2012
findings. (i) Monetary policy and financial activity shocks both have a significant effect on the oil price. (ii) Monetary … policy has made large positive contributions to oil price growth in 2008. (iii) Monetary policy affects the oil price …
Persistent link: https://www.econbiz.de/10010957148
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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
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Exchange rate dynamics, expectations, and monetary policy
Chen, Qianying - Deutsche Bundesbank - 2011
This paper re-investigates the implications of monetary policy rules on changes in exchange rate, in a risk-adjusted, uncovered interest parity model with unrestricted parameters, emphasizing the importance of modeling market expectations of monetary policy. I use consensus forecasts as a proxy...
Persistent link: https://www.econbiz.de/10009283654
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Money and monetary policy transmission in the euro area: evidence from FAVAR- and VAR approaches
Blaes, Barno - Deutsche Bundesbank - 2009
monetary aggregates to a one-off monetary policy shock. We find that - as theory suggests - money growth is dampened by a …
Persistent link: https://www.econbiz.de/10005059022
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Optimal degrees of transparency in monetary policymaking
Jensen, Henrik - Deutsche Bundesbank - 2001
price setters to infer the central bank's future policy intentions, thereby making current inflation more responsive to …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
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The reliability of Canadian output gap estimates
Cayen, Jean-Philippe; van Norden, Simon - Deutsche Bundesbank - 2004
Recent work on policy rules under uncertainty have highlighted the impact of output gap measurement errors on economic outcomes and their importance in the formulation of appropriate policy rules. This paper investigates the reliability of current estimates of the output gap in Canada. We begin...
Persistent link: https://www.econbiz.de/10005083193
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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
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Monetary policy and bank distress: an integrated micro-macro approach
De Graeve, Ferre; Kick, Thomas - Deutsche Bundesbank - 2008
Evidence on the interdependency between monetary policy and the state of the banking system is scarce. We suggest an integrated micro-macro approach with two core virtues. First, we measure the probability of bank distress directly at the bank level. Second, we integrate a microeconomic hazard...
Persistent link: https://www.econbiz.de/10005082796
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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
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Central Bank accountability and transparency: theory and some evidence
Eijffinger, Sylvester C. W.; Hoeberichts, Marco - Deutsche Bundesbank - 2000
Geldpolitik und die Frage, wer die endgültige Verantwortung für die Geldpolitik trägt. Das Papier zeigt auf, dass die …
Persistent link: https://www.econbiz.de/10005083087