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Finanz- und Wirtschaftspolitik bei einer anhaltenden monetären Expansion

Kooths, Stefan; Schwarzmüller, Tim; Scheide, Joachim; … - 2014

In Reaktion auf die Finanzkrise hat das Eurosystem seine Geldpolitik massiv gelockert. So hat die Europäische … budgets in several countries of the euro area. This has led to large liquidity flows into Germany. This situation is expected … to continue for some time to come. With huge amounts of excess liquidity already accumulated in the German banking sector …

Persistent link: https://www.econbiz.de/10010343472

Makroprudenzielle Finanzmarktpolitik : nationale Handlungsoptionen im Euroraum

Roye, Björn van; Plödt, Martin; Scheide, Joachim; … - 2014

Persistent link: https://www.econbiz.de/10010408479

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

Euroraum: gemeinsame Währung - nationales Geld

Kooths, Stefan - 2012

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

Nationale Geldschöpfung im Euroraum : Mechanismen, Defekte, Therapie

Kooths, Stefan - 2012

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

Does liquidity matter? Properties of a synthetic divisia monetary aggregate in the euro area

Stracca, Livio - European Central Bank - 2001

M3. More in general, the paper lends further support to the view that money and 'liquidity' should be assigned an …

Persistent link: https://www.econbiz.de/10005530804

A VAR description of the effects of monetary policy in the individual countries of the euro area

Mojon, Benoît; Peersman, Gert - European Central Bank - 2001

This paper presents a complete set of results describing the effects of monetary policy in 10 countries of the euro area for the pre-EMU period. For each country, we impose one of three identification schemes depending on its monetary integration with Germany, the nominal anchor of the ERM. The...

Persistent link: https://www.econbiz.de/10005344895

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

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