Similar Search Results

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

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

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

How does the ECB allot liquidity in its weekly main refinancing operations? A look at the empirical evidence

Stracca, Livio; Ejerskov, Steen; Martin Moss, Clara - European Central Bank - 2003

This model provides a simple weekly model of the regular supply of liquidity in the euro area, with a view to … understanding the functioning of the euro area money market. The main result of the analysis is that liquidity has normally been … deviations of the overnight rate from the main refinancing rate. Moreover, the paper finds that liquidity has affected the …

Persistent link: https://www.econbiz.de/10005222340

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

A tale of two growth engines: The interactive effects of monetary policy and intellectual property rights

Chu, Angus C.; Lai, Ching-Chong; Liao, Chih-Hsing - Volkswirtschaftliche Fakultät, … - 2010

How do intellectual property rights that determine the market power of firms influence the effects of monetary policy on economic growth and social welfare? To analyze this question, we develop a monetary R&D-based growth model with elastic labor supply. We find that monetary expansion reduces...

Persistent link: https://www.econbiz.de/10008919789

A win-win monetary policy in Canada

Kitov, Oleg; Kitov, Ivan - Volkswirtschaftliche Fakultät, … - 2011

The Lucas critique has exposed the problem of the trade-off between changes in monetary policy and structural breaks in economic time series. The search for and characterisation of such breaks has been a major econometric task ever since. We have developed an integral technique similar to CUSUM...

Persistent link: https://www.econbiz.de/10008927057

Search and endogenous growth: when Romer meets Lagos and Wright

Chu, Angus C.; Lai, Ching-Chong; Liao, Chih-Hsing - Volkswirtschaftliche Fakultät, … - 2012

In this note, we develop a search-based monetary growth model to analyze the growth and welfare effects of inflation. We introduce endogenous growth via capital externality into a two-sector search model and compare the effects of inflation to those from a standard cash-in-advance (CIA) growth...

Persistent link: https://www.econbiz.de/10009650014

Does Banque de France control inflation and unemployment?

Kitov, Ivan; KItov, Oleg - Volkswirtschaftliche Fakultät, … - 2013

We re-estimate statistical properties and predictive power of a set of Phillips curves, which are expressed as linear and lagged relationships between the rates of inflation, unemployment, and change in labour force. For France, several relationships were estimated eight years ago. The change...

Persistent link: https://www.econbiz.de/10011109998