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Reforming the architecture of EMU: Ensuring stability in Europe
Haan, Jakob de; Hessel, Jeroen; Gilbert, Niels - de Nederlandsche Bank - 2014
This paper analyses the reforms in the architecture of EMU since the eruption of the euro crisis in 2010. We describe major weaknesses in the original set-up of EMU, such as lack of fiscal discipline, diverging financial cycles and competitiveness positions, and a lack of crisis instruments....
Persistent link: https://www.econbiz.de/10010945595
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What drives consumer confidence in times of financial crises? Evidence for the Netherlands
Neisingh, Paul; Stokman, Ad - de Nederlandsche Bank - 2013
Five years after Lehman Brothers defaulted, the Dutch consumer confidence is still very low. Based on a monthly time … consumer sentiment. We show that during the Great Recession confidence drops are magnified by the decline in the public's trust … be crucial for consumer confidence. Furthermore, we identify autonomous waves of optimism and pessimism. We interpret …
Persistent link: https://www.econbiz.de/10010822707
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Does the clarity of inflation reports affect volatility in financial markets?
Bulíř, Aleš; Číhak, Martin; Jansen, David-Jan - de Nederlandsche Bank - 2014
We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure clarity of reports by the Czech National Bank, the European Central Bank, the Bank of England, and Sveriges Riksbank using the Flesch-Kincaid grade level, a standard readability...
Persistent link: https://www.econbiz.de/10011004565
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Did the crisis affect inflation expectations?
Galati, Gabriele; Poelhekke, Steven; Zhou, Chen - de Nederlandsche Bank - 2009
We investigate whether the anchoring properties of long-run inflation expectations in the United States, the euro area and the United Kingdom have changed around the economic crisis that erupted in mid-2007. We document that in these three economies, expectations measures extracted from...
Persistent link: https://www.econbiz.de/10008482047
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The communication policy of the European Central Bank: An overview of the first decade
Haan, Jakob de; Jansen, David-Jan - de Nederlandsche Bank - 2009
Since its inception, the European Central Bank (ECB) has regarded communication as anintegral part of its monetary policy. This paper describes and evaluates ECB communications during the first decade of its operation.We conclude that, overall, ECB communication has contributed to the...
Persistent link: https://www.econbiz.de/10004983366
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Modelling Industry-level Ccorporate Credit Risk for the Netherlands
Vermeulen, Ruud - de Nederlandsche Bank - 2008
This paper examines corporate credit risks in the Netherlands at the industry-level, addressing two key questions. First, to what extent are corporate credit risks driven by idiosyncratic financial factors or systematic macroeconomic factors? Second, did debt financing in the late 1990s indeed...
Persistent link: https://www.econbiz.de/10005030213
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Did the anchor of inflation expectations in the euro area turn adrift?
Galati, Gabriele; Poelhekke, Steven; Zhou, Chen - de Nederlandsche Bank - 2008
Survey evidence indicates that inflation expectations increased after HICP inflation rose markedly in the course of 2007 and the first half of 2008, underpinning a general view that inflation expectations may have become unanchored from the ECB's target. However, until now there has been no...
Persistent link: https://www.econbiz.de/10005106655
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How to measure the unsecured money market? The Eurosystem's implementation and validation using TARGET2 data
Arciero, Luca; Heijmans, Ronald; Heuver, Richard; … - de Nederlandsche Bank - 2013
This paper develops a methodology, based on Furfine (1999), to identify unsecured interbank money market loans from transaction data of the most important euro processing payment system, TARGET2, for maturity ranging from one day (overnight) up to three months. The implementation has been...
Persistent link: https://www.econbiz.de/10010757281
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Financial Acceleration of Booms and Busts
Kakes, Jan; Ullersma, Cees - de Nederlandsche Bank - 2005
For a panel of 20 industrialized countries from 1970 through 2002,we analyze the role of financial variables in economic cycles. We focus on equity busts, which are considered a proxy for downward revisions of economic prospects. Our empirical findings provide support for financial accelerator...
Persistent link: https://www.econbiz.de/10005106648
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When Did Firms Become More Different? Time-Varying Firm-Specific Volatility in Japan
Veirman, Emmanuel de; Levin, Andrew - de Nederlandsche Bank - 2012
We document how firm-specific volatility in sales, earnings and employment growth evolved year by year in Japan. Our volatility measure also indicates the evolution of firm turnover. We find that patterns in firm-specific volatility have changed when macroeconomic circumstances have. Firm...
Persistent link: https://www.econbiz.de/10010757291