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A monetary policy strategy in good and bad times: lessons from the recent past

Fahr, Stephan; Motto, Roberto; Rostagno, Massimo; … - European Central Bank - 2011

We evaluate the ECB’s monetary policy strategy against the underlying economic structure of the euro area economy, in normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that started in 2007 the strategy was successful at...

Persistent link: https://www.econbiz.de/10009002548

Determinants of credit-less recoveries

Bijsterbosch, Martin; Dahlhaus, Tatjana - European Central Bank - 2011

This paper aims to shed light on the characteristics and particularly the determinants of credit-less recoveries. After … building a dataset and documenting some stylised facts of credit-less recoveries in emerging market economies, this paper uses … panel probit models to analyse key determinants of credit-less recoveries. Our main findings are the following. First, our …

Persistent link: https://www.econbiz.de/10009210930

Macro-networks: an application to the euro area financial accounts

Castrén, Olli; Rancan, Michela - European Central Bank - 2013

We use financial accounts data at sector level to construct financial networks for individual euro area countries. We then connect the country-level networks to one large “Macro Network”, using information on cross-border linkages between the national banking sectors. We then evaluate the...

Persistent link: https://www.econbiz.de/10010686777

Financial stress and economic dynamics: the transmission of crises

Hubrich, Kirstin; Tetlow, Robert J. - European Central Bank - 2014

A financial stress index for the United States is introduced – an index that was used in real time by the staff of the Federal Reserve Board to monitor the financial crisis of 2008-9 – and the interaction with real activity, inflation and monetary policy is demonstrated using a richly...

Persistent link: https://www.econbiz.de/10011067270

The dark side of bank wholesale funding

Huang, Rocco; Ratnovski, Lev - European Central Bank - 2010

Banks increasingly use short-term wholesale funds to supplement traditional retail deposits. Existing literature mainly points to the "bright side" of wholesale funding: sophisticated financiers can monitor banks, disciplining bad but refinancing good ones. This paper models a "dark side" of...

Persistent link: https://www.econbiz.de/10008597025

Managing financial crises in emerging market economies - experience with the involvement of private sector creditors

Thimann, Christian; Wölfinger, Regine; Bracke, Thierry; … - European Central Bank - 2005

Ensuring the involvement of private sector creditors in the resolution of sovereign debt crises is crucial to ensure an effective management and orderly resolution of those crises. A review of experience gained in past financial crises suggests that crisis management practices have been largely...

Persistent link: https://www.econbiz.de/10005530664

Signals from housing and lending booms

Bunda, Irina; Ca' Zorzi, Michele - European Central Bank - 2009

of financial market crisis, i.e. those preceded by a spell of credit and real estate expansions. The aim is to …

Persistent link: https://www.econbiz.de/10008566395

Fundamentals and joint currency crises

Hartmann, Philipp; Straetmans, Stefan; de Vries, Casper - European Central Bank - 2004

In this note we demonstrate that in affine models for bilateral exchange rates, the nature of return interdependence during crises depends on the tail properties of the fundamentals' distributions. We denote crisis linkages as either strong or weak, in the sense that the dependence remains or...

Persistent link: https://www.econbiz.de/10005162917

Sectoral money demand and the great disinflation in the US

Calza, Alessandro; Zaghini, Andrea - European Central Bank - 2010

Estimates of the welfare costs of inflation based on Bailey (1956) are typically computed using aggregate money demand models. Yet, the behavior of money demand may vary across sectors. Thus, the impact on welfare of inflation regime shifts may differ between households and firms. We...

Persistent link: https://www.econbiz.de/10008597024

Non-linear dynamics in the euro area demand for M1

Calza, Alessandro; Zaghini, Andrea - European Central Bank - 2006

This paper investigates possible non-linearities in the dynamics of the euro area demand for the narrow aggregate M1. A long-run money demand relationship is firstly estimated over a sample period covering the last three decades. While the parameters of the relationship are jointly stable, there...

Persistent link: https://www.econbiz.de/10005222297

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