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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

Exploring the steady-state relationship between credit and GDP for a small open economy: the case of Ireland

Kelly, Robert; McQuinn, Kieran; Stuart, Rebecca - European Central Bank - 2013

policy response has been to focus on the ratio of private sector credit to GDP for an economy, observing, in particular …-state relationship between private sector credit and GDP in the case of Ireland, a country which, even by international standards …

Persistent link: https://www.econbiz.de/10010686848

Early estimates of euro area real GDP growth: a bottom up approach from the production side

Hahn, Elke; Skudelny, Frauke - European Central Bank - 2008

This paper derives forecasts for euro area real GDP growth based on a bottom up approach from the production side. That … is, GDP is forecast via the forecasts of value added across the different branches of activity, which is quite new in the … indicators are used to bridge the gap of missing GDP data. The process of selecting the best performing equations is accomplished …

Persistent link: https://www.econbiz.de/10005222305

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 how different entry modes affect the interest rate for loans in a model in which domestic banks possess private information about their incumbent clients but foreign banks have...

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

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

The dynamic effects of shocks to wages and prices in the United States and the euro area

Duarte, Rita; Marques, Carlos Robalo - European Central Bank - 2009

a special focus on persistence of real wages,wage and price inflation. The analysis is conducted within a structural …, as well as the cointegrating properties of theestimated system. Overall, in the long run, wage and price inflation emerge …

Persistent link: https://www.econbiz.de/10005866514

External shocks and international inflation linkages: a global VAR analysis

Galesi, Alessandro; Lombardi, Marco J. - European Central Bank - 2009

food price shocks on a given set of countries.Secondly, we assess the importance of inflation linkages among countries, by …

Persistent link: https://www.econbiz.de/10005866521

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

Inflation dynamics with labour market matching: assessing alternative specifications

Christoffel, Kai; Costain, James S.; De Walque, Gregory; … - European Central Bank - 2009

This paper reviews recent approaches to modeling the labour market and assessestheir implications for ination dynamics through both their e¤ect on marginalcost and on price-setting behaviour. In a search and matching environment, weconsider the following modeling setups: right-to-manage...

Persistent link: https://www.econbiz.de/10005866597

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