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whether the central bank chooses to buy domestic or foreign assets, thus resulting in transfers either within or between … compensates for losses (the structure of indemnification agreements). Data from the Federal Reserve, the Eurosystem, and the Bank … of England show that maximum annual losses are between 0.3 and 1.5 percent of GDP. By contrast, the Swiss National Bank …
Persistent link: https://www.econbiz.de/10014544756
conditions, any attempt by the European Central Bank to further mitigate the demand-driven inflationary pressures---to maintain …
Persistent link: https://www.econbiz.de/10015056186
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
process in Greece, Spain, Ireland, and Portugal and, by way of contrast, in Germany, a country that did experience a reform …
Persistent link: https://www.econbiz.de/10012459762
We analyze the determinants and the long-run consequences of government interventions in the eurozone banking sector …, eventually, greater reliance on liquidity support from the European Central Bank …
Persistent link: https://www.econbiz.de/10012481392
The COVID-19 pandemic as well as the Russian invasion of Ukraine have had profound effects on the global energy landscape, with some of the longer-lasting effects still unfolding. This paper discusses how these events have reshaped the supply side of the global oil market by focusing on...
Persistent link: https://www.econbiz.de/10014322883
Advanced economies borrowed substantially during the Covid recession to fund their fiscal policy. The Covid recession differed from the Great Recession in that sovereign debt markets remained calm and spreads barely responded. We study the experience of Greece, the most extreme manifestation of...
Persistent link: https://www.econbiz.de/10014468244
We measure the heterogeneous welfare effects of the recent inflation surge across households in the Euro Area. A simple framework illustrating the numerous channels of the transmission mechanism of surprise inflation to household welfare guides our empirical exercise. By combining micro data and...
Persistent link: https://www.econbiz.de/10014437027
We examine public trust in the European Central Bank (ECB) and its determinants using data from the Bundesbank … psychology, we offer a fresh perspective on the factors influencing central bank trust that is more holistic than the …
Persistent link: https://www.econbiz.de/10014635679
This paper provides new survey evidence on firms' inflation expectations in the euro area. Building on the ECB's Survey on the Access to Finance of Enterprises (SAFE), we introduce consistent measurement of inflation expectations across countries and shed new light on the properties and causal...
Persistent link: https://www.econbiz.de/10014544782