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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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National prices and wage setting in a currency union
Sánchez, Marcelo - European Central Bank - 2009
Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typically predicts more aggressive wage setting under monetary union. This insight has not been confirmed by the EMU experience, which has been characterised by wage moderation, thereby eliciting criticism from Posen...
Persistent link: https://www.econbiz.de/10005002814
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The real effects of money growth in dynamic general equilibrium
Graham, Liam; Snower, Dennis J. - European Central Bank - 2004
We analyse the effects of money growth within a standard New Keynesian framework and show that the interaction between staggered nominal contracts and money growth leads to a long-run trade-off between output and money growth. We explore the microeconomic mechanisms that lead to this trade-off,...
Persistent link: https://www.econbiz.de/10005162920
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National prices and wage setting in a currency union
Sánchez, Marcelo - European Central Bank - 2009
Existing work on wage bargaining (as exemplified by Cukierman and Lippi, 2001) typicallypredicts more aggressive wage setting under monetary union. This insight has not beenconfirmed by the EMU experience, which has been characterised by wage moderation,thereby eliciting criticism from Posen and...
Persistent link: https://www.econbiz.de/10005866574
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Cross-border commuting and consuming: an empirical investigation
Mathä, Thomas Y.; Porpiglia, Alessandro; Ziegelmeyer, … - European Central Bank - 2014
expenditure in Luxembourg. Cross-border consumption expenditure is shown to depend on individual and household characteristics …
Persistent link: https://www.econbiz.de/10011067250
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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
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Central bank communication on financial stability
Born, Benjamin; Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2011
Central banks regularly communicate about financial stability issues, by publishing Financial Stability Reports (FSRs) and through speeches and interviews. The paper asks how such communications affect financial markets. Building a unique dataset, it provides an empirical assessment of the...
Persistent link: https://www.econbiz.de/10009003440
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Financial imbalances and household welfare: empirical evidence from the EU
Stracca, Livio - European Central Bank - 2013
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 life satisfaction - a widely used measure of household welfare … - negatively depends on the unemployment rate. In addition to previous results in the literature, I establish a strong empirical …
Persistent link: https://www.econbiz.de/10010686743
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Central bank liquidity provision, risk-taking and economic efficiency
Bindseil, Ulrich; Jabłecki, Juliusz - European Central Bank - 2013
After the Lehman default, but also during the euro area sovereign debt crisis, central banks have tended to extend the ability of banks to take recourse to central bank credit operations through changes of the collateral framework (e.g. CGFS, 2008 - in consistence with previous narratives, such...
Persistent link: https://www.econbiz.de/10010686768
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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