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Asset-liability management with ultra-low interest rates
Grossman, Richard S.; Molyneux, Philip; Lambert, Frederic; … - Conference on Asset-Liability Management with Ultra-Low …; … - 2015
On 11 March 2015, SUERF jointly organised a conference with the Oesterreichische Nationalbank and the Austrian Society for Bank Research (Bankwissenschaftliche Gesellschaft - BWG). The present SUERF Study 2015/2 includes a selection of papers based on the authors' contributions to the Vienna...
Persistent link: https://www.econbiz.de/10011413495
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The future of sovereign borrowing in Europe
Balling, Morten (ed., introduction);  … - Conference on The Future of Sovereign Borrowing in …; … - 2014
In March 2013 around 130 participants from academia, banking and finance, governments and central banking gathered at the premises of the OeNB in Vienna for a conference jointly organized by the European Money and Finance Forum SUERF, the OeNB and the Austrian Society for Bank Research to...
Persistent link: https://www.econbiz.de/10011711793
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Expected Monetary Policy and the Dynamics of Bank Lending Rates
Kwapil, Claudia; Scharler, Johann - Oesterreichische Nationalbank - 2009
In this paper we explore empirically to what extent expected monetary policy matters for the dynamics of bank lending rates in the U.S., the U.K. and Germany. We find that banks have increasingly behaved in a forward-looking fashion by taking expected changes in monetary policy rates into...
Persistent link: https://www.econbiz.de/10005627579
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The Mystique of Central Bank Speak
Geraats, Petra M. - Oesterreichische Nationalbank - 2006
Despite the recent trend towards greater transparency of monetary policy, in many respects mystique still prevails in central bank speak. This paper shows that the resulting perception of ambiguity could be desirable. Under the plausible assumption of imperfect common knowledge about the degree...
Persistent link: https://www.econbiz.de/10005627582
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Searching for the Natural Rate of Interest: a Euro-Area Perspective
Cuaresma, Jesus Crespo; Gnan, Ernest; … - Oesterreichische Nationalbank - 2003
. The problem of aggregating interest rate data for the pre-EMU period is directly addressed, and a simple method in order … to adjust the risk premia in the interest rate data prior to 1999 is proposed. We show that, for the pre-EMU period …
Persistent link: https://www.econbiz.de/10005627595
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Monetary Union: European Lessons, Latin American Prospects
Hochreiter, Eduard; Schmidt-Hebbel, Klaus; Winckler, Georg - Oesterreichische Nationalbank - 2002
and the experience of EMU up to now we argue that empirical evidence on OCA criteria for EMU suggests that benefits for … the countries participating in EMU outweigh costs by a relatively large margin although by varying degrees from country to … country. Fiscal policy rules are necessary for EMU to succeed. We also conclude that EMU has been driven by political …
Persistent link: https://www.econbiz.de/10005802621
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Central Banks in European Emerging Market Economies in the 1990s
Hochreiter, Eduard; Kowalski, Tadeusz - Oesterreichische Nationalbank - 2000
ECB as benchmark. It looks at the legislated objectives of these central banks, assesses the degree of political and … has been made in making the statutes "Maastricht compatible", all of them will have to be adapted once again before EMU …
Persistent link: https://www.econbiz.de/10005802628
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Interest Rate Pass-Through, Monetary Policy Rules and Macroeconomic Stability
Kwapil, Claudia; Scharler, Johann - Oesterreichische Nationalbank - 2007
In this paper we analyze equilibrium determinacy in a sticky price model in which the pass-through from policy rates to retail interest rates is sluggish and potentially incomplete. In addition, we empirically characterize and compare the interest rate pass-through process in the euro area and...
Persistent link: https://www.econbiz.de/10005627573
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Assessing Inflation Targeting after a Decade of World Experience
Corbo, Vittorio; Landerretche, Oscar; Schmidt-Hebbel, Klaus - Oesterreichische Nationalbank - 2001
Ten years of inflation targeting worldwide provide valuable lessons. Inflation targeters (ITers) have been very successful in meeting their inflation targets (ITs). Industrial output sacrifice during inflation stabilization and industrial output volatility has frequently been lowered after IT...
Persistent link: https://www.econbiz.de/10005839460
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One Money, One Cycle? The EMU Experience
Gächter, Martin; Riedl, Aleksandra - Oesterreichische Nationalbank - 2013
cycles among members of Economic and Monetary Union (EMU) which might arise due to the lack of country-specific monetary …
Persistent link: https://www.econbiz.de/10011015322