Similar Search Results

The ECB’s non-standard monetary policy measures: the role of institutional factors and financial structure

Cour-Thimann, Philippine; Winkler, Bernhard - European Central Bank - 2013

This paper aims to make two contributions: to review the ECB’s non-standard monetary policy measures in response to the financial and sovereign debt crisis against the background of the institutional framework and financial structure of the euro area; and to interpret this response from a...

Persistent link: https://www.econbiz.de/10010686781

The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?

Mongelli, Francesco Paolo - European Central Bank - 2013

The destructive potential of the sovereign debt crisis of the euro area has been slowly abating since last summer, but still remains considerable. One reason for it is the sheer complexity of the crisis, which brings together several harmful factors, some long-standing, others more recent, like...

Persistent link: https://www.econbiz.de/10010688313

Determinants of business cycle synchronisation across euro area countries

Böwer, Uwe; Guillemineau, Catherine - European Central Bank - 2006

-bounds analysis. We examine both traditional determinants and new, EMU-specific policy and structural indicators over the past 25 …

Persistent link: https://www.econbiz.de/10005222306

The mutating euro area crisis: is the balance between "sceptics" and "advocates" shifting?

Mongelli, Francesco Paolo - European Central Bank - 2013

Persistent link: https://www.econbiz.de/10010693504

The reform and implementation of the Stability and Growth Pact

Morris, Richard; Ongena, Hedwig; Schuknecht, Ludger - European Central Bank - 2006

threaten the smooth functioning of Economic and Monetary Union (EMU). Ideally, fiscal rules should combine characteristics such …-based framework for fiscal polices in EMU. However, the implementation of the Pact was less than fully satisfactory. One year ago, the …

Persistent link: https://www.econbiz.de/10005344800

EMU and the adjustment to asymmetric shocks: the case of Italy

Amisano, Gianni; Giammarioli, Nicola; Stracca, Livio - European Central Bank - 2009

In this paper we address the question on whether EMU has amplified or dampened intra euro area divergencies, by looking … to 2009. Our main result is that EMU does not appear to have materially changed the transmission mechanism of … idiosyncratic monetary shocks. The net effect of EMU, therefore, has been to reduce the relative performance variability. The …

Persistent link: https://www.econbiz.de/10008502692

Financial integration, international portfolio choice and the European Monetary Union

Santis, Roberto A. De; Gérard, Bruno - European Central Bank - 2006

, we show that the European Economic and Monetary Union (EMU) eased the access to the equity market and, to a larger extent …, the bond market; thereby, enhancing regional financial integration in the euro area. Beside the effect of the EMU, the …

Persistent link: https://www.econbiz.de/10005068632

Exchange rates and fundamentals: new evidence from real-time data

Ehrmann, Michael; Fratzscher, Marcel - European Central Bank - 2004

This paper analyses the link between economic fundamentals and exchange rates by investigating the importance of real-time data. We find that such economic news in the United States, Germany and the euro area have indeed been a driving force behind daily US dollar – euro/DEM exchange rate...

Persistent link: https://www.econbiz.de/10005070386

Economic and monetary integration of the new Member States - helping to chart the route

Angeloni, Ignazio; Flad, Michael; Mongelli, Francesco Paolo - European Central Bank - 2005

This paper examines diverse aspects of the monetary integration of the ten new Member States (NMS) which joined the EU on 1 May 2004 into the euro area. Most NMS have undergone a rapid and deep transformation in all areas with considerable progress in their processes of reform and convergence,...

Persistent link: https://www.econbiz.de/10005042601

Inflation persistence and price-setting behaviour in the euro area – a summary of the IPN evidence

Altissimo, Filippo; Ehrmann, Michael; Smets, Frank - European Central Bank - 2006

This paper provides a summary of current knowledge on inflation persistence and price stickiness in the euro area, based on research findings that have been produced in the context of the Inflation Persistence Network. The main findings are - i) Under the current monetary policy regime, the...

Persistent link: https://www.econbiz.de/10005530648