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The Benefits and Costs of Highly Expansionary Monetary Policy

Rawdanowicz, Łukasz; Bouis, Romain; Watanabe, Shingo - Economics Department, Organisation de Coopération et … - 2013

How far to go – and to remain – in the direction of highly expansionary monetary policy hinges on the balance of marginal benefits and costs of additional monetary easing and its expected evolution over time. This paper sketches a framework for assessing this balance and applies it to four...

Persistent link: https://www.econbiz.de/10011276907

EMU, The Euro and The European Policy Mix

Coppel, Jonathan; Durand, Martine; Visco, Ignazio - Economics Department, Organisation de Coopération et … - 2000

One year ago most economic observers predicted that "fundamentals" were such that the euro was set to appreciate. In the event, the opposite has occurred. This has rekindled a debate on how well foreign exchange markets reflect fundamental determinants and led to calls for greater exchange rate...

Persistent link: https://www.econbiz.de/10005046230

Turkey's Improving Integration with the Global Capital Market: Impacts on Risk Premia and Capital Costs

Gönenç, Rauf; Sahinöz, Saygin; Tuncel, Ozge - Economics Department, Organisation de Coopération et … - 2010

Turkey has considerably improved its terms of access to the global capital market. Progress in macroeconomic fundamentals has enhanced credibility and reduced risk premia and capital costs. This has had broad effects on capital supply conditions in the entire economy. Real interest rates have...

Persistent link: https://www.econbiz.de/10008692918

The Effectiveness of Monetary Policy since the Onset of the Financial Crisis

Bouis, Romain; Rawdanowicz, Łukasz; Renne, Jean-Paul; … - Economics Department, Organisation de Coopération et … - 2013

the banking sector in most countries, with the exception of vulnerable euro area economies, monetary policy stimulus did …

Persistent link: https://www.econbiz.de/10011276812

Have Long-term Financial Trends Changed the Transmission of Monetary Policy?

Cournède, Boris; Ahrend, Rudiger; Price, Robert W.R. - Economics Department, Organisation de Coopération et … - 2008

This paper addresses the question of whether and how long-term financial trends may have modified the transmission mechanism from monetary policy decisions to economic activity. The focus is on longterm changes, abstracting from the disruptions created by the 2007-08 financial turmoil which are...

Persistent link: https://www.econbiz.de/10005045625

Recent and Prospective Trends in Real Long-Term Interest Rates: Fiscal Policy and other Drivers

Brook, Anne-Marie - Economics Department, Organisation de Coopération et … - 2003

This paper documents some features of recent trends in bond yields and discusses the drivers of these trends. This includes a discussion of the relationship between fiscal balances and interest rates -- with a summary of key empirical results from the literature provided in the Appendix. The...

Persistent link: https://www.econbiz.de/10005045646

What Drives Sovereign Risk Premiums?: An Analysis of Recent Evidence from the Euro Area

Haugh, David; Ollivaud, Patrice; Turner, David - Economics Department, Organisation de Coopération et … - 2009

This paper analyses recent large movements in the yield spread for sovereign bonds as between Germany and other euro area countries. While the general increase in risk aversion that has characterised the financial crisis is an important factor on its own, it is found that this has also magnified...

Persistent link: https://www.econbiz.de/10005005487

The Conduct of Monetary Policy in the Future: Instrument Use

Inaba, Kei-Ichiro; Rory O’Farrell; Rawdanowicz, Łukasz; … - Economics Department, Organisation de Coopération et … - 2015

due to new liquidity requirements. The transition to this situation will be lengthy and will require a mixture of … liquidity draining instruments. Alternatively, they could adopt a floor system, which may benefit financial stability. The use …

Persistent link: https://www.econbiz.de/10011276813

Factors Driving Risk Premia

Sløk, Torsten; Kennedy, Mike - Economics Department, Organisation de Coopération et … - 2004

fundamentals coupled with OECD-wide abundant liquidity. Regarding the latter two factors, principal component analysis was used … analysis finds that both economic fundamentals and liquidity have played a statistically significant role in driving the common … factor. It also finds that liquidity (measured as the GDP weighted average of M3 of the three major economies less its trend …

Persistent link: https://www.econbiz.de/10005045804

Prudential Regulation and Competition in Financial Markets

Ahrend, Rudiger; Arnold, Jens; Murtin, Fabrice - Economics Department, Organisation de Coopération et … - 2009

This paper examines how a range of stability-oriented regulatory policies for banking and insurance are related to …, policy indicators for eight areas of prudential banking regulation are constructed, in addition to indicators for the …-oriented regulatory policies and competition in banking and insurance.<P>Régulation prudentielle et concurrence sur les marchés financiers …

Persistent link: https://www.econbiz.de/10008498028