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Does Global Liquidity Matter for Monetary Policy in the Euro Area?

Berger, Helge - 2009

Global excess liquidity is sometimes believed to limit sovereign monetary policy even in large economies, including the … euro area. There is much discussion about what constitutes global excess liquidity and our approach adjusts liquidity for … longer-term interest rate and output effects. We find that especially excess liquidity in the U.S. leads developments in euro …

Persistent link: https://www.econbiz.de/10014404266

Fiscal Indulgence in Central Europe : Loss of the External Anchor

Kopits, George - 2004

In recent years, fiscal performance in Central Europe has steadily deteriorated, in contrast to the improvement in the Baltics. This paper explores the determinants of such differences among countries slated for EU accession. Regression estimates suggest that economic and institutional...

Persistent link: https://www.econbiz.de/10014404061

Monetary policy in the media

Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - 2011

Persistent link: https://www.econbiz.de/10008859079

Money as indicator for the natural rate of interest

Berger, Helge; Weber, Henning - 2012

Persistent link: https://www.econbiz.de/10009424693

Does Money Growth Granger-Cause Inflation in the Euro Area? : Evidence From Out-Of-Sample Forecasts Using Bayesian Vars

Österholm, Pär - 2008

We use a mean-adjusted Bayesian VAR model as an out-of-sample forecasting tool to test whether money growth Granger-causes inflation in the euro area. Based on data from 1970 to 2006 and forecasting horizons of up to 12 quarters, there is surprisingly strong evidence that including money...

Persistent link: https://www.econbiz.de/10014401871

Money As Indicator for the Natural Rate of Interest

Berger, Helge - 2012

The natural interest rate is of great relevance to central banks, but it is difficult to measure. We show that in a standard microfounded monetary model, the natural interest rate co-moves with a transformation of the money demand that can be computed from actual data. The co-movement is of a...

Persistent link: https://www.econbiz.de/10014396924

The ECB and Euro-Area Enlargement

Berger, Helge - 2002

The likely enlargement of euro-area membership will radically change the environment under which monetary policy will be made in the euro area. Within less than a decade, the number of member countries in the euro area could more than double, with the vast majority of accession countries being...

Persistent link: https://www.econbiz.de/10014399555

Optimal Central Bank Conservatism and Monopoly Trade Unions

Hefeker, Carsten - 2002

The ""conservative central banker"" has come under attack recently. On the basis of models in which there is explicit interaction between trade union behavior and monetary policy, it has been argued that if ''trade unions'' are averse to inflation, welfare will be lower with a conservative than...

Persistent link: https://www.econbiz.de/10014399704

Forecasting ECB Monetary Policy : Accuracy is (Still) a Matter of Geography

Ehrmann, Michael - 2006

Monetary policy in the euro area is conducted within a multicountry, multicultural, and multilingual context involving multiple central banking traditions. How does this heterogeneity affect the ability of economic agents to understand and to anticipate monetary policy by the European Central...

Persistent link: https://www.econbiz.de/10014399987

Central Bank Boards Around the World : Why Does Membership Size Differ?

Berger, Helge - 2006

This paper analyzes empirically differences in the size of central bank boards across countries. Defining a board as the body that changes monetary instruments to achieve a specified target, we discuss the possible determinants of a board''s size. The empirical relevance of these factors is...

Persistent link: https://www.econbiz.de/10014400166