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Asset price misalignments and the role of money and credit
Gerdesmeier, Dieter; Reimers, Hans-Eggert; Roffia, Barbara - European Central Bank - 2009
This paper contributes to the literature on the properties of money and creditindicators for detecting asset price misalignments. After a review of the evidence inthe literature on this issue, the paper discusses the approaches that can be consideredto detect asset price busts. Considering a...
Persistent link: https://www.econbiz.de/10005866513
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A monetary policy strategy in good and bad times: lessons from the recent past
Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - European Central Bank - 2011
We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at...
Persistent link: https://www.econbiz.de/10009002548
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Aggregate loans to the euro area private sector
Calza, Alessandro; Manrique, Marta; Sousa, João - European Central Bank - 2003
This paper provides new evidence on the behaviour of euro area aggregate loans to the private sector. Using a sample covering the last twenty years, a cointegrating vector linking the real stock of loans to a small set of domestic macroeconomic variables is found. Besides real GDP and prices,...
Persistent link: https://www.econbiz.de/10005344909
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Output and inflation responses to credit shocks: are there threshold effects in the euro area?
Calza, Alessandro; Sousa, João - European Central Bank - 2005
This paper investigates whether output and inflation respond asymmetrically to credit shocks in the euro area. The … effects related to credit conditions in the economy. Consistent with this finding, the impulse responses show some signs of …
Persistent link: https://www.econbiz.de/10005816303
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Housing, consumption and monetary policy: how different are the US and the euro area?
Musso, Alberto; Neri, Stefano; Stracca, Livio - European Central Bank - 2010
, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that … clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area. JEL Classification: E …
Persistent link: https://www.econbiz.de/10008541287
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Bubbles, bank credit and macroprudential policies
Derviz, Alexis - European Central Bank - 2013
macroprudential policy is represented by a convex dependence of bank capital requirements on the quantity of uncollateralized credit …
Persistent link: https://www.econbiz.de/10010686763
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What does a financial shock do? First international evidence
Fornari, Fabio; Stracca, Livio - European Central Bank - 2013
In this paper we attempt to evaluate the quantitative impact of financial shocks on key indicators of real activity and financial conditions. We focus on financial shocks as they have received wide attention in the recent literature and in the policy debate after the global financial crisis. We...
Persistent link: https://www.econbiz.de/10010686798
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Exploring the steady-state relationship between credit and GDP for a small open economy: the case of Ireland
Kelly, Robert; McQuinn, Kieran; Stuart, Rebecca - European Central Bank - 2013
The rapid increase in credit in an economy is now commonly perceived to be one of the leading indicators of financial … policy response has been to focus on the ratio of private sector credit to GDP for an economy, observing, in particular …-state relationship between private sector credit and GDP in the case of Ireland, a country which, even by international standards …
Persistent link: https://www.econbiz.de/10010686848
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Credit spreads and the links between the financial and real sectors in a small open economy: the case of the Czech Republic
Konečný, Tomáš; Babecká Kucharčuková, Oxana - European Central Bank - 2014
restrictions and the credit spread as a threshold variable using the example of the Czech Republic. We find that while there is no … to differ in low and high credit spread regimes. Responses in the opposite direction (i.e. from the financial sector to … the real economy) are procyclical and similar irrespective of regime. A positive shock to credit and a negative shock to …
Persistent link: https://www.econbiz.de/10011067268
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Real convergence in Central and Eastern European EU Member States: which role for exchange rate volatility?
Arratibel, Olga; Furceri, Davide; Martin, Reiner - European Central Bank - 2008
capita output growth, the credit cycle, the stock of inward foreign direct investment (FDI) and the current account balance … development of the credit to GDP ratio. JEL Classification: F3, F4, F5 …
Persistent link: https://www.econbiz.de/10005222353