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Following Germany'S Lead : Using International Monetary Linkages to Identify the Effect of Monetary Policyon the Economy

International Monetary Fund - 2005

Forward-looking behavior on the part of the monetary authority leads least squares estimates to understate the true growth consequences of monetary policy interventions. We present instrumental variables estimates of the impact of interest rates on real output growth for several European...

Persistent link: https://www.econbiz.de/10014400699

Inflation Targeting and Output Growth : Empirical Evidence for the European Union

International Monetary Fund - 2005

This paper evaluates the performance of two alternative policy rules, a forward-looking rule and a spontaneous adjustment rule, under alternative inflation targets, in terms of output losses in a macroeconomic model, using European Union data. The simulations suggest that forward-looking rules...

Persistent link: https://www.econbiz.de/10014400852

How to Stop a Herd of Running Bears? Market Response to Policy Initiatives During the Global Financial Crisis

International Monetary Fund - 2009

This paper examines the impact of macroeconomic and financial sector policy announcements in the United States, the United Kingdom, the euro area, and Japan during the recent crisis on interbank credit and liquidity risk premia. Announcements of interest rate cuts, liquidity support, liability...

Persistent link: https://www.econbiz.de/10014402377

European Financial Linkages : A New Look At Imbalances

International Monetary Fund - 2010

financing of Euro area imbalances. Creditor and debtor positions vis-à-vis the rest of the EU have tended to increase between …

Persistent link: https://www.econbiz.de/10014403092

Government Debt Issuance in the Euro Area : The Impact of the Financial Crisis

International Monetary Fund - 2011

This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone countries and Denmark. Using a newly constructed database on primary market debt issuance during 2007-09, we find evidence of a shift away from pre-crisis standards of best funding...

Persistent link: https://www.econbiz.de/10014403688

Toward a Framework for Safeguarding Financial Stability

International Monetary Fund - 2004

This paper examines the emergence of financial stability as a key policy objective. It discusses the underlying trends in the financial system, as well as the role of finance in relation to money, the real economy, and public policy. Financial stability is defined in terms of its ability to help...

Persistent link: https://www.econbiz.de/10014404178

A European Mandate for Financial Sector Supervisors in the EU

International Monetary Fund - 2009

The EU is deliberating the introduction of an explicit ""European mandate"" for financial sector supervisors to …

Persistent link: https://www.econbiz.de/10014404295

Inflation Differentials in the EU : A Common ( Factors ) Approach with Implications for EU8 Euro Adoption Prospects

International Monetary Fund - 2008

This paper explores inflation determinants within the EU and implications for new members'' euro adoption plans. Factor … analysis partitions observed inflation in EU25 countries into common-origin and country-specific (idiosyncratic) components …. Cross-country differences in common-origin inflation within the EU are found to depend on gaps in the initial price level …

Persistent link: https://www.econbiz.de/10014401399

Cross-Border Coordination of Prudential Supervision and Deposit Guarantees

International Monetary Fund - 2008

The scramble to expand deposit guarantees in Europe in response to recent financial turmoil confirms that the on-going integration of European financial markets requires closer coordination of prudential policies and financial safety nets. We study the optimal design of prudential supervision...

Persistent link: https://www.econbiz.de/10014401736

Technology Diffusion, Services, and Endogenous Growth in Europe. is the Lisbon Strategy Useful?

International Monetary Fund - 2005

United States. Policy simulations illustrate the benefits for EU growth of the deepening of the single market, the reduction …

Persistent link: https://www.econbiz.de/10014399872