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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
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optimal monetary Policy in a new keynesian model with habits in consumption
Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - European Central Bank - 2009
While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...
Persistent link: https://www.econbiz.de/10005866485
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Background studies for the ECB's evaluation of its monetary policy strategy
Issing, Otmar (contributor) - European Central Bank - 2003
Persistent link: https://www.econbiz.de/10004820102
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The role of money : money and monetary policy in the twenty-first century
Beyer, Andreas (contributor) - 2008
Persistent link: https://www.econbiz.de/10004924307
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Forward-looking reaction to bank regulation
Herrala, Risto - European Central Bank - 2014
This paper presents evidence that banks react to regulation in a forward-looking manner. A case study documents a reaction to Basel II as early as 2000, in other words about seven years prior to the implementation of the regulation in 2007. Based on the initial information released on Basel II,...
Persistent link: https://www.econbiz.de/10010753725
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Does it pay to have the euro? Italy’s politics and financial markets under the lira and the euro
Fratzscher, Marcel; Stracca, Livio - European Central Bank - 2009
There is a broad consensus that the quality of the political system and its institutionsare fundamental for a country’s prosperity. The paper focuses on political events inItaly over the past 35 years and asks whether the adoption of the euro in 1999 hashelped insulate Italy’s financial...
Persistent link: https://www.econbiz.de/10005866519
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Long-term growth prospects for the Russian economy
Beck, Roland; Kamps, Annette; Mileva, Elitza - European Central Bank - 2007
This paper provides an assessment of Russia’s long-term growth prospects. In particular, it addresses the question of … Russia’s fast economic expansion in recent years has benefited from a number of singular factors such as the unprecedented … rise in oil prices, the paper presents new evidence on Russia’s oil price dependency using a Vector Error Correction Model …
Persistent link: https://www.econbiz.de/10005222258
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ECB - Working paper series
European Central Bank
The ECB Working Paper Series seeks to disseminate economic research on issues that are relevant to the various tasks and functions of the ECB. The Series invites submissions of research work by ECB staff and visitors. Papers by researchers not affiliated with the ECB may also be considered for...
Persistent link: https://www.econbiz.de/10009635880