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Modelling anti-inflationary monetary targeting: with an application to Romania

Sánchez, Marcelo - European Central Bank - 2010

representation of this regime, we formulate the central bank’s optimisation problem under the assumption that it is possible for the … MT in the period 1999-2005. We find that during this period Romania's MT regime can be characterised by a concern for … price stability and an additional role for smoothing of the central bank's instrument (base money growth). Our results …

Persistent link: https://www.econbiz.de/10008516223

Asset price misalignments and the role of money and credit

Gerdesmeier, Dieter; Reimers, Hans-Eggert; Roffia, Barbara - European Central Bank - 2009

This paper contributes to the literature on the properties of money and creditindicators for detecting asset price misalignments. After a review of the evidence inthe literature on this issue, the paper discusses the approaches that can be consideredto detect asset price busts. Considering a...

Persistent link: https://www.econbiz.de/10005866513

What explains global exchange rate movements during the financial crisis?

Fratzscher, Marcel - European Central Bank - 2009

A striking and unexpected feature of the financial crisis has been the sharpappreciation of the US dollar against virtually all currencies globally. The paper findsthat negative US-specific macroeconomic shocks during the crisis have triggered asignificant strengthening of the US dollar, rather...

Persistent link: https://www.econbiz.de/10005866568

Bidding behaviour in the ECB’s main refinancing operations during the financial crisis

Eisenschmidt, Jens; Hirsch, Astrid; Linzert, Tobias - European Central Bank - 2009

Liquidity provision through its repo auctions has been one of the main instrumentsof the European Central Bank (ECB) to …

Persistent link: https://www.econbiz.de/10005866598

Systemic risk diagnostics: coincident indicators and early warning signals

Schwaab, Bernd; Koopman, Siem Jan; Lucas, André - European Central Bank - 2011

We propose a novel framework to assess financial system risk. Using a dynamic factor framework based on state-space methods, we construct coincident measures (‘thermometers’) and a forward looking indicator for the likelihood of simultaneous failure of a large number of financial...

Persistent link: https://www.econbiz.de/10008917864

Financial imbalances and financial fragility

Boissay, Frédéric - European Central Bank - 2011

equilibrium is characterized by a deep market with highly leveraged banks. The crisis times equilibrium is characterized by bank …

Persistent link: https://www.econbiz.de/10008922897

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

The effectiveness of monetary policy in steering money market rates during the recent financial crisis

Abbassi, Puriya; Linzert, Tobias - European Central Bank - 2011

of monetary policy expectations, and second the impact of extraordinary central bank measures on money market rates. We …

Persistent link: https://www.econbiz.de/10009003442

Securitization and lending standards: evidence from the wholesale loan market

Kara, Alper; Marqués-Ibáñez, David; Ongena, Steven - European Central Bank - 2011

. Macroeconomic factors also play a large role explaining the impact of securitization activity on bank lending standards: banks more …

Persistent link: https://www.econbiz.de/10009216682

Bank risk during the financial crisis: do business models matter?

Altunbas, Yener; Marqués-Ibáñez, David; Manganelli, … - European Central Bank - 2011

We exploit the 2007-2009 financial crisis to analyze how risk relates to bank business models. Institutions with higher …. Business models related to significantly reduced bank risk were characterized by a strong deposit base and greater income …

Persistent link: https://www.econbiz.de/10009367473