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Housing, consumption and monetary policy: how different are the US and the euro area?
Musso, Alberto; Neri, Stefano; Stracca, Livio - European Central Bank - 2010
, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that … clearcut for housing demand shocks. We also find that credit supply shocks matter more in the euro area. JEL Classification: E …
Persistent link: https://www.econbiz.de/10008541287
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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
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optimal monetary Policy in a new keynesian model with habits in consumption
Leith, Campbell; Moldovan, Ioana; Rossi, Raffaele - European Central Bank - 2009
While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...
Persistent link: https://www.econbiz.de/10005866485
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Background studies for the ECB's evaluation of its monetary policy strategy
Issing, Otmar (contributor) - European Central Bank - 2003
Persistent link: https://www.econbiz.de/10004820102
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The role of money : money and monetary policy in the twenty-first century
Beyer, Andreas (contributor) - 2008
Persistent link: https://www.econbiz.de/10004924307
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Forward-looking reaction to bank regulation
Herrala, Risto - European Central Bank - 2014
. Based on the initial information released on Basel II, banks loosened their credit policies towards households. The changes … were substantial, improving household credit availability by 20-50%. A new approach to estimate borrowing constraints from …
Persistent link: https://www.econbiz.de/10010753725
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Debt reduction and automatic stabilisation
Hiebert, Paul; Pérez, Javier J.; Rostagno, Massimo - European Central Bank - 2002
This paper presents an optimal fiscal policy response to address the basic trade-off between the automatic stabilisation properties of budgets and the long run fiscal positions. The framework is an overlapping generations model la Weil (1989), extended to account for stochastic endowments and...
Persistent link: https://www.econbiz.de/10005816294
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Optimal monetary policy, asset purchases, and credit market frictions
Schabert, Andreas - European Central Bank - 2014
This paper examines how credit market frictions affect optimal monetary policy and if there is a role for central bank … borrow/lend among each other. The credit market is distorted as borrowing is constrained by available collateral. We show … stabilizing prices when only a single instrument is available. The central bank can however mitigate the credit market distortion …
Persistent link: https://www.econbiz.de/10011067245