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Monetary policy in transition in East and West : strategies, instruments and transmission mechanisms ; Vienna, November 17 - 19, 1996
Achleitner, Peter (ed.) - 1997
Persistent link: https://www.econbiz.de/10000963312
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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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The European Monetary Union as a Commitment Device for New EU Member States
Ravenna, Federico - Oesterreichische Nationalbank - 2005
We show that the credibility gain from permanently committing to a fixed exchange rate by joining the European Monetary Union can outweigh the loss from giving up independent monetary policy if the domestic monetary authority does not enjoy full credibility. Using a DSGE model, this paper shows...
Persistent link: https://www.econbiz.de/10005273259
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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
A time-varying natural rate of interest is estimated for the euro area using a multivariate unobserved components model. 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...
Persistent link: https://www.econbiz.de/10005627595
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What Do German Short-Term Interest Rates Tell Us About Future Inflation?
Grech, Harald - Oesterreichische Nationalbank - 2004
In this paper, the author empirically assesses the predictive power of short-term interest rates and term spreads for future inflation in Germany. Based on a multivariate term structure framework, a vector error forecasting equation for inflation forecasts of up to two years is constructed. The...
Persistent link: https://www.econbiz.de/10005839458
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The International Transmission of U.S. Structural Shocks – Evidence from Global Vector Autoregressions
Feldkircher, Martin; Huber, Florian - Oesterreichische Nationalbank - 2014
restrictions, we identify positive U.S. aggregate demand and supply shocks and a contractionary U.S. monetary policy shock. Our … international output to a U.S. monetary policy shock are most pronounced, while those related to aggregate demand and supply shocks … respective shock. More specifically, whereas responses to the U.S. demand shock are rather short-lived, the remaining shocks …
Persistent link: https://www.econbiz.de/10010885208
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Real Convergence, Price Level Convergence and Inflation Differentials in Europe
Égert, Balázs - Oesterreichische Nationalbank - 2007
This paper provides a comprehensive review of the factors that can cause price levels to diverge and which are at the root of different inflation rates in Europe including the EU-27. Among others, we study the structural and cyclical factors influencing market and non-market-based service, house...
Persistent link: https://www.econbiz.de/10005802617