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Do ECB's Statements Steer Short-Term and Long-Term Interest Rates in the Euro Zone ?
Musard-Gies, Marie - HAL - 2006
to whether they are neutral, hawkish, or dovish. We show, using a principal components analysis of euro-zone (short- and … long-term) interest rates that the euro-zone's market rates, react significantly to the bias in statements, and more …
Persistent link: https://www.econbiz.de/10008794337
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National influences inside the ECB: an assessment from central bankers' statements
Bennani, Hamza - HAL - 2012
This paper aims at discovering the national influences inside the Governing Council of the ECB for setting interest rates. We use a textual analysis of national newspaper articles related to each European central banker to analyze their expressed preferences. We proceed to a cluster analysis...
Persistent link: https://www.econbiz.de/10010899489
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Monetary Policy and Credit Cycles: A DSGE Analysis
Badarau, Florina-Cristina; Popescu, Alexandra - HAL - 2012
The recent fi nancial crisis revealed several flaws in both monetary and fi nancial regulation. Contrary to what was believed, price stability is not a suffi cient condition for financial stability. At the same time, micro-prudential regulation alone becomes insu fficient to ensure the financial...
Persistent link: https://www.econbiz.de/10010821362
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Determinants of Global Liquidity Dynamics:a FAVAR approach
Djigbenou, Marie-Louise - HAL - 2014
Global liquidity, which consists of both monetary liquidity (quantitative easing and traditional policies) and funding liquidity, follows specific dynamics. The importance of these dynamics is reflected by the growing interest in international policy fora in the economic efects and determinants...
Persistent link: https://www.econbiz.de/10010899663
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The Failure of Financial Macroeconomics and What to Do About it
Chatelain, Jean-Bernard; Ralf, Kirsten - HAL - 2012
The bargaining power of international banks is currently still very high as compared to what it was at the time of the Bretton Woods conference. As a consequence, systemic financial crises are likely to remain recurrent phenomena with large effects on macroeconomic aggregates. Mainstream...
Persistent link: https://www.econbiz.de/10011025682
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Stability and Identification with Optimal Macroprudential Policy Rules
Chatelain, Jean-Bernard; Ralf, Kirsten - HAL - 2014
This paper investigates the identification, the determinacy and the stability of ad hoc, "quasi-optimal" and optimal policy rules augmented with financial stability indicators (such as asset prices deviations from their fundamental values) and minimizing the volatility of the policy interest...
Persistent link: https://www.econbiz.de/10011026031
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Stability and Identification with Optimal Macroprudential Policy Rules
Chatelain, Jean-Bernard; Ralf, Kirsten - HAL - 2014
This paper investigates the identification, the determinacy and the stability of ad hoc, "quasi-optimal" and optimal policy rules augmented with financial stability indicators (such as asset prices deviations from their fundamental values) and minimizing the volatility of the policy interest...
Persistent link: https://www.econbiz.de/10011026203
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Which predictor is the best to predict inflation in Europe: the real money-gap or a nominal money based indicator?
Dufrénot, Gilles; Joyeux, Roseline; Peguin-Feissolle, Anne - HAL - 2008
central banks' monetary policy must be credible if the authorities want to curb inflation. A second view is that central banks … set their monetary policy by using all the information relevant for inflation and output projections. In Europe, a … controversy has emerged about the role of monetary aggregates as useful indicators of future inflation and output. On one hand …
Persistent link: https://www.econbiz.de/10008793951
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Who Supports the ECB? Evidence from Eurobarometer Survey Data
Farvaque, Etienne; Hayat, Muhammad- Azmat; Mihailov, … - HAL - 2012
This paper contributes empirically to the long-debated issue of the legitimacy of the European Central Bank (ECB) with regard to European polities. Using micro-level data from the Eurobarometer survey, we shed light on the socio-demographic determinants of public-opinion support for the ECB. We...
Persistent link: https://www.econbiz.de/10010899434
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Public Attitudes towards Central Bank Independence: Lessons From the Foundation of the ECB
Hayat, Muhammad Azmat; Farvaque, Etienne - HAL - 2012
This study examines public opinion in 15 European countries, on the proposal to establish an independent European Central Bank (ECB). Using data from Euro- barometer surveys for 1998 to 2000, which included a speci c question on this issue, we show that in ation performance is not su cient to...
Persistent link: https://www.econbiz.de/10010899765