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Modelling anti-inflationary monetary targeting: with an application to Romania

Sánchez, Marcelo - European Central Bank - 2010

representation of this regime, we formulate the central bank’s optimisation problem under the assumption that it is possible for the … MT in the period 1999-2005. We find that during this period Romania's MT regime can be characterised by a concern for … price stability and an additional role for smoothing of the central bank's instrument (base money growth). Our results …

Persistent link: https://www.econbiz.de/10008516223

The Role of Short Rates and Foreign Long Rates in the Determination of Long-Term Interest Rates

Fell, J.P.C. - European Central Bank - 1996

This study examines the changing relationship between domestic long-term , domestic short-term and foreign long-term interest rates.

Persistent link: https://www.econbiz.de/10005641235

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

Acquisition versus greenfield: the impact of the mode of foreign bank entry on information and bank lending rates

Claeys, Sophie; Hainz, Christa - European Central Bank - 2006

Policy makers often decide to liberalize foreign bank entry but at the same time restrict the mode of entry. We study …

Persistent link: https://www.econbiz.de/10005222403

A markup model of inflation for the euro area

Bowdler, Christopher; Jansen, Eilev S. - European Central Bank - 2004

Equilibrium correction models of the price level are often used to model inflation. Such models assume that the long-run markup of prices over costs is fixed, but this may not be true for the Euro area economy, which has undergone major structural reforms over the last 25 years. We allow for...

Persistent link: https://www.econbiz.de/10005079101

Aggregate loans to the euro area private sector

Calza, Alessandro; Manrique, Marta; Sousa, João - European Central Bank - 2003

average of bank lending rates. The results are overall encouraging, though the recursive estimates of the long-run parameters …

Persistent link: https://www.econbiz.de/10005344909

Interest rate reaction functions and the Taylor rule in the euro area

Gerlach-Kristen, Petra - European Central Bank - 2003

JEL Classification: C22, E52

Persistent link: https://www.econbiz.de/10005816240

Bayesian inference in cointegrated VAR models: with applications to the demand for euro area M3

Warne, Anders - European Central Bank - 2006

The paper considers a Bayesian approach to the cointegrated VAR model with a uniform prior on the cointegration space …. Building on earlier work by Villani (2005b), where the posterior probability of the cointegration rank can be calculated … the marginal likelihood identity is used for calculating these probabilities, a point estimator of the cointegration space …

Persistent link: https://www.econbiz.de/10005816301

A Stable Model for Euro Area Money Demand: Revisiting the Role of Wealth

Beyer, Andreas - European Central Bank - 2009

In this paper we present an empirically stable money demand model for Euro area M3. We show that housing wealth is an important explanatory variable of long-run money demand that captures the trending behaviour of M3 velocity, in particular its shift in the first half of this decade. We show...

Persistent link: https://www.econbiz.de/10008558668

Modelling loans to non-financial corporations in the euro area

Kok, Christoffer; Marqués-Ibáñez, David; Rossi, Carlotta - European Central Bank - 2009

model to analyse the impact of permanent and temporary shocks to the policy rate on bank lending to nonfinancial …

Persistent link: https://www.econbiz.de/10004969181