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Capital flows, push versus pull factors and the global financial crisis

Fratzscher, Marcel - European Central Bank - 2011

finds that common shocks – key crisis events as well as changes to global liquidity and risk – have exerted a large effect …, country risk and the strength of domestic macroeconomic fundamentals. Comparing and quantifying these effects shows that …

Persistent link: https://www.econbiz.de/10009216681

Liquidity, risk and the global transmission of the 2007-08 financial crisis and the 2010-2011 sovereign debt crisis

Chudik, Alexander; Fratzscher, Marcel - European Central Bank - 2012

The paper analyses the transmission of liquidity shocks and risk shocks to global financial markets. Using a Global VAR … strong during the 2010-11 sovereign debt crisis, with risk shocks driving down bond yields in key advanced economies. The …

Persistent link: https://www.econbiz.de/10010686821

Identifying the global transmission of the 2007-09 financial crisis in a GVAR Model

Chudik, Alexander; Fratzscher, Marcel - European Central Bank - 2011

The paper analyses and compares the role that the tightening in liquidity conditions and the collapse in risk appetite … empirical exercise with a Global VAR approach, the findings highlight the diversity of the transmission process. While liquidity … shocks have had a more severe impact on advanced economies, it was mainly the decline in risk appetite that affected emerging …

Persistent link: https://www.econbiz.de/10008784826

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

Bidding behaviour in the ECB’s main refinancing operations during the financial crisis

Eisenschmidt, Jens; Hirsch, Astrid; Linzert, Tobias - European Central Bank - 2009

Liquidity provision through its repo auctions has been one of the main instrumentsof the European Central Bank (ECB) to …

Persistent link: https://www.econbiz.de/10005866598

The timing of central bank communication

Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2005

This paper explores whether there are systematic patterns as to when members of the decision-making committees of the Federal Reserve, the Bank of England and the European Central Bank communicate with the public, and under what circumstances such communication has the ability to move financial...

Persistent link: https://www.econbiz.de/10005816134

Central Bank communication and monetary policy: a survey of theory and evidence

Blinder, Alan S.; Ehrmann, Michael; de Haan, Jakob; … - European Central Bank - 2008

Over the last two decades, communication has become an increasingly important aspect of monetary policy. These real-world developments have spawned a huge new scholarly literature on central bank communication —mostly empirical, and almost all of it written in this decade. We survey this...

Persistent link: https://www.econbiz.de/10005530856

Bond market inflation expectations and longer-term trends in broad monetary growth and inflation in industrial countries, 1880-2001

Dewald, William G. - European Central Bank - 2003

JEL Classification: E3, E40, E50, N10

Persistent link: https://www.econbiz.de/10005530990

Financial imbalances and household welfare: empirical evidence from the EU

Stracca, Livio - European Central Bank - 2013

This paper uses Eurobarometer survey data from 26 EU countries to evaluate whether the general public cares about financial stability and imbalances over and above their effects on key macroeconomic variables such as unemployment and inflation. I confirm previous results in the literature that...

Persistent link: https://www.econbiz.de/10010686743

Central bank liquidity provision, risk-taking and economic efficiency

Bindseil, Ulrich; Jabłecki, Juliusz - European Central Bank - 2013

financial crisis, in which liquidity shocks become more erratic and the total costs of defaults increase, central banks may want … riskiness of counterparties and issuers is endogenous to the central bank's credit policies and related risk control framework …

Persistent link: https://www.econbiz.de/10010686768