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Conservatism and liquidity traps : 1816/ June 2015
Nakata, Taisuke (contributor);  … - European Central Bank - 2015
creates a trade-off for discretionary central banks between inflation and output stabilization. As a consequence, inflation …
Persistent link: https://www.econbiz.de/10015298373
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Monetary and fiscal policy interactions : risks to price stability in times of high government debt
Checherita-Westphal, Cristina (contributor);  … - European Central Bank - 2024
above-target inflation, high interest rates, and renewed concerns about elevated government debt has been a vocal reminder …
Persistent link: https://www.econbiz.de/10015321150
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Fiscal policy and inflation : accounting for non-linearities in government debt
Checherita-Westphal, Cristina (contributor);  … - European Central Bank - 2024
This paper investigates the interplay between discretionary fiscal policy and inflation in the euro area, emphasizing … on inflation is non-linear, with debt levels significantly affecting the inflationary outcome of fiscal measures. High … debt levels tend to amplify the inflation response to fiscal expansions, a finding that holds under multiple analytical …
Persistent link: https://www.econbiz.de/10015320972
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Term premia implications of macroeconomic regime changes : N°1694, July 2014
Carboni, Giacomo (contributor) - European Central Bank - 2014
Term premia are shown to provide crucial information for discriminating among alternative sources of change in the economy, and namely shifts in the variance of structural shocks and in monetary policy. These sources have been identified as competing explanations for time-varying features of...
Persistent link: https://www.econbiz.de/10015301916
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What drives forbearance : evidence from the ECB comprehensive assessment; N°1860 / October 2015
Homar, Timotej (contributor); Kick, Heinrich (contributor);  … - European Central Bank - 2015
maturity of refinancing of the loan. While economically useful in some circumstances, it can be used by banks in order to …
Persistent link: https://www.econbiz.de/10015297753
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The impact of fiscal policy announcements by the Italian government on the sovereign spread : a comparative analysis
Falagiarda, Matteo (contributor);  … - European Central Bank - 2015
This paper attempts to evaluate the impact of fiscal policy announcements by the Italian government on the long-term sovereign bond spread of Italy relative to Germany. After collecting data on relevant fiscal policy announcements, we perform an econometric comparative analysis between the three...
Persistent link: https://www.econbiz.de/10015298971
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The economic adjustment programme for Portugal 2011-2014
Acedo Montoya, Lourdes (contributor);  … - European Commission / Directorate-General for Economic …; … - 2014
This report has been prepared to provide a general overview and assessment of the performance of the Portuguese economy under the EU/IMF adjustment programme and the remaining challenges ahead. Portugal's recent exit from the Programme implied the lapsing of the 12th and final review of...
Persistent link: https://www.econbiz.de/10015302036
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Capital inflows and euro area long-term interest rates
Carvalho, Daniel (contributor); Fidora, Michael (contributor) - European Central Bank - 2015
Capital flows into the euro area were particularly large in the mid-2000s and the share of foreign holdings of euro area securities increased substantially between the introduction of the euro and the outbreak of the global financial crisis. We show that the increase in foreign holdings of euro...
Persistent link: https://www.econbiz.de/10015299105
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ECB monetary policy surprises : identification through cojumps in interest rates; N°1674, May 2014
Winkelmann, Lars (contributor); Bibinger, Markus (contributor) - European Central Bank - 2014
This paper proposes a new econometric approach to disentangle two distinct response patterns of the yield curve to monetary policy announcements. Based on cojumps in intraday tick-data of a short and long term interest rate, we develop a day-wise test that detects the occurrence of a significant...
Persistent link: https://www.econbiz.de/10015301874
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Interest rates, money, and banks in an estimated euro area model
Christoffel, Kai (contributor);  … - European Central Bank - 2014
contribute more to variations in the policy rate, inflation and output than shocks to the feedback rule for the policy rate …
Persistent link: https://www.econbiz.de/10015301278