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Cross-Country Linkages in Europe; A Global VAR Analysis
Sun, Yan; Heinz, Frigyes F; Ho, Giang - International Monetary Fund (IMF) - 2013
weaker linkages bewteen inflation and real credit growth within Europe. While the euro area is the dominant source of …
Persistent link: https://www.econbiz.de/10011242313
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Deciding to Enter a Monetary Union; TheRole of Trade and Financial Linkages
Lama, Ruy; Rabanal, Pau - International Monetary Fund (IMF) - 2012
This paper evaluates the role of trade and financial linkages in the decision to enter a monetary union. We estimate a two-country DSGE model for the U.K. economy and the euro area, and use the model to compute the welfare trade-offs from joining the euro. We evaluate two alternative scenarios....
Persistent link: https://www.econbiz.de/10011242323
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Inflation and Output Comovement in the Euro Area; Love at Second Sight?
Andrle, Michal; Bruha, Jan; Solmaz, Serhat - International Monetary Fund (IMF) - 2013
This paper discusses comovement between inflation and output in the euro area. The strength of the comovement may not … frequency, the output and core inflation comovement is high and stable, and that inflation lags the cycle in output with roughly … half of its variance. The strong relationship of output and inflation hints at the importance of demand shocks for the euro …
Persistent link: https://www.econbiz.de/10011242325
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Euro Area Policies: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director
International Monetary Fund (IMF); International … - 2014
This 2014 Article IV Consultation highlights that the euro area recovery is taking hold. Real output has expanded for four consecutive quarters, and financial market sentiment has improved markedly. Complementary policy actions have supported demand, boosted investor confidence, and eased...
Persistent link: https://www.econbiz.de/10011243699
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The Effects of Unconventional Monetary Policies on Bank Soundness
Lambert, Frederic; Ueda, Kenichi - International Monetary Fund (IMF) - 2014
Unconventional monetary policy is often assumed to benefit banks. However, we find little supporting evidence. Rather, we find some evidence for heightened medium-term risks. First, in an event study using a novel instrument for monetary policy surprises, we do not detect clear effects of...
Persistent link: https://www.econbiz.de/10011142163
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The Great Recession and the Inflation Puzzle
Matheson, Troy; Stavrev, Emil - International Monetary Fund (IMF) - 2013
Notwithstanding persistently-high unemployment following the Great Recession, inflation in the United States has been … remarkably stable. We find that a traditional Phillips curve describes the behavior of inflation reasonably well since the 1960s … observed stability of inflation: inflation expectations have become better anchored and to a lower level; the slope of the …
Persistent link: https://www.econbiz.de/10010790401
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Monetary Policy and Balance Sheets
Igan, Deniz; Kabundi, Alain N.; Simone, Francisco Nadal-De - International Monetary Fund (IMF) - 2013
This paper evaluates the strength of the balance sheet channel in the U.S. monetary policy transmission mechanism over the past three decades. Using a Factor-Augmented Vector Autoregression model on an expanded data set, including sectoral balance sheet variables, we show that the balance sheets...
Persistent link: https://www.econbiz.de/10010790431
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The Dynamics of the Term Structure of Interest Rates in the United States in Light of the Financial Crisis of 2007-2010
Waldo, Marco Rodriguez; Medeiros, Carlos I. - International Monetary Fund (IMF) - 2011
This paper assesses the dynamics of the term structure of interest rates in the United States in light of the financial crisis in 2007-10. In particular, this paper assesses the dynamics of the term structure of U.S. Treasury security yields in light of economic and financial events and the...
Persistent link: https://www.econbiz.de/10009019574
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Monetary Policy and Bank Risk-Taking
Dell'Ariccia, Giovanni - International Monetary Fund (IMF) - 2010
This paper contributes to the current debate on what role financial stability considerations should play in monetary policy decision and how best to integrate macro-prudential and monetary policy frameworks. The paper broadly supports the view that monetary policy easing induces greater...
Persistent link: https://www.econbiz.de/10011123889
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Shock from Graying; Is the Demographic Shift Weakening Monetary Policy Effectiveness
Imam, Patrick A. - International Monetary Fund (IMF) - 2013
impact on the economy—given better anchored inflation expectations and inflation being less responsive to variation in … Germany to confirm a weakening of monetary policy effectiveness over time with regards to unemployment and inflation. After …
Persistent link: https://www.econbiz.de/10011242214