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The reception of public signals in financial marketswhat if central bank communication becomes stale?
Ehrmann, Michael; Sondermann, David - European Central Bank - 2009
-term interest rates to the Bank of England’s inflation report andto macroeconomic announcements. Due to the quarterly frequency at …, the more timehas elapsed since the latest release of an inflation report, market volatility shouldincrease, the price …
Persistent link: https://www.econbiz.de/10005866483
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Money Demand in EU Countries : A Survey.
Browne, F.X.; Fagan, G.; Henry, J. - European Central Bank - 1997
Money demand is probably one of the most extensively studies economic relationships in applied economics. While useful surveys of existing literature are available, much of the attention ahes focused on the United States. However, a considerable number of papers have recently been produced...
Persistent link: https://www.econbiz.de/10005671625
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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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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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The demand for M3 in the euro area
Coenen, Günter; Vega, Juan Luis - European Central Bank - 1999
In this paper, an empirically stable money demand model for M3 in the euro area is constructed. Starting with a multivariate system, three cointegrating relationships with economic content are found: (i) the spread between the long- and the short-term nominal interest rates, (ii) the long-term...
Persistent link: https://www.econbiz.de/10005162897
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A monthly monetary model with banking intermediation for the euro area
Bruggeman, Annick; Donnay, Marie - European Central Bank - 2003
JEL Classification: C32, E41, E43, E50, G21
Persistent link: https://www.econbiz.de/10005530973
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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
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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
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The central bank as a risk manager: quantifying and forecasting inflation risks
Kilian, Lutz; Manganelli, Simone - European Central Bank - 2003
situation poses to price stability. We propose to regard the central banker as a risk manager who aims to contain inflation … within pre-specified bounds. We develop formal tools of risk management that may be used to quantify and forecast the risks … of failing to attain that objective. We illustrate the use of these risk measures in practice. First, we show how to …
Persistent link: https://www.econbiz.de/10005530801