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The central bank's balance sheet in the long run : a macro perspective

Karadi, Peter (contributor); Thaler, Dominik (contributor); … - European Central Bank - 2024

satisfies financial institutions' aggregate liquidity needs. Using a theoretical framework, we demonstrate that abundant … issue more private liquidity, in the form of deposits. However, a very large increase in the average size of its balance … reserves than the level that satisfies financial institutions' aggregate liquidity needs appears desirable. …

Persistent link: https://www.econbiz.de/10015275571

Nationale Geldschöpfung im Euroraum : Mechanismen, Defekte, Therapie

Kooths, Stefan - 2012

Persistent link: https://www.econbiz.de/10009559835

Euroraum: gemeinsame Währung - nationales Geld

Kooths, Stefan - 2012

Persistent link: https://www.econbiz.de/10009558427

Fiscal consolidation in the euro area: long-run benefits and short-run costs.

Coenen, Günter; Mohr, Matthias; Straub, Roland - European Central Bank - 2008

In this paper, we examine the macroeconomic effects of alternative fiscal consolidation policies in the New Area-Wide Model (NAWM), a two-country open-economy model of the euro area developed at the European Central Bank (cf. Coenen et al., 2007). We model fiscal consolidation as a permanent...

Persistent link: https://www.econbiz.de/10005530882

Does government spending crowd in private consumption? Theory and empirical evidence for the euro area

Coenen, Günter; Straub, Roland - European Central Bank - 2005

In this paper, we revisit the effects of government spending shocks on private consumption within an estimated New-Keynesian DSGE model of the euro area featuring non-Ricardian households. Employing Bayesian inference methods, we show that the presence of non-Ricardian households is in general...

Persistent link: https://www.econbiz.de/10005222343

Tax reform and labour-market performance in the euro area: a simulation-based analysis using the New Area-Wide Model

Coenen, Günter; McAdam, Peter; Straub, Roland - European Central Bank - 2007

In this paper, we employ a calibrated two-country version of the New Area-Wide Model (NAWM) currently under development at the European Central Bank to examine the potential benefits and spillovers of reducing labour-market distortions caused by euro area tax structures. Our analysis shows that...

Persistent link: https://www.econbiz.de/10005344892

Fiscal policy and the great recession in the Euro area

Coenen, Günter; Straub, Roland; Trabandt, Mathias - European Central Bank - 2012

How much did fiscal policy contribute to euro area real GDP growth during the Great Recession? We estimate that discretionary fiscal measures have increased annualized quarterly real GDP growth during the crisis by up to 1.6 percentage points. We obtain our result by using an extended version of...

Persistent link: https://www.econbiz.de/10010541257

Gauging the effects of fiscal stimulus packages in the euro area

Coenen, Günter; Straub, Roland; Trabandt, Mathias - European Central Bank - 2012

We seek to quantify the impact on euro area GDP of the European Economic Recovery Plan (EERP) enacted in response to the financial crisis of 2008-09. To do so, we estimate an extended version of the ECB’s New Area-Wide Model with a richly specified fiscal sector. The estimation results point...

Persistent link: https://www.econbiz.de/10010686873

Optimal monetary policy in a model of the credit channel

De Fiore, Fiorella; Tristani, Oreste - European Central Bank - 2009

We consider a simple extension of the basic new-Keynesian setup in which we relaxthe assumption of frictionless financial markets. In our economy, asymmetricinformation and default risk lead banks to optimally charge a lending rate above therisk-free rate. Our contribution is threefold. First,...

Persistent link: https://www.econbiz.de/10005866631

Credit and the natural rate of interest.

De Fiore, Fiorella; Tristani, Oreste - European Central Bank - 2008

We analyze the properties of the natural rate of interest in an economy where nominal debt contracts generate a spread between loan rates and the policy interest rate. In our model, monetary policy has real effects in the flexible-price equilibrium, because it affects the credit spread. Relying...

Persistent link: https://www.econbiz.de/10005530839