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Safety-Net Benefits Conferred on Difficult-to-Fail-and-Unwind Banks in the US and EU Before and During the Great Recession
Carbo-Valverde, Santiago - 2011
This paper models and estimates ex ante safety-net benefits at a sample of large banks in US and Europe during 2003-2008. Our results suggest that difficult-to-fail and unwind (DFU) banks enjoyed substantially higher ex ante benefits than other institutions. Safety-net benefits prove...
Persistent link: https://www.econbiz.de/10012461870
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The Global Financial Cycle
Miranda-Agrippino, Silvia; Rey, Hélène - National Bureau of Economic Research - 2021
effects of the monetary policies of the US Federal Reserve, the European Central Bank and of the People's Bank of China on the …
Persistent link: https://www.econbiz.de/10012660005
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The European Central Bank and the Euro : The First Year
Feldstein, Martin - 2000
The creation of the euro and the European Central Bank is a remarkable and unprecedented event in economic and … political history: creating a supranational central bank and leaving eleven countries without national currencies of their own …
Persistent link: https://www.econbiz.de/10012471257
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EMU : Ready, or Not?
Obstfeld, Maurice - 1999
In this paper I focus on two specific hazard areas in the transition from Stage Two to Stage Three of European economic and monetary union (EMU), as well as on some key problems of Stage Three that EMU's monetary and fiscal structures appear ill-prepared to handle. The transitional hazards are...
Persistent link: https://www.econbiz.de/10012471509
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How Central Bankers See It : The First Decade of ECB Policy and Beyond
Cecchetti, Stephen G. - 2008
In this history of the first decade of ECB policy, we also discuss key challenges for the next decade. Beyond the ECB's track record and an array of published critiques, our analysis relies on unique source material: extensive interviews with current and former ECB leaders and with other...
Persistent link: https://www.econbiz.de/10012464158
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Shocks, Structures or Monetary Policies? The Euro Area and US After 2001
Christiano, Lawrence - 2007
The US Federal Reserve cut interest rates more vigorously in the recent recession than the European Central Bank did …
Persistent link: https://www.econbiz.de/10012465125
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Establishing Credibility : Evolving Perceptions of the European Central Bank
Goldberg, Linda S. - 2005
The perceptions of a central bank's inflation aversion may reflect institutional structure or, more dynamically, the … for persistent variation in market perceptions of central bank inflation aversion. The first years of the European Central … Bank (ECB) provide a natural experiment for this model. Tests of the effect of news announcements on the slope of yield …
Persistent link: https://www.econbiz.de/10012466879
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The European Central Bank : A Bank or a Monetary Policy Rule
Folkerts-Landau, David - 1992
Monetary Union. The EC Committee of Central Bank Governors has recently produced a Draft Statute of the European System of … Central Banks and of the European Central Bank. The draft Statute mandates the maintenance of price stability as the explicit … large-volume wholesale payments system. Instead, the historically prevalent bank-intermediated financial system will have to …
Persistent link: https://www.econbiz.de/10012474964
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The ECB's Fiscal Policy
Sinn, Hans-Werner - 2018
While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and moved into fiscal territory. This text describes and summarizes the crucial role played by the ECB in the intervention spiral resulting from its bid to manage the crisis. It also...
Persistent link: https://www.econbiz.de/10012453105
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The Fiscal Consequences of Missing an Inflation Target
Andreolli, Michele; Rey, Hélène - National Bureau of Economic Research - 2023
The European Central Bank is unique in setting monetary policy for several sovereign states with heterogeneous debt … on one particular aspect of that nexus, the effect the reliability of the European Central Bank's monetary policy on … Euro Area countries. For comparison we also estimate the fiscal consequences of the Federal Reserve and the Bank of England …
Persistent link: https://www.econbiz.de/10013537713