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The minimum liquidity deficit and the maturity structure of central banks' open market operations: lessons from the financial crisis
Eisenschmidt, Jens; Holthausen, Cornelia - European Central Bank - 2010
This paper studies the relationship between the size of the banking sector’s refinancing needs vis-à-vis the central bank and auction rates in its open market operations in times of financial market stress. In a theoretical model, it is found that marginal rates at central bank auctions may...
Persistent link: https://www.econbiz.de/10008776788
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MRO bidding in the presence of LTROs: an empirical analysis of the pre-crisis period
Vogel, Edgar - European Central Bank - 2014
Using individual data from the Eurosystem’s liquidity providing tenders for the pre-crisis period we investigate banks’ joint bidding behaviour in Main Refinancing Operation (MRO) and Longer Term Refinancing Operations (LTRO). We test whether banks bid at lower rates in MROs before the LTRO...
Persistent link: https://www.econbiz.de/10011100165
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Open Market Operations in EU Countries.
Aspetsberger, A. - European Central Bank - 1996
The increasing weight of open market transactions in central bank operations and the widening use of purchase agreements underlines a progress towards convergence of monetary policy instruments and procedures in EU countries. This paper presents a survey of features of open market operations...
Persistent link: https://www.econbiz.de/10005641236
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Empirical assessment of Monetary Policy Instruments and Procedures (MPIP) in EU Countries.
Escriva, J.L.; Fagan, F.P. - European Central Bank - 1996
This paper provides empirical evidence on the use of monetary policy instruments and procedures (MPIP) in EU countries. In particular, it focuses on three important issues which arise in this context. Fist, we examine the structural position of the EU money markets. Second , evidence is...
Persistent link: https://www.econbiz.de/10005641237
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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
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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
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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
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Energy markets and the euro area macroeconomy
European Central Bank; Task Force of the Monetary … - 2010
impact of energy price changes on overall inflation in the future. For instance, the reaction of HICP inflation to energy …
Persistent link: https://www.econbiz.de/10010688316
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Energy markets and the euro area macroeconomy
European Central Bank; Task Force of the Monetary … - 2010
impact of energy price changes on overall inflation in the future. For instance, the reaction of HICP inflation to energy …
Persistent link: https://www.econbiz.de/10008602651
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Maintaining low inflation: money, interest rates, and policy stance
Reynard, Samuel - European Central Bank - 2007
qualitative and quantitative information on subsequent inflation. The usefulness of monetary analysis is contrasted to weaknesses … in modeling monetary policy and inflation with respectively short-term interest rates and real activity measures. The … analysis sheds light on the recent change in inflation volatility and persistence as well as on the Phillips curve flattening …
Persistent link: https://www.econbiz.de/10005530771