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What is global excess liquidity, and does it matter?
Rüffer, Rasmus; Stracca, Livio - European Central Bank - 2006
This paper endeavours to provide a comprehensive analysis of the nature and the possible importance of “global excess liquidity”, a concept which has attracted considerable attention in recent years. The contribution of this paper is threefold. First, we present some conceptual discussion on...
Persistent link: https://www.econbiz.de/10005816250
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The European Monetary Union as a commitment device for new EU member states
Ravenna, Federico - European Central Bank - 2005
This paper shows that the credibility gain from permanently committing to a fixed exchange rate by joining the European Monetary Union can outweigh the loss from giving up independent monetary policy. When the central bank enjoys only limited credibility a pegged exchange rate regime yields a...
Persistent link: https://www.econbiz.de/10005222375
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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
The paper provides a systematic empirical analysis of the role of the housing market in the macroeconomy in the US and … in the euro area. First, it establishes some stylised facts concerning key variables in the housing market, such as the …, (ii) credit supply and (iii) housing demand shocks on the housing market and the broader economy. We find that …
Persistent link: https://www.econbiz.de/10008541287
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What accounts for the changes in U.S. fiscal policy transmission?
Bilbiie, Florin O.; Meier, André; Müller, Gernot J. - European Central Bank - 2006
within a DSGE model featuring price rigidities and limited asset market participation. Specifically, we estimate the …
Persistent link: https://www.econbiz.de/10005344962
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Asset prices, collateral and unconventional monetary policy in a DSGE model
Hilberg, Björn; Hollmayr, Josef - European Central Bank - 2011
In this paper we set up a New-Keynesian model that features an interbank market. The introduction of an interbank market is important to analyze liquidity problems among heterogenous agents within the financial sector. First, because this allows for a situation where increased liquidity supply...
Persistent link: https://www.econbiz.de/10009276056
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Sequential bargaining in a new-Keynesian model with frictional unemployment and staggered wage negotiation
de Walque, Gregory; Pierrard, Olivier; Sneessens, Henri; … - European Central Bank - 2009
We consider a model with frictional unemployment and staggered wage bargaining where hours worked are negotiated every period. The workers’ bargaining power in the hours negotiation affects both unemployment volatility and inflation persistence. The closer to zero this parameter, (i) the more...
Persistent link: https://www.econbiz.de/10005002791
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Involuntary unemployment and the business cycle
Christiano, Lawrence; Trabandt, Mathias; Walentin, Karl - European Central Bank - 2010
integrate the model into a medium sized DSGE model with capital and show that the resulting model does as well as existing …
Persistent link: https://www.econbiz.de/10008587762
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Monetary policy, housing booms and financial (im)balances
Eickmeier, Sandra; Hofmann, Boris - European Central Bank - 2010
This paper uses a factor-augmented vector autoregressive model (FAVAR) estimated on U.S. data in order to analyze monetary transmission via private sector balance sheets, credit risk spreads and asset markets in an integrated setup and to explore the role of monetary policy in the three...
Persistent link: https://www.econbiz.de/10008476125
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Regional housing market spillovers in the US: lessons from regional divergences in a common monetary policy setting
Vansteenkiste, Isabel - European Central Bank - 2007
In this paper, we seek to quantify the importance of state-level housing price spillovers and interest rate shocks to … importance of interstate housing price spillovers. Beyond real house prices and real income per capita, each state … importance of housing price spillovers is state dependent, with shocks occurring in states with relatively lower land supply …
Persistent link: https://www.econbiz.de/10005222292
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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