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Inflation convergence and divergence within the European Monetary Union

Busetti, Fabio; Forni, Lorenzo; Harvey, Andrew; … - European Central Bank - 2006

We study the convergence properties of inflation rates among the countries of the European Monetary Union over the period 1980-2004. Given the Maastricht agreements and the adoption of the single currency, the sample can be naturally split into two parts, before and after the birth of the euro....

Persistent link: https://www.econbiz.de/10005530876

Anticipation of future consumption: a monetary perspective

Faria, Joao Ricardo; McAdam, Peter - European Central Bank - 2012

We adapt the (Sidrauski, 1967) monetary model to study the hypothesis of anticipation of future consumption. We assume that anticipation of future consumption affects an agent's instantaneous utility and that all effects of future consumption on current wellbeing are captured by the stock of...

Persistent link: https://www.econbiz.de/10010686843

Performance of monetary policy with internal central bank forecasting

Honkapohja, Seppo; Mitra, Kaushik - European Central Bank - 2002

Recent models of monetary policy have analyzed the desirability of different optimal and ad hoc interest rules under the restrictive assumption that forecasts of the private sector and the central bank are homogenous. In this paper, we study the implications of heterogeneity in forecasts of the...

Persistent link: https://www.econbiz.de/10005816298

Deposit insurance, moral hazard and market monitoring

Gropp, Reint; Vesala, Jukka - European Central Bank - 2004

banking model we show that deposit insurance may reduce moral hazard, if deposit insurance credibly leaves out non …

Persistent link: https://www.econbiz.de/10005004531

Cross-border bank contagion in Europe

Gropp, Reint; Lo Duca, Marco; Vesala, Jukka - European Central Bank - 2006

This paper analyses cross-border contagion in a sample of European banks from January 1994 to January 2003. We use a multinomial logit model to estimate the number of banks in a given country that experience a large shock on the same day (“coexceedances”) as a function of variables measuring...

Persistent link: https://www.econbiz.de/10005004534

Deposit insurance and moral hazard: does the counterfactual matter?

Gropp, Reint; Vesala, Jukka - European Central Bank - 2001

banking systems have been characterised by strong implicit insurance operating through the expectation of public intervention …

Persistent link: https://www.econbiz.de/10005004538

Banking consolidation and small business lending

Takáts, Elod - European Central Bank - 2004

effects of banking consolidation and technological change on small business lending. The model suggests that not banking size …

Persistent link: https://www.econbiz.de/10005162884

Banking system stability: a cross-Atlantic perspective

Hartmann, Philipp; Straetmans, Stefan; de Vries, Casper - European Central Bank - 2005

the euro area, we can also compare banking system stability between the two largest economies in the world. For Europe we …This paper derives indicators of the severity and structure of banking system risk from asymptotic interdependencies …

Persistent link: https://www.econbiz.de/10005162899

Is there a single frontier in a single European banking market?

Bos, Jaap W. B.; Schmiedel, Heiko - European Central Bank - 2006

EU. Using a data set of more than 5000 large commercial banks from all major European banking markets over the period … 1993-2004, the application of meta-frontiers enables us to assess the existence of a single and integrated European banking … market. We find evidence in favor of a single European banking market characterized by cost and profit meta …

Persistent link: https://www.econbiz.de/10005530694

Equity and bond market signals as leading indicators of bank fragility

Gropp, Reint; Vesala, Jukka; Vulpes, Giuseppe - European Central Bank - 2002

We analyse the ability of the distance-to-default and bond spreads to signal bank fragility. We show that both indicators are complete and unbiased and that spreads are non-linear in the probability of bank default. We empirically test these properties in a sample of EU banks. We find leading...

Persistent link: https://www.econbiz.de/10005530777