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Asset Prices and Monetary Policy in the Euro Area: a tentative model

Luís, Pacheco - Volkswirtschaftliche Fakultät, … - 2004

The nature of the relationship between asset price movements and monetary policy is a currently hotly debated topic in macroeconomics. This paper examines empirically if monetary policy in the euro-area, since 1987, has been influenced by high valuations of the equity and housing markets. A...

Persistent link: https://www.econbiz.de/10005790287

Financial stability, new macro prudential arrangements and shadow banking: regulatory arbitrage and stringent Basel III regulations

Ojo, Marianne - Volkswirtschaftliche Fakultät, … - 2011

Despite Basel III’s efforts to address capital and liquidity requirements, will the risks linked to regulatory … arbitrage increase as a result of Basel III’s more stringent capital and liquidity rules? As well as Basel III reforms which are …

Persistent link: https://www.econbiz.de/10009132742

Do The Central Banks Always Do The Right Thing For Their Economies? An Appraisal Of The Monetary Policy Strategy Of The ECB

Covi, Giovanni - Volkswirtschaftliche Fakultät, … - 2013

The general aim of the paper is to address the doubts that too often the Central Banks’ tools and operations don’t fit for a fine tuning of the economies, and this is even more true in harsh times. The paper begins with an overview on the great failures respectively of the Federal Reserve,...

Persistent link: https://www.econbiz.de/10011259088

High Noon at the EU corral. An economic plan for Europe, September 2011

Colignatus, Thomas - Volkswirtschaftliche Fakultät, … - 2011

The 2007+ credit crunch and economic crisis put European governments in severe debt, with talk about a Greek partial default. It also put the European banks into a zombie condition, while under Basel III the capital requirement rises from 8% to 10.5% (which requirement does not cover public debt...

Persistent link: https://www.econbiz.de/10009294940

Conditions for turning the ex ante risk premium into an ex post redemption for EU government debt

Colignatus, Thomas - Volkswirtschaftliche Fakultät, … - 2011

differences not only because of liquidity but mainly because of the risk of default, as also reflected in credit default swaps … shorter maturities but at higher annual liquidity requirements meet with strong incentives to better manage their economies … credit default risk premium, the liquidity premium and a stigma factor. While much of the debate in the EU seems to be about …

Persistent link: https://www.econbiz.de/10009372590

ECB Policy Response to the Euro/US Dollar Exchange Rate

Demir, Ishak - Volkswirtschaftliche Fakultät, … - 2012

The exchange rate is an important part of transmission mechanism in the determination of monetary policy because movements in the exchange rate have significant effect on the macroeconomy. Measuring the reaction of monetary policy to the movements in exchange rate has some difficulties due to...

Persistent link: https://www.econbiz.de/10009493276

Successfully implementing major financial stability regulatory reforms: the risk weighting based controversy (Basel v Dodd Frank) and the role of national supervisors

Ojo, Marianne - Volkswirtschaftliche Fakultät, … - 2011

As well as a consideration of the role contributed by national supervisors in the successful implementation and enforcement of standards, recommendations and regulations, the significance of clear and unambiguous mandates in enhancing communication between micro prudential supervisors (usually...

Persistent link: https://www.econbiz.de/10009147711

Does the ECB Care about Shifts in Investors’ Risk Appetite?

Papadamou, Stephanos; Siriopoulos, Costas - Volkswirtschaftliche Fakultät, … - 2008

aversion shock by reducing the interest rate in order to provide liquidity. Moreover, assuming rational expectations and using …

Persistent link: https://www.econbiz.de/10008680305

Dissecting the brains of central bankers: the case of the ECB's Governing Council members on reforms

Bennani, Hamza - Volkswirtschaftliche Fakultät, … - 2015

Since 2009, European central bankers have supported some reforms, in order to draw roadmaps to get out of the euro debt crisis. This paper tests whether the educational and professional background of European central bankers matter for the type of reforms each of them advocated. Through a...

Persistent link: https://www.econbiz.de/10011185696

Money as gold versus money as water

Colignatus, Thomas - Volkswirtschaftliche Fakultät, … - 2013

The rules of the Eurozone cause the euro to function as the gold standard. The US economy performs better in some respects, partly because of the advantages of fiat money. The treaty on the EMU has to be adapted in order not to become dependent upon current ad hoc measures, with the loss of...

Persistent link: https://www.econbiz.de/10011107257